Merit Packaging Limited Reports Quarterly Financial Results

Karachi, Merit Packaging Limited has announced its un-audited financial results for the quarter ended March 31, 2024. The results were approved by the Board of Directors during their meeting at the company’s registered office in Karachi on April 29, 2024.

For the quarter ending March 31, 2024, Merit Packaging reported net sales of 1,703,931 thousand rupees, compared to 1,686,783 thousand rupees in the same period last year. The cost of sales was slightly reduced, amounting to 1,567,442 thousand rupees against 1,583,796 thousand rupees a year ago.

The company achieved a gross profit of 136,489 thousand rupees, an increase from 102,987 thousand rupees reported in the first quarter of 2023. However, the operational costs including general and administrative expenses, and selling and distribution expenses, have also risen. General and administrative expenses were reported at 41,014 thousand rupees up from 25,635 thousand rupees, and selling and distribution expenses totaled 27,691 thousand rupees, compared to 23,917 thousand rupees in the prior year.

Other income for the quarter was 2,645 thousand rupees, down from 9,872 thousand rupees, and other operating expenses were 4,402 thousand rupees, significantly higher than the 1,494 thousand rupees recorded last year. Financial charges also increased, totaling 76,380 thousand rupees compared to 72,633 thousand rupees during the same quarter of the previous year.

Ultimately, Merit Packaging Limited reported a loss before taxation of 76,380 thousand rupees, an increase from a loss of 72,633 thousand rupees in the first quarter of 2023. After accounting for taxation, the net loss for the period stood at 1,453 thousand rupees. The loss per share, both basic and diluted, was recorded at 0.06 rupees.

The quarterly report will be transmitted through PUCARS within the specified timeframe, separate from this announcement.