Glaxosmithkline profit crashes by 95%, posts NGN8 million loss for Q1

Novartis

Glaxosmithkline consumer plc in its financial report showed that it ended the first quarter with NGN3.8 billion revenue compared to NGN4.1 billion recorded same period 2016.

Its costs of sales for the period remained at NGN2.8 billion as it were in 2016.

The company recorded NGN953.8 million gross profit in 2017 in contrast to NGN1.3 billion recorded in 2016. While its investment income was NGN249.9 million against NGN1.5 million recorded in 2015.

Glaxosmithkline said it recorded NGN8.2 million loss before tax against NGN167.5 million profit recorded in 2016. After deducting it’s tax for the period.

The company posted a loss for the period was NGN8.2 million against NGN188.3 million profit recorded in 2016, which represent 95% loss year on year comparison.

According to the report, the company acquired NGN28.7 billion assets in the period in review against NGN34.0 billion recorded in 2016 while its total liabilities was NGN11.6 billion versus NGN20.6 billion recorded in the year before.

For more details on the report, click here>>>