Karachi: Macpac Films Limited has released its financial results for the quarter ending September 30, 2024, reporting a decline in profits compared to the same period last year. The announcement came following a Board of Directors meeting held on October 24, 2024, where a new strategic direction towards renewable energy investment was also revealed.

In the reported quarter, Macpac Films Limited generated revenue of 1,475.07 million rupees, a slight decrease from the 1,482.16 million rupees recorded in the third quarter of 2023. The cost of sales for the period was reported at 1,166.34 million rupees, resulting in a gross profit of 168.90 million rupees, down from 341.35 million rupees in the previous year.

Administrative expenses for the quarter were reported at 60.38 million rupees, while marketing and distribution expenses amounted to 45.15 million rupees. Finance costs were recorded at 26.54 million rupees, and other operating expenses totaled 13.94 million rupees. The company reported other income of 6.35 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), the profit before taxation for the quarter stood at 17.49 million rupees, a decrease from the 41.34 million rupees reported in the same period last year. After accounting for taxation of 10.04 million rupees, the net profit after tax was 7.45 million rupees, compared to 11.74 million rupees in 2023. The earnings per share, both basic and diluted, were reported at 0.13 rupees.

The Board of Directors did not recommend any cash dividends, bonus shares, or right shares during the meeting. However, they disclosed an in-principle decision to invest in renewable energy, advising management to carry out the necessary due diligence in this regard.

The company is set to transmit its quarterly report through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the specified time frame.