LAHORE: The Board of Directors (BOD) of Packages Limited (PKGS) met on Friday to review the company’s performance and announce its financial results for the accounting year ended December 31, 2019. Meanwhile, the company’s consolidated profit after tax clocked at Rs278 million as compared to Rs1.160 billion during the same period last year, depicting a decrease of 76pc. On the other hand, PKGS’ gross profit increased by 33.32pc, from Rs3.28 billion last year to Rs4.373 billion in 2019. The company reported a consolidated gross profit of Rs10.187 billion for the year ended December 31, 2019, as compared to Rs6.739 billion, showing an increase of 51.16pc. PROPOSED RESTRUCTURINGDuring the meeting, the BOD also resolved to complete the transfer of the company’s packing business to Packages Converters Limited and to hold the transfer of its investment business to Packages Investments Limited for the time being.

Source: Pakistan Today March 14, 2020 15:33 UTC