Cherat Packaging reports around 87% drop in quarterly profit
MG News | April 28, 2025 at 05:12 PM GMT+05:00
April 28, 2025 (MLN): Cherat Packaging Limited (PSX: CPPL) reported a significant decline in net profit for the quarter ended March 31, 2025, with a decrease of 86.86%, amounting to Rs85.23 million compared to Rs648.46m in the same period last year.
The earnings per share (EPS) dropped to Rs1.74 from Rs13.21 in the prior year, reflecting a sharp decline in profitability.
Despite a slight 1.17% year-on-year (YoY) increase in net turnover, which stood at Rs3.31 billion compared to Rs3.27bn in the same quarter last year, the company’s profitability took a hit.
The cost of sales decreased by 2.04% YoY to Rs2.99bn, which contributed to an increase in gross profit of 47.51%, standing at Rs312.55m.
On the expense side, distribution costs rose by 16.02% YoY, totaling Rs73.58m, while administrative expenses remained relatively stable, showing a slight decrease of 1.89%.
However, other expenses surged by 38.11% YoY to Rs4.23m, and other income fell drastically by 96.62% to Rs26.69m, contributing to the decline in profitability.
Operating profit dropped by 75.59% YoY to Rs216.94m. Finance costs saw a decrease of 36.40%, amounting to Rs104.15m, helping mitigate some of the losses.
The company recorded a significant reduction in income tax expense, which fell by 93.59% YoY to Rs6.10m.
This resulted in a substantial decrease in profit before tax, which fell by 87.72% YoY to Rs91.32m, primarily due to the sharp drop in other income and operating profit.
| Statement of Profit or Loss for the Quarter Ended March 31, 2025 (Rupees '000) | |||
| Description | Mar-25 | Mar-24 | %Change |
| Turnover – Net | 3,309,672 | 3,271,419 | 1.17% |
| Cost of Sales | (2,997,127) | (3,059,543) | -2.04% |
| Gross Profit | 312,545 | 211,876 | 47.51% |
| Distribution Costs | (73,578) | (63,416) | 16.02% |
| Administrative Expenses | (44,490) | (45,345) | -1.89% |
| Other Expenses | (4,229) | (3,062) | 38.11% |
| Total Expenses | (122,297) | (111,823) | 9.37% |
| Other Income | 26,687 | 788,796 | -96.62% |
| Operating Profit | 216,935 | 888,849 | -75.59% |
| Finance Costs | (104,148) | (163,758) | -36.40% |
| Profit Before Income Tax, Minimum Taxes & Final Taxes | 112,787 | 725,091 | -84.45% |
| Minimum Taxes | (20,265) | (19,670) | 3.02% |
| Final Taxes | (1,198) | (1,199) | -0.08% |
| Profit Before Income Tax | 91,324 | 743,562 | -87.72% |
| Income Tax | (6,095) | (95,103) | -93.59% |
| Net Profit for the Period | 85,229 | 648,459 | -86.86% |
| Earnings Per Share (Basic & Diluted) | 1.74 | 13.21 | -86.83% |
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