Fauji Foods incurs heavy losses worth Rs 5.78 billion
MG News | January 27, 2020 at 04:04 PM GMT+05:00
January 27, 2020 (MLN): Fauji Foods Limited (FFL) has announced its financial results for the year ended on December 31, 2019. As per the results, the company incurred huge losses of Rs 5.78 billion (LPS: Rs 10.96), up by 2.03 times YoY when compared to the same period last year.
During the period, the sales revenue were down nearly by 25% YoY which caused gross loss to increase by around 2.3 times YoY to Rs 678 million. However, the cost of sales of the company dropped by 19% YoY.
The company’s marketing and distribution expenses plunged by 27.1% YoY whereas it incurred loss allowance on trade debts of Rs 7.67 million during the said period.
On the other hand, the other income rose by 5.5 times YoY to Rs 98.31 million. The finance cost soared by 2.5 times YoY, from Rs 674 million to Rs 1.69 billion due to a rise in borrowings with a substantial increase in interest rate, resulting in weakening bottom-line.
Moreover, the company paid taxes worth Rs 1.53 billion during the year, while it got a tax credit of Rs 463 million last year.
| Profit and Loss Account for the year ended December 31, 2019 (Rs) | |||
|---|---|---|---|
|
| Dec-19 | Dec-18 | % Change |
| Sales-net | 5,744,872,328 | 7,649,286,569 | -24.9% |
| Cost of Sales | (6,423,699,048) | (7,942,927,853) | -19.1% |
| Gross Loss | (678,826,720) | (293,641,284) | 131.2% |
| Marketing and distribution expenses | (1,309,604,707) | (1,795,894,148) | -27.1% |
| Administrative expenses | (438,268,935) | (465,649,383) | -5.9% |
| Loss allowance on trade debts | (7,678,704) | - | - |
| Loss from operations | (2,434,379,066) | (2,555,184,815) | -4.7% |
| Other income | 98,311,925 | 17,812,359 | 451.9% |
| Other expenses | (218,794,869) | (100,219,314) | 118.3% |
| Finance cost | (1,698,166,696) | (674,796,714) | 151.7% |
| Loss before taxation | (4,253,028,706) | (3,312,388,484) | 28.4% |
| Taxation | (1,535,908,768) | 463,149,882 |
|
| Loss for the period | (5,788,937,474) | (2,849,238,602) | 103.2% |
| Loss per share - basic and diluted (in Rupees) | (10.96) | (5.39) | 103.3% |
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