Karachi: Merit Packaging Limited has released its financial results for the third quarter ended September 30, 2024, showing a downturn in revenue and profits amid challenging market conditions.

The company announced that its revenue for the quarter decreased from PKR 1.75 billion in 2023 to PKR 1.52 billion in 2024, reflecting a downturn in the packaging sector. According to information available from the Pakistan Stock Exchange (PSX), the cost of sales also saw a reduction, falling from PKR 1.60 billion last year to PKR 1.42 billion this year, but not enough to offset the revenue decline, resulting in a gross profit decrease from PKR 156.56 million to PKR 99.20 million.

General and administrative expenses increased by almost PKR 14 million, totaling PKR 44.29 million. Selling and distribution expenses were also up by nearly PKR 5 million to PKR 25.01 million. Other income for the company provided some relief, amounting to PKR 8.84 million, up from PKR 3.40 million in the previous year.

The operating profit was reported at PKR 35.87 million, down significantly from PKR 100.36 million in the previous year. The company's financial charges increased to PKR 51.89 million from PKR 107.28 million, showing some improvement in managing financial costs.

After accounting for a minimum tax differential and other taxations, the company reported a net loss of PKR 34.98 million for the quarter, compared to a loss of PKR 29.25 million during the same period last year. Loss per share also increased slightly to PKR 0.17 from PKR 0.15.