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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