Result: Packages Limited sinks into losses
Packages Limited flipped into net loss of Rs595 million in the first nine months of 2011
KARACHI:
Packages Limited flipped into net loss of Rs595 million in the first nine months of 2011 compared with net profit of Rs123 million in the same period last year, according to company results on its website. The market had expected the company to post a loss but not to such an extent. The company’s stock price fell to its lower limit of 5% to close at Rs97.44 during trade at the Karachi Stock Exchange on Tuesday. Local sales of the company rose 12% to Rs17.68 billion, primarily supported by the start of paper machine (PM-6) that was previously closed due to capacity enhancement, according to an InvestCap research note.
Published in The Express Tribune, October 19th, 2011.
Packages Limited flipped into net loss of Rs595 million in the first nine months of 2011 compared with net profit of Rs123 million in the same period last year, according to company results on its website. The market had expected the company to post a loss but not to such an extent. The company’s stock price fell to its lower limit of 5% to close at Rs97.44 during trade at the Karachi Stock Exchange on Tuesday. Local sales of the company rose 12% to Rs17.68 billion, primarily supported by the start of paper machine (PM-6) that was previously closed due to capacity enhancement, according to an InvestCap research note.
Published in The Express Tribune, October 19th, 2011.