March 13, 2019 (MLN): Packages Limited has reported a substantial decline in its net profits for the year ended on December 2018, by 89% to Rs 1.16 billion from Rs10.2 billion in last year.
Despite a growth in the company’s topline by 67% and reduction in taxes by 61%, the company still failed to mark any significant improvement in terms of profitability. This was due to a counter increase in the company’s distribution cost by 63%, finance cost by 92% and administrative expenses by 32%.
The company reported its earnings per share at Rs. 10.35 for the said period.
Financial Results for the year ended December 31, 2018 ('000 Rupees)
2018
2017
% change
Net sales
52,922,723
31,679,743
67.0554%
Cost of sales
(46,183,738)
(25,852,219)
78.6452%
Gross profit
6,738,985
5,827,524
15.6406%
Administrative expenses
(2,267,348)
(1,715,650)
32.1568%
Distribution and marketing costs
(2,423,374)
(1,480,314)
63.7068%
Other expenses
(774,776)
(588,067)
31.7496%
Other income
154,353
246,421
-37.3621%
Profit from operations
1,427,840
2,289,914
-37.6466%
Finance cost
(2,268,319)
(1,175,701)
92.9333%
Investment income
2,491,996
5,972,121
-58.2728%
Gains and losses relating to business combinations
–
4,965,355
Share of pofit/(loss) of investment accounted for under equity method- net of tax
