Packages Limited sees nearly 70% drop in quarterly profit

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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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