February 27, 2003	Thursday	Zul Hijjah 25, 1423

KARACHI, Feb 26: Reckitt Benckiser Pakistan (formerly known as Reckitt & Colman Pakistan) posted pre-tax profit of Rs272.2 million for the year ended December 31, 2002, which represented improvement over the earlier year’s pre-tax profit at Rs144.1 million.

In a press release issued on Wednesday, the company said that after tax profit had increased to Rs166.2 million for 2002, from Rs79.1 million the previous year. The Board also declared dividend at Rs2.50 per share.

During the year 2002, the company was stated to have shown strong growth of 25.7 per cent over the earlier year, in sales of household products. Volume growth was achieved in most of key categories and through several new product launches, sales of household products got a boost to Rs1.3 billion, from Rs1.1 billion the previous year. Sale of pharmaceutical segment were impacted twice during the year under review, due to suspension of dispatches when sales tax was imposed by the government in March and later on in August when sales tax was withdrawn, the company said and added that in spite of that, the pharmaceutical segment recorded growth of 5 per cent in sales over the comparative period in 2001, yet the operating profit stood reduced by Rs7.8 million.

Sabir Sami, chief executive of the company, was reported to have said that 2002 was a good year for the company which highlights the growth strategy the company launched.

The company complained of competition from smuggled goods, under- invoiced imports and counterfeit products, which continued to affect performance of some of the key brands, and stated that all pricing, marketing and selling measures would continue to be used to combat competition from those sectors.