EFOODS realizes major decline in topline, annual profits shrink drastically
MG News | February 08, 2019 at 09:58 AM GMT+05:00
February 8, 2019 (MLN): Engro Foods Limited (EFOODS) has reported a massive decline in annual profits during the year 2018, primarily due to diminished sales this year as the topline fell by over Rs.2 billion.
By the year end, the company’s net income logged in at Rs.63.8 million (EPS: Rs.0.08) while last year’s net earnings was Rs.379.3 million (EPS: Rs.0.49), marking a decline of over 83%, YoY.
Due to a decline in topline, EFOODS’ gross profit (Rs.5.15 billion) toppled by 8.5%. After taking into account the net operational expenses and finance cost (which had both risen), the company found itself face to face with pre-tax losses.
However, with a tax reversal worth Rs.234 million the company redeemed itself enough to report decent bottom-line gains.
| Profit and Loss Account for the year ended December 31, 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Net Sales | 32,439,451 | 34,653,486 | -6.39% |
| Cost of Sales | (27,285,392) | (29,017,336) | -5.97% |
| Gross Profit | 5,154,059 | 5,636,150 | -8.55% |
| Distribution and Marketing Expenses | (4,205,762) | (3,933,248) | 6.93% |
| Administrative Expenses | (957,071) | (852,099) | 12.32% |
| Other Operating Expenses | (108,475) | (121,870) | -10.99% |
| Other Income | 622,269 | 358,541 | 73.56% |
| Operating Profit | 505,020 | 1,087,474 | -53.56% |
| Finance Cost | (675,340) | (524,497) | 28.76% |
| Loss/Profit before Taxation | (170,320) | 562,977 |
|
| Taxation | 234,103 | (183,680) |
|
| Profit/ (loss) for the Period | 63,783 | 379,297 | -83.18% |
| Earnings per Share - Basic and Diluted (Rupees) | 0.08 | 0.49 | -83.67% |
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