Corporate Results: Mitchell's Fruit Farms suffers massive losses

February 6, 2019 (MLN): Mitchell’s Fruit Farms Limited (MFFL) has announced saddening results for the year ending September 2018, as its losses increased by nearly Rs. 262 million. The major reason for this pitfall was the reduction in company’s top-line earnings, which even the tax rebates and increased non-core income couldn’t cover.

The company stated its losses at Rs. 292 million and Loss per share at Rs. 37.16. It also announced earnings result for the period ended December 31, 2018, which reported losses of Rs. 5 million and Loss per share of Rs. 0.76. 

Similarly,  Thatta Cement Company Limited (THCCL)’s half yearly profits have fallen by 6.5% year on year as the company reported it standing at Rs.300.9 million with EPS Rs.2.33.

The primary cause for this decline in profitability is higher cost pressure which weighed down the gross margin (by over 7%) as well as operational profit (by 13%) before finally causing the same impact on the whole.

Meanwhile, Jubilee General Insurance Company Limited (JGICL) suffered a decline of Rs.50.7 million (or 43%, YoY) during CY18, as its annual profit logged in at Rs.1.07 billion and EPS stands at Rs.5.91. The company also announced a final cash dividend at Rs.4 per share, that is, 40%.

On the contrary, Gadoon Textile Mills reported bottom-line earnings of Rs. 565 million and Earnings per share of Rs. 20.18 for the half year ended December 31, 2018, depicting a growth of around 40 percent as compared to the corresponding period last year.

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