Fatima Fertilizers reports a 20% decline in quarterly profits

MG News | June 30, 2020 at 01:32 PM GMT+05:00

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June 30, 2020 (MLN): Fatima Fertilizer Company Limited has announced the financial results for the quarter ended March 31, 2020, which show that the company has earned net profits of Rs. 2.4 billion (EPS: Rs. 1.17), that is around 20% lower as compared to the same period of last year.

The decline in earnings can be attributed to a 7.8% drop in top-line revenue, which caused the gross profits to decrease by 10%.

Even though there was a decline in distribution cost by 27%, the impact of it was negated by a 23.7% increase in administrative expenses. The company also received a huge blow in the form of an 88% surge in finance costs.

Some of the positive highlights in the financial results for the quarter were the 25.7% increase in the share of profit from associates and an 18% decline in income tax expense.

Statement of Profit or Loss for the three months ended March 31, 2020 (Rupees'000)
	Mar-20	Mar-19	% Change
Sales	14,432,960	15,659,315	-7.8%
Cost of sales	(7,851,904)	(8,345,607)	-5.9%
Gross profit	6,581,056	7,313,708	-10.0%
Distribution cost	(928,047)	(1,282,639)	-27.6%
Administrative expense	(753,920)	(609,379)	23.7%
Finance cost	(1,248,498)	(661,348)	88.8%
Other operating expense	(332,116)	(588,280)	-43.5%
Other income	201,365	208,572	-3.5%
Share of profit from associate	5,847	4,653	25.7%
Profit before tax	3,525,687	4,385,287	-19.6%
Taxation	(1,066,436)	(1,298,226)	-17.9%
Profit for the period	2,459,251	3,087,061	-20.3%
Earnings per share	1.17	1.47	-20.4%

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