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

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

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%

 

Copyright Mettis Link News

Posted on: 2020-07-23T16:47:00+05:00

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