Fauji Foods observes 47% YoY decline in net losses during CY20

MG News | January 26, 2021 at 11:52 AM GMT+05:00

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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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