Mold-Tek Packaging Q1 Review - Profitability Outlook Improves: Systematix
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Systematix Research Report
Mold-Tek Packaging Ltd.’s Q1 FY22 results were broadly in line with our estimates with sales/Ebitda/profit after tax growth of 105%/179%/698% YoY and down 17%/down 21%/down 33% QoQ.
Overall volume grew 62% YoY driven by the paints (92% YoY) and lubes (60% YoY) divisions; however, food and fast moving consumer goods (6% YoY) growth slowed down due to lower volume offtake by edible oil clients.
Mold-Tek Packaging's operating profit margin was at 18.9% versus 13.9% YoY/19.9% QoQ.
The sequential operating profit margin decline was due to higher raw material costs (up 20-60% QoQ, started softening from June-2021).
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