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(From Business Recorder)
During the year under review the company posted record sales despite tough competition and heavy influx of parallel products. There was erosion in gross margin but the operating profit 23.8% higher.
However, operating profit to sales ratio at 4% is almost in-line with last year and this is because the company made a provision of Rs 40 million in the current year in respect of severance cost of certain employees. Had there been no provision of severance cost, the operating profit to sales ratio would have been at 10% as reported by the company's directors.
The company pretax profit at Rs 43.92 million (2004: Rs 31.16 million) registered 40.9% increase. The net profit after taxation amounted to Rs 15.61 million as against loss at Rs 23.27 million in the previous year. The directors stated keeping in view the low profitability of the company, no dividends were recommended for the year 2005.
Gillette Pakistan Limited, was …