Merit Packaging’s losses narrow slightly as sales rise

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MG News | February 29, 2024 at 09:54 AM GMT+05:00

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February 29, 2024 (MLN): Merit Packaging Limited (PSX: MERIT) reported a slightly smaller loss in the first half of fiscal year 2024 as sales increased and gross margins improved.

The company posted a net loss of Rs61.35 million [LPS: Rs0.31] in the six months ended December 31, compared with a loss of Rs63.07m [LPS: Rs0.32] a year earlier, according to the company filing on the Pakistan Stock Exchange website.

Revenue rose 17.4% YoY to Rs3.54bn, while cost of sales increased 17.2% to Rs3.26bn.

Gross profit climbed 20.3% YoY to Rs287.3m, boosting the gross margin to 8.1% from 7.9%.

During the period under review, other income fell by 26.9% YoY to stand at Rs9.14m in 1HFY24 as compared to Rs12.5m in SPLY.

On the expense side, the company observed an increase in general and administrative expenses by 32.2% YoY and other expenses by 11.5% YoY to clock in at Rs68.01m and Rs5.44m respectively during the review period.

The company’s financial charges rose by 30.8% YoY and stood at Rs215.27m as compared to Rs164.62m in SPLY.

On the tax front, the company paid a lower tax worth Rs24.05m against the Rs45.07m paid in the corresponding period of last year, depicting a fall of 46.6% YoY.

Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales - Net 3,544,769 3,018,931 17.42%
Cost of sales (3,257,513) (2,780,137) 17.17%
Gross Profit / (Loss) 287,256 238,794 20.29%
General and administrative expenses (68,014) (51,454) 32.18%
Selling and distribution expenses (44,973) (48,346) -6.98%
Other Income 9,143 12,502 -26.87%
Other Expenses (5,444) (4,882) 11.51%
Financial Charges (215,267) (164,615) 30.77%
Profit before taxation (37,299) (18,001) 107.21%
Taxation (24,050) (45,073) -46.64%
Net profit / (loss) for the period (61,349) (63,074) -2.73%
Basic earnings/ (loss) per share (0.31) (0.32) -

Amount in thousand except for EPS

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