Fauji Food's losses shrink by 24% during 1HCY20

MG News | July 23, 2020 at 04:47 PM GMT+05:00

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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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