CPL announces Rs 211m profit

ISLAMABAD: Cherat Packaging Limited (CPL) announced a profit of Rs 211 million for the second quarter ended December 31, 2016, down 10pc from Rs 237 million in the same period of the previous year, according to a company notice sent to Pakistan Stock Exchange (PSX).

Earnings per share (EPS) increased to Rs 7.14 from an EPS of Rs 6.34 in the period under review. Cumulatively, earnings for the first six months (Jul-Dec) touched Rs 379 million, down 15pc compared with Rs 446 million in the same period of the previous year. “The result is in line with our expectations,” said Zeeshan Afzal of Insight Securities.

Increment in cost of sales and other expenses put a major dent in the company’s bottom line, say market analysts. Cherat Packaging Limited’s share price edged down to Rs 328.2, a decrease of 2.6pc compared to its last day’s closing price of Rs 337.82. The company announced a dividend payout of Rs 2.50 per share i.e. 25pc.

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