Wyeth Pakistan Limited’s financial results for the second quarter and six months period ended May 31, 2012

Karachi, July 26, 2012 (PPI-OT): We have to inform you that the Board of Directors of our Company in their meeting held on Thursday, July 26, 2012 at 11:30 A.M. at 12-Dockyard Road, West Wharf, Karachi, recommended the following:

Cash Dividend

An Interim Cash Dividend for the second quarter and six months period ended May31, 2012 at Rs. Nil per share i.e. Nil %.

Financial Results

The financial results of the Company are as follows:

For the six months

For the three months

Period ended

Period ended

May 31,

May 31,

May 31,

May 31,

2012

2011

2012

2011

(Rupees ‘000)

Continuing operations
Net sales

1,601,130

1,467,635

871,546

758,268

Cost of sales

1,207,917

1,102,268

658,236

569,706

———

———

——-

——-

Gross profit

393,213

363,367

213,310

188,562

Selling marketing and
Distribution expenses

207,545

182,881

127,126

83,900

Administration expenses

46,701

41,861

24,503

21,112

———

———

——-

——-

254,246

224,742

151,629

105,012

———

———

——-

——-

138,967

140,625

61,681

83,550

Other operating income

10,325

24,360

4,390

15,114

Other operating expenses

12,229

17,987

737

10,814

———

———

——-

——-

(1,904)

6,373

3,653

4,300

———

———

——-

——-

Operating profit

137,063

146,998

65,334

87,850

Finance cost

87

601

50

462

———

———

——-

——-

Profit before taxation

136,976

146,397

65,284

87,388

Taxation
Current – for the period

39,049

73,709

11,072

37,958

- For prior years

-

12,500

-

12,500

Deferred

(2,558)

(10,061)

(6,125)

(4,032)

———

———

——-

——-

36,491

76,148

4,947

46,426

———

———

——-

——-

Profit after tax from continuing
Operations

100,485

70,249

60,337

40,962

Discontinued operations
(Loss)/ profit for the period
From discontinued operations
(net of tax)

(50)

9,402

95

5,859

———

———

——-

——-

Total profit after tax for the period

100,435

79,651

60,432

46,821

———

———

——-

——-

Rupees

Rupees

Earnings/ (loss) per share
- from continuing operations

70.68

49.42

42.44

28.81

- from discontinuing operations

(0.03)

6.61

0.07

4.12

———

———

——-

——-

Diluted

70.65

56.03

42.51

32.94

In April 2012, Pfizer Inc., USA, the Company’s ultimate parent company, entered into an agreement to divest to Nestle S.A its Nutrition business globally, including Pakistan. As a consequence, Pfizer inc., has decided to present in its financial statements its worldwide Nutrition business as discontinued operations. Although, in Pakistan the Nutrition business does not represent a separate major line of business, or major geographical area of operations for the Company, in order to conform to the ultimate parent company’s presentation of such business, the Company has also decided to present its Nutrition business in Pakistan as discontinued operations. As regards the sale of the Nutrition business in Pakistan, appropriate announcements will be made in due course.

For more information, Contact:
Abdul Majeed
Chairman/ Chief Executive
Wyeth Pakistan Limited
S-33, Hawks Bay Road, S.I.T.E
P. O. Box 167, Karachi – Pakistan
Tel: 32354651-60
UAN: 111 777 333
Fax: +92 (0) 21-3235-4681
E-mail: wyethpak@wyeth.com