Fauji Foods incurs losses of PKR 2.4 billion in 9MCY20
MG News | October 20, 2020 at 02:56 PM GMT+05:00
October 20, 2020 (MLN): Fauji Foods Limited has suffered losses of Rs. 2.4 billion (LPS: 3.01) during the nine months ended September 20, 2020, i.e. around 27% lower than the losses witnessed in the same period of last year.
Despite managing to lift the revenue by 31%, the company suffered gross losses of Rs. 59.4 million due to increase in the cost of sales by 17%.
While the major expense heads, i.e. Marketing and Administration expenses declined by 39% and 17% respectively, the impact of it was negated by an increase of 1.5x in the non-core expenses.
The company’s finance cost increased by 17% during the period, whereas the income tax expense declined by 67%, providing some respite to its financial position.
| Financial Results for the nine months ended September 30, 2020 (Rupees) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change | |
| Revenue from contracts with customers | 5,319,065,655 | 4,040,543,723 | 31.6% |
| Cost of revenue | (5,378,551,388) | (4,603,990,495) | 16.8% |
| Gross (loss)/profit | (59,485,733) | (563,446,772) | -89.4% |
| Marketing and distribution cost | (648,022,616) | (1,067,087,247) | -39.3% |
| Administrative expenses | (276,524,887) | (332,540,190) | -16.8% |
| Other expenses | (25,751,015) | (10,299,207) | 150.0% |
| Other income | 79,781,329 | 75,256,829 | 6.0% |
| Finance cost | (1,418,138,441) | (1,210,499,035) | 17.2% |
| Loss before taxation | (2,348,141,363) | (3,108,615,622) | -24.5% |
| Taxation | (73,480,402) | (226,260,502) | -67.5% |
| Loss after taxation | (2,421,621,765) | (3,334,876,124) | -27.4% |
| Loss per share | (3.01) | (4.15) | -27.5% |
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