Fauji Foods incurs losses of PKR 2.4 billion in 9MCY20

MG News | October 20, 2020 at 02:56 PM GMT+05:00

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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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