Fauji Foods' losses escalate by 22.6% owing to increased operating and finance costs
MG News | October 24, 2018 at 04:17 PM GMT+05:00
October 24, 2018 (MLN): Fauji Foods Limited (FFL) has stated 22.6% escalation in losses for the nine months period ended 30th September 2018, prompted mainly by increased Operating expenses and Finance costs.
According to the notification issued to PSX, the top-line earnings of the company appreciated by a greater margin of 34.42% as compared to 27.07% increase in cost of sales, which led to the gross profits of the company mounting by 357.83%.
While there were no non-core expenses this year, the Distribution cost and Administrative cost exhibited a growth of 8.98% and 8.515 respectively, damaging the financial earnings of the company.
The increase in finance costs by 41.12% i.e. Rs. 134 million, however, gave the major blow to the financial stability of the company.
Furthermore, the company received no tax benefits for this year unlike last year, which led to the company enduring greater losses for the said period.
The Loss per share for the company was stated at Rs. 4.49 for the nine months period ended 30th September 2018.
| Profit and loss account for the nine months ended September 30th 2018 (Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Sales - net | 5,970,564,658 | 4,441,595,674 | 34.42% |
| Cost of sales | -5,518,504,102 | -4,342,854,842 | 27.07% |
| Gross profit | 452,060,556 | 98,740,832 | 357.83% |
| Marketing and distribution expense | -1,815,905,493 | -1,666,332,868 | 8.98% |
| Administrative expenses | -334,678,832 | -308,443,313 | 8.51% |
| Other income | 12,391,586 | 20,331,895 | -39.05% |
| Other expenses | -7,663,599 | ||
| Finance cost | -461,639,312 | -327,134,243 | 41.12% |
| Loss before taxation | -2,147,771,495 | -2,190,501,296 | -1.95% |
| Taxation | -226,561,851 | 253,810,774 | |
| Loss for the period | -2,374,333,346 | -1,936,690,522 | 22.60% |
| Loss per share - basic and diluted | -4.49 | -9.91 | -54.69% |
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