Fauji Foods reports 13 percent enhancement in quarterly losses

12:51
April 23, 2019
MG

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%

Copyright Mettis Link News

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

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