Fatima Fertilizers reports a 20% decline in quarterly profits
MG News | June 30, 2020 at 01:32 PM GMT+05:00
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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