 |
 |
| CPL sees ’08 net to top K7m | |
|
By FRANK ASAELI CITY Pharmacy Ltd (CPL) Group’s prediction for an after tax profit exceeding K7 million for this year looks positive. Group executive chairman Alan Jarvis said: “Demand continues to grow as evidenced by the trading in January and February which is in line with a budget expectation for an after tax profit exceeding K7m for the 2008 .” The group recorded a net profit after tax of K5.087 million for last year, which is a 17.47% increase on the previous year’s K4.331 million with a group turnover of K182.998 million, an increase of 18.95% from 2006. Mr Jarvis said shareholder funds also increased to K27.496 million and assets to K65.402 million. He said the net profit to turnover percentage, however, due to higher operating costs and tighter margins, was 2.80% a slight decrease” from the previous year’s 2.83%. “We expect this margin to increase in 2008,” Mr Jarvis said. CPL Group reported in its 2007 annual report to shareholders that the second half net profit from July to December last year was K3,300,826 compared to the previous year’s K2,842,613, an increase of 16.12%. The purchase of Stop’n’Shop supermarkets at North Waigani and Gerehu (documents exchanged but not yet settled) at K8.55 million and purchase and refurbishment of a City Pharmacy premises in Mt Hagen at K2.486 million would help the group’s aim to increase this year’s profit. |
|
| Business Stories | |
 |
 |
 |
 |