Cairo – Mubasher: Glaxo SmithKline (GSK Egypt) reported a 44.9% year-on-year profit drop during the first nine months of 2018, the company’s consolidated financial statements showed.
Net profits plunged to EGP 129.53 million from January to September 2018, compared to EGP 235 million in the same period of 2017, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
As for the third quarter of 2018, GSK Egypt’s profit fell to EGP 69.35 million from EGP 131.13 million in Q3-17.
During the nine-month period ended 30 September, the company’s net sales hiked to EGP 1.13 billion from EGP 1.02 billion in the prior-year period.
On the other hand, the cost of sales increased to EGP 655.56 million in the January-to-September period of 2018, compared to EGP 558.39 million in the corresponding period a year earlier.
As for standalone business, the company's net profits plunged to EGP 108.55 million from January to September 2018, compared to EGP 232.12 million in the same period of 2017.
It is noteworthy that during the first half of 2018, GSK Egypt’s consolidated profit declined to EGP 60.16 million from EGP 103.86 million in H1-17, including minority shareholders’ rights.
