Fauji Foods observes 47% YoY decline in net losses during CY20
MG News | January 26, 2021 at 11:52 AM GMT+05:00
January 26, 2021 (MLN): Fauji Foods Limited (FFL) ended CY20 with a net loss of Rs 3 billion, though it declined by 47% YoY from Rs 5.78 billion reported in CY19.
This translated into the company’s loss per share which diminished by 57% YoY from Rs 10.74 to Rs 4.62.
Despite a challenging business environment, the Company registered a topline growth of 28% YoY to Rs 7.37 billion from Rs 5.74 billion posted in the previous year.
As a result, FFL returned to posting a gross profit of Rs 62.26 million against a gross loss of Rs 678.8 million during CY19.
On the cost side, the company observed a 34.8% YoY decline in marketing and distribution expenses and 18.9% YoY contraction in administrative expenses which helped the company to recover some of its losses.
In addition, the company saw a whopping decline in tax expenses by 99% YoY to Rs 14.3 million from Rs 1.5 billion in the previous year, further provided a cushion to the company’s income.
| Profit and Loss Account for the year ended December 31, 2020 (Rs) | |||
|---|---|---|---|
|
| Dec-20 | Dec-19 | % Change |
| Sales-net | 7,373,162,067 | 5,744,872,328 | 28.3% |
| Cost of Sales | (7,310,900,013) | (6,423,699,048) | 13.8% |
| Gross Loss | 62,262,054 | (678,826,720) | -109.2% |
| Marketing and distribution expenses | (854,143,010) | (1,309,604,707) | -34.8% |
| Administrative expenses | (355,432,212) | (438,268,935) | -18.9% |
| Loss allowance on trade debts | - | (7,678,704) |
|
| Loss from operations | (1,147,313,168) | (2,434,379,066) | -52.9% |
| Other income | 98,704,064 | 98,311,925 | 0.4% |
| Other expenses | (242,918,870) | (218,794,869) | 11.0% |
| Finance cost | (1,752,267,407) | (1,698,166,696) | 3.2% |
| Loss before taxation | (3,043,795,381) | (4,253,028,706) | -28.4% |
| Taxation | (14,316,124) | (1,535,908,768) | -99.1% |
| Loss for the period | (3,058,111,505) | (5,788,937,474) | -47.2% |
| Loss per share - basic and diluted (in Rupees) | (4.62) | (10.74) | -57.0% |
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