Recession flattens Sefalana earnings

The conglomerate reported an unimpressive Earnings Per Share of P0.34, while revenue declined by 8.8 percent to P 1.7 billion on the back of reduced consumer spending.

Gross profit declined by 15.3 percent to P146 million, with the margin weakening by 70 basis points to 8.5 percent. Profit after tax declined by 3.6 percent to P 72.2 million as a 16.6 percent increase in the tax charged was offset by a 260 basis point decline in the effective tax charge to 22.6 percent.