Dear All,
Forwarding you the Result Flash on GSKCHL for 1QCY2011.
“Top-line below grows in single digit; margins and earnings in-line with our estimates”
CMP: `2,400 Recommendation: Under Review
| Exhibit 1: Quarterly Summary | |||||
| (` cr) | 1QCY11 | 1QCY10 | % yoy | Angel Est | % Diff |
| Revenue | 710.0 | 648.4 | 9.5 | 762.9 | (6.9) |
| EBITDA | 145.3 | 133.1 | 9.2 | 158.3 | (8.2) |
| OPM (%) | 20.5 | 20.5 | (6bp) | 20.8 | (29bp) |
| PAT | 110.6 | 96.2 | 15.0 | 111.6 | (0.9) |
Source: Company, Angel Research
| Y/E Dec (`cr) | 1QCY11 | 1QCY10 | % chg | CY2010 | CY2009 | % chg |
| Net Sales | 710.0 | 648.4 | 9.5 | 2,306.1 | 1,921.5 | 20.0 |
| Consumption of RM | 270.2 | 256.1 | 5.5 | 864.9 | 714.0 | 21.1 |
| (% of Sales) | 38.1 | 39.5 | 37.5 | 37.2 | ||
| Staff Costs | 62.4 | 51.6 | 20.9 | 229.7 | 200.7 | 14.4 |
| (% of Sales) | 8.8 | 8.0 | 10.0 | 10.4 | ||
| Advertising | 103.6 | 98.2 | 5.4 | 370.6 | 302.1 | 22.7 |
| (% of Sales) | 14.6 | 15.2 | 16.1 | 15.7 | ||
| Other Expenses | 128.6 | 109.4 | 17.5 | 464.2 | 394.1 | 17.8 |
| (% of Sales) | 18.1 | 16.9 | 20.1 | 20.5 | ||
| Total Expenditure | 564.7 | 515.4 | 9.6 | 1,929.4 | 1,610.9 | 19.8 |
| Operating Profit | 145.3 | 133.1 | 9.2 | 376.7 |
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