Fauji Food's losses shrink by 24% during 1HCY20
MG News | July 23, 2020 at 04:47 PM GMT+05:00
July 23, 2020 (MLN): Fauji Foods Limited has announced its financial results for the half-year ended June 30, 2020, as per which, the company has incurred losses of Rs. 1.78 billion (LPS: Rs. 3.37), i.e. 24 percent lower than the losses reported in the same period of last year.
The decline in losses is a result of multiple factors, including the increase in topline revenue by 27% and a decline in gross losses by 73%. Moreover, the company reported a 43.7% and 18.4% decline in its Marketing and Administrative expenses, respectively.
Other positive highlights from the announcement included a 37% increase in non-core income and a 99% decline in non-core expenses. Furthermore, there was an almost 81% decline in the income tax expenses paid by the company during the period.
| Financial Results for the six months ended June 30, 2020 (Rupees) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | ||
| Revenue from contracts with customers - net | 3,228,676,240 | 2,534,803,217 | 27.4% |
| Cost of revenue | (3,337,911,282) | (2,950,292,448) | 13.1% |
| Gross loss | (109,335,042) | (415,489,231) | -73.7% |
| Marketing and distribution expenses | (435,932,690) | (773,680,145) | -43.7% |
| Administrative expenses | (182,514,343) | (223,715,095) | -18.4% |
| Loss from operations | (727,782,075) | (1,412,884,471) | -48.5% |
| Other income | 31,436,590 | 22,926,792 | 37.1% |
| Other expenses | (529,030) | (78,287,315) | -99.3% |
| Finance costs | (1,043,731,784) | (658,333,808) | 58.5% |
| Loss before taxation | (1,740,606,299) | (2,136,578,802) | -18.5% |
| Taxation | (38,628,401) | (206,602,474) | -81.3% |
| Loss after taxation for the period | (1,779,234,700) | (2,343,181,276) | -24.1% |
| Loss per share | -3.37 | -4.43 | -23.9% |
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