Packages Ltd's bottom line earnings plummet by 40%

By MG News | August 27, 2019 at 10:24 AM GMT+05:00

0:00

August 27, 2019 (MLN): Packages Limited (PKGS) announced their 6 Month result for the period ending Jun 30, 2019

The company declared a Profit After tax of Rs.1.25 billion which is 39.88 percent lower than the corresponding period from last year.

The company witnessed around 10 percent increase in its net sales, which after combining with change in COGS resulted in 20 percent increase in gross profit.

The biggest setback came in the form of non-core expenses, as they jumped by almost 268 percent.

On top of that, the company’s finance cost further dragged down the net income as it increased by 115%.

This translates into an EPS of 14 compared to the previous EPS of 22.36.

**Profit & Loss Account For the Period Ending June 30, 2019 - (Rupees'000)**
	Jun-19	Jun-18	% Change
Net Sales	11,360,048	10,295,955	10.34
Cost of Sales	-9,022,638	-8,347,980	8.08
Gross Profit	2,337,410	1,947,975	19.99
Administrative expenses	-514,706	-526,073	-2.16
Distribution and marketing cost	-762,549	-571,372	33.46
Other expenses	-684,657	-185,742	268.61
Other income	125,954	139,245	-9.55
Operating profit	501,452	804,033	-37.63
Finance cost	-433,293	-201,184	115.37
Investment income	1,532,871	2,005,431	-23.56
Profit before taxation	1,601,030	2,608,280	-38.62
Taxation	-350,028	-527,586	-33.65
Profit after taxation	1,251,002	2,080,694	-39.88
Basic earnings per share (Rupees)	14	22.36	-37.39

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