Financial results of Packages Limited for period ended June 30, 2016
Karachi, Packages Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on August 18, 2016.
The agenda of the meeting was discussion of profit and loss account for six months period and quarter ended June 30, 2016 which portrayed a profit of Rs. 3,129,467 and Rs. 1,536,657 with earnings per share 35.15 and 30.54 for six months and 17.26 basic and 15.06 diluted for quarter respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Packages Limited is a public limited company incorporated in Pakistan. The company is principally engaged in the manufacture and sale of paper, paperboard, packaging materials and tissue products. The stocks of the company are quoted on the Karachi Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the company is located in Karachi.
On September 17, 2012 the company has entered into a 50/50 joint venture with the ‘Stora Enso OYJ Group’ of Finland in its 100% wholly owned subsidiary Bulleh Shah Packaging Private Limited. The Joint Venture will include Paper & Paperboard and Corrugated business operations at Kasur and Karachi and will involve initial equity participation of Stora Enso of 35% by way of subscription of right shares with a commitment to increase the shareholding to 50% at a later stage subject to certain conditions being met. The company also decided to close down its Paper and Paperboard operations in Lahore which has divided the business into continuing and discontinued operations.
The symbol “PKGS” is being used by the stock exchanges for the shares of Packages Limited.