Photo Credit: Png Haus Bung - Stan Joyce
City Pharmacy Limited had a profit of K6.8 million before taxes.
This is an 8.1% decrease from the half-year figures for 2020.
Chairman Stan Joyce stated that the first half of 2021 would be another difficult year for CPL Group as it strives to generate value in an increasingly tough local economic climate.
Joyce stated that the company has exercised financial restraint and reduced operational expenses while sticking to its action plan to produce long-term, profitable, and socially desirable results.
As a result, he stated that the company's financial condition remained stable over this time period, allowing it to report an operational profit.
“The group achieved a revenue of K275.5m, a 3.9 per cent drop, in comparison to the first six months of 2020.
“The first six months of 2020 was an entirely different trading environment with first-quarter not affected by COVID whilst the second quarter experienced an increase in sales as the initial panic that set in the market due to lockdowns,” he said.
The new distribution facility in Gerehu, Joyce added, is now fully operational, with enhanced centralised storage, improved cold chain, and efficient logistical support for the CPL brands' retail network.
“The current optimisation phase will improve efficiencies, and this will further reduce costs.
“The business continues to focus key areas of the various brands to ensure the consumers receive high-quality products and services whilst maintaining competitive pricing.
“People development continues to be an area of focus as the Group continues to invest in training focusing on leadership development and improved customer experience,” he said.
“CPL Group is committed to manage and develop a sustainable and profitable business which contributes positively to the communities and sustains the environment where we operate in whilst upholding our Papua New Guinea live a healthier and better life.”
Reference: Post-Courier (14 September 2021). “CPL Profit Drops By 8.1%”
