Packages Limited sees nearly 70% drop in quarterly profit

MG News | April 25, 2025 at 11:27 AM GMT+05:00

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April 25, 2025 (MLN): Packages Limited (PSX: PKGS) has released its financial results for the three months ended March 31, 2025 (1QCY25), posting a profit after tax of Rs187.87 million, reflecting a substantial decline of 69.94% from Rs625.04m reported in the same period last year (SPLY).

The loss attributable to equity holders stood at Rs302.73m [LPS: Rs3.39] compared to a profit of Rs281.36m [EPS: Rs3.15] in 1QCY24.

The company’s net revenue improved by 9.73% YoY, reaching Rs49.74bn versus Rs45.33bn in SPLY, while cost of sales and services rose by 10.89% YoY, resulting in a gross profit of Rs10.2bn up 5.44% YoY.

On the expense front, administrative costs saw a decline of 11.59% YoY to Rs1.73bn.

However, distribution and marketing expenses surged by 47.22% YoY, clocking in at Rs2.99bn. Other expenses also spiked by 74.28% to Rs470.93m.

Meanwhile, the company recorded a net impairment loss on financial assets amounting to Rs78.89m, in contrast to a gain of Rs24.23m last year.

Other income sharply declined by 77.4% YoY to Rs234.57m, down from Rs1.04bn in 1QCY24. Share of net profit from associates and joint ventures provided some relief, rising 42.7% to Rs93.8m.

The company’s finance cost fell 18.98% to Rs3.65bn.

After accounting for a 90% YoY increase in levies, profit before income tax came in at Rs1.27bn down 32.96% YoY. Income tax expenses also decreased by 14.71% to Rs1.08bn.

Financial Results Foe The Three Months Ended March 31, 2025 (Rupees in '000)
Category	Mar-25	Mar-24	%Change
Net Revenue	49,744,611	45,334,321	9.73%
Cost of Sales and Services	(39,541,600)	(35,658,024)	10.89%
Gross Profit	10,203,011	9,676,297	5.44%
Administrative Expenses	(1,726,199)	(1,952,533)	-11.59%
Distribution and Marketing Costs	(2,992,482)	-2,032,696	47.22%
Net Impairment (Loss)/Gain on Financial Assets	(78,893)	24,234
Other Expenses	(470,930)	(270,213)	74.28%
Other Income	234,567	1,037,879	-77.40%
Investment Income	-	31,071
Share of Net Profit of Associates and Joint Ventures (Equity Method)	93,797	65,729	42.70%
Operating Profit	5,262,871	6,579,668	-20.01%
Finance Costs	(3,651,774)	(4,507,460)	-18.98%
Profit Before Levy and Income Tax	1,611,097	2,072,208	-22.25%
Levy	(342,802)	(180,424)	90.00%
Profit Before Income Tax	1,268,295	1,891,784	-32.96%
Income Tax	(1,080,421)	(1,266,741)	-14.71%
Profit for the Period	187,874	625,043	-69.94%
(Loss)/Profit Attributable To:
- Equity Holders of the Parent Company	(302,733)	281,360
- Non-Controlling Interests	490,607	343,683	42.75%
Profit for the Period	187,874	625,043	-69.94%
Basic (Loss)/Earnings Per Share (Rupees)	(3.39)	3.15
Diluted (Loss)/Earnings Per Share (Rupees)	(3.39)	3.15

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