Karachi: Leiner Pak Gelatine Limited announced a notable decline in its profits for the first quarter ended September 30, 2024, according to a recent financial results statement. The board of directors approved these results during their meeting on October 30, 2024.

In the latest quarter, the company reported a net sales of 250.56 million rupees, a substantial decrease from the 699.93 million rupees recorded in the same quarter last year. The cost of sales was listed at 180.73 million rupees, resulting in a gross profit of 69.83 million rupees. This marks a significant reduction from the previous year's gross profit of 82.74 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), Leiner Pak Gelatine's operational costs contributed to the decline in profitability. Distribution costs stood at 12.27 million rupees, while administrative expenses rose to 26.81 million rupees. The company's finance costs were relatively stable at 1.03 million rupees. These operational expenses culminated in a profit before taxation of 22.36 million rupees, down from 21.29 million rupees in the previous year.

The net profit after taxation for the quarter was significantly lower at 4.46 million rupees compared to 14.04 million rupees in the corresponding quarter of the previous year, representing a stark decrease in profitability. Earnings per share also fell, from 1.87 rupees per share in 2023 to 0.59 rupees per share in the current quarter.

The condensed interim statement of comprehensive income echoed this downward trend, with the company posting a total comprehensive income of 4.46 million rupees for the period, sharply down from 14.04 million rupees last year.

Leiner Pak Gelatine's board made no announcements regarding dividends, bonus shares, right shares, or any other entitlements to the shareholders following the first quarter financial results.