February 15, 2024 (MLN): Cherat Packaging Limited (PSX: CPPL) reported a substantial 69.58% YoY increase in profitability during the second quarter of fiscal year 2024, with the company's profit after tax surging to Rs71.99 million [EPS: Rs1.47], compared to a profit of Rs42.45m [EPS: Rs0.86] in the same period last year (SPLY).
Along with the impressive results, the company declared an interim cash dividend of Rs1 per share, i.e. 10%.
Going by the results, the company's top line fell by 10.10% YoY to Rs3.63bn as compared to Rs4.04bn in SPLY.
However, the cost of sales also fell by 11.41% YoY, improving the gross profit slightly by 0.50% YoY to Rs447.98m in 2QFY24.
The gross margins inched up to 12.33% as compared to 11.03% in SPLY.
During the period under review, other income decreased by 6.05% YoY to stand at Rs33.28m in 2QFY24 as compared to Rs35.42m in SPLY.
On the expense side, the company observed a decrease in distribution costs by 4.21% YoY and administrative expenses by 15.88% YoY to clock in at Rs64.76m and Rs45.58m respectively during the review period.
The company’s finance costs also dipped by 19.49% YoY and stood at Rs252.24m as compared to Rs313.29m in SPLY.
On the tax front, the company paid a significantly higher tax worth Rs41.35m against the Rs1.06m paid in the corresponding period of last year.
| Unconsolidated (un-audited) Financial Results for Quarter ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Turnover | 3,632,481 | 4,040,532 | -10.10% |
| Operating costs | (3,184,498) | (3,594,777) | -11.41% |
| Gross Profit | 447,983 | 445,755 | 0.50% |
| Distribution costs | (64,755) | (67,599) | -4.21% |
| Administrative expenses | (45,576) | (54,182) | -15.88% |
| Other expenses | (5,355) | (2,595) | 106.36% |
| Other Income | 33,280 | 35,424 | -6.05% |
| Finance cost | (252,236) | (313,289) | -19.49% |
| Profit before taxation | 113,341 | 43,514 | 160.47% |
| Taxation | (41,349) | (1,061) | 3797.17% |
| Net profit for the period | 71,992 | 42,453 | 69.58% |
| Basic earnings/ (loss) per share | 1.47 | 0.86 | – |
Amount in thousand except for EPS
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Posted on:2024-02-15T13:10:11+05:00
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