Fauji Foods reports 13 percent enhancement in quarterly losses
MG News | April 23, 2019 at 05:51 PM GMT+05:00
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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