FCCL incurs losses of Rs 59 million despite presence of tax credit
MG News | September 07, 2020 at 04:55 PM GMT+05:00
September 9, 2020 (MLN): Fauji Cement Company Limited on Monday announced the financial results for the year ended June 30, 2020, which showed a Loss after tax figure of Rs. 59.3 million (LPS: 0.4), as opposed to earnings of Rs. 2.82 billion recorded last year.
The net revenue and the gross profits fell by 17% and 88% respectively, owing to a decline in the overall dispatches during the lockdown period, depreciation of local currency and lower retention prices.
According to IGI Securities, the non-operating profit showed a decline of 61% mainly due to presence of exchange losses.
The net finance cost incurred by the company showed a surge of 260% on the back of hike in the policy rate during the period under review.
Nonetheless, the tax credit of Rs. 113.8 million helped significantly in limiting the losses incurred by the company.
| Financial Results for the year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Revenue - net | 17,231,709 | 20,798,082 | -17.1% |
| Cost of sales | (16,582,605) | (15,474,771) | 7.2% |
| Gross profit | 649,104 | 5,323,311 | -87.8% |
| Other income | 36,134 | 92,947 | -61.1% |
| Selling and distribution expense | (204,344) | (210,335) | -2.8% |
| Administrative expense | (468,651) | (415,979) | 12.7% |
| Other expenses | (567) | (326,689) | -99.8% |
| Operating profit | 11,676 | 4,463,255 | -99.7% |
| Net finance cost | (184,943) | (51,347) | 260.2% |
| (Loss)/profit before tax | (173,267) | 4,411,908 | |
| Income tax credit / (expense) | 113,886 | (1,587,610) | |
| (Loss) / profit for the year | (59,381) | 2,824,298 | |
| (Loss) / earnings per share | (0.04) | 2.05 |
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