Packages Ltd's quarterly earnings take off by nearly 3 times

MG News | April 25, 2019 at 11:00 AM GMT+05:00

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April 25, 2019 (MLN): Packages Limited (PKGS)’s net profit in its first quarter that ended on March 31, 2019, has been reported at Rs.702 million (EPS: Rs.7.5) which is an applaud-able achievement for the company as it successfully expanded its net income by nearly 3 times compared to last year.

In the previous quarter, PKGS had sustained a tragic loss worth Rs.469 million due to higher cost of raw material in light of PKR devaluation. Considering that, the latest results mark considerable improvement in the company’s performance.

The rise in net income is mainly accredited to an investment income of Rs.1 billion which was added to the company’s inflow.

This inflow annulled the negative impact of higher distribution & marketing costs, as well as the financing cost.

Financial Results for the first quarter ended March 31, 2019 ('000 Rupees)
	Mar-19	Mar-18	% Change
Net sales	14,657,396	13,404,607	9.35%
Cost of sales	(12,550,729)	(11,446,320)	9.65%
Gross profit	2,106,667	1,958,287	7.58%
Administrative expenses	(578,679)	(592,429)	-2.32%
Distribution and marketing costs	(756,757)	(600,068)	26.11%
Other expenses	(119,355)	(75,172)	58.78%
Other income	48,190	46,769	3.04%
Profit from operations	700,066	737,387	-5.06%
Finance cost	(771,660)	(428,171)	80.22%
Investment income	1,096,038	-
Share of profit/(loss) of investment accounted for using equity method- net of tax	(1,497)	29,440
Profit before taxation	1,022,947	338,656	202.06%
Taxation	(320,902)	(93,706)	242.46%
Profit for the period	702,045	244,950	186.61%
Basic earnings per share (Rupees)	7.50	1.93	288.60%

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