Merit Packaging’s losses narrow slightly as sales rise
MG News | February 29, 2024 at 09:54 AM GMT+05:00
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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