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Karachi, In a significant development, Packages Limited convened a Board of Directors meeting on August 25, 2023, held at the company’s Karachi head office, facilitated via Zoom. The meeting yielded several noteworthy outcomes, including the approval of the condensed interim financial statements (unaudited) for the second quarter and half-year period concluding on June 30, 2023.
The company’s financial results were outlined in Annexure ‘A’ for unconsolidated data and Annexure ‘B’ for consolidated data, highlighting the following key points:
Financial Highlights for Unconsolidated Data
Three-month period ended June 30, 2023:
Dividend income: 1,621,859
Operating revenue: 1,768,190
Operating profit: 440,998
Profit before taxation: 68,590
(Loss)/profit for the period: (114,191)
Six-month period ended June 30, 2023:
Dividend income: 2,710,205
Operating revenue: 2,984,820
Operating profit: 1,514,685
Profit before taxation: 944,366
Profit for the period: 686,585
Financial Highlights for Consolidated Data
Three-month period ended June 30, 2023:
Revenue: 37,140,499
Gross profit: 10,555,891
Operating profit: 8,774,202
Profit before taxation: 8,543,907
Profit for the period: 5,755,571
Six-month period ended June 30, 2023:
Revenue: 75,908,946
Gross profit: 20,318,245
Operating profit: 14,309,239
Profit before taxation: 11,266,207
Profit for the period: 7,137,924
Furthermore, the Board recommended no cash dividends, bonus shares, right shares, or any other entitlement or corporate action.
Capital Injection in Subsidiary
Packages Limited, in compliance with Section 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book issued by the Pakistan Stock Exchange Limited, has announced its approval for a capital injection in and a loan grant to StarchPack (Private) Limited, a wholly owned subsidiary of the company. The capital injection amounts to up to PKR 250 million, and an interest-bearing unsecured long-term loan of up to PKR 750 million will be disbursed over five years, including a two-year grace period.
StarchPack, wholly owned by Packages Limited, specializes in manufacturing and selling corn-based starch products, its derivatives, and by-products.
The company assured that the half-yearly report for the period ending June 30, 2023, will be transmitted through PUCARS in due course and will also be accessible on the company’s official website, www.packages.com.pk.
Packages Limited’s strategic moves and financial endeavors align with its commitment to shareholders and its continuous pursuit of growth and diversification.
The post Packages Limited Approves Unaudited Interim Financial Statements for Q2 2023; Announces Capital Injection in Subsidiary appeared first on Pakistan Company News.