Fauji Foods reports 13 percent enhancement in quarterly losses

April 23, 2019 (MLN): Fauji Foods Limited (FFL) has incurred a loss worth Rs.698.6 million (LPS: Rs.1.32) during quarter ended March 31, 2019 which is 13% greater that the loss reported for the corresponding quarter last year.  

The company’s financial statement shows a 25% contraction in topline earnings (Rs.1.4 billion) which pulled down Gross Profit (Rs.64.7 million) by 14.6% despite considerable cut down (25.6%) in cost of sales which logged in at Rs.1.3 billion.

However, due to cut down in distribution expenses and other miscellaneous expenses and higher non- core income, the losses from operations (Rs.377.8 million) reduced by 21%.

But unfortunately, due to substantial increase in finance cost, the overall losses were enhanced despite relatively smaller tax expenses

Profit and Loss Account – For the quarter ended March 31, 2019 (Rs'000)

 

Mar-19

Mar-18

% Change

Sales-net

                       1,385,876

                       1,851,730

-25.2%

Cost of Sales

                     (1,321,180)

                     (1,775,974)

-25.6%

Gross Profit

                             64,696

                             75,755

-14.6%

Administrative expenses

                        (115,651)

                        (101,942)

13.4%

Distribution Expenses

                        (328,674)

                        (434,430)

-24.3%

Other expenses

                             (6,942)

                           (23,801)

-70.8%

Other income

                               8,723

                               6,040

44.4%

Loss from operations

                        (377,848)

                        (478,376)

-21.0%

Finance cost

                        (307,683)

                        (117,828)

161.1%

Loss before taxation

                        (685,531)

                        (596,204)

15.0%

Taxation

                           (13,106)

                           (22,296)

-41.2%

Loss for the period

                        (698,637)

                        (618,500)

13.0%

Loss per share – basic and diluted (in Rupees)

                               (1.32)

                               (1.17)

12.8%

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Posted on: 2019-04-23T17:51:00+05:00

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