R-E-S-U-L-T: GSK Plc Post N2.9billion PAT As Operating Expenses Continue To Rise

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GSK PLC released its 2013 FY audited results showing revenue increased 15% to N29.1billion (2012: N35.3billion). Gross profit also rose 13% to N11.6billoon YoY reducing gross profit margin to 39.8% from 40.4% in 2012.

Operating profit rose 6% to N4billion (2012: N3.8billion) as operating expenses rose by 18% to N7.5billion during the year. This rise sliced off much of the Gross profit generated during the year. GSK thus posted a pre-tax profit of N4.3billion (2012: N4.1billion).

GSK closed the year with a profit after tax of N2.9billion 3.4% higher than the N2.8billion posted a year earlier. Taxation remained at 32% of Profit before tax.

GSK PLC First released its 2013 FY results in the website of the NSE