Fauji Foods incurs losses of PKR 2.4 billion in 9MCY20

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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Posted on: 2020-10-20T14:56:00+05:00

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