FCEPL incurs losses worth Rs. 808 million

MG News | October 18, 2019 at 10:46 AM GMT+05:00

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October 18, 2019 (MLN): FrieslandCampina Engro Pakistan Limited (FCEPL) has announced its financial results for the nine months ended on September 30, 2019. As per the results, the company incurred losses of Rs.808 million (LPS: Rs 1.05) as compared to the profits earned in last year.

During the period, the company’s net revenues were up by 19.91%, YoY, but more than a proportionate increase in the cost of sales (up by 27.15%) made the gross profits decreased by 12.12% from Rs. 4.4 billion to Rs. 3.8 billion. Therefore, the gross margin shrunk by 5 percentage points.

More notably, it bore 83.98% colossal finance cost from Rs. 471 million to Rs. 866 million when compared to the prior year owing to the higher interest rate. Moreover, the administrative and other operating expenses increased by 36.04% and 44.23% respectively.

Whereas, other income slumped by 15.99%, from Rs.396 million to Rs. 332 million, YoY.

Financial Results for the Nine Months Ended September 30th, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Net Sales	28,709,315	23,942,195	19.91%
Cost of Sales	(24,832,171)	(19,530,401)	27.15%
Gross Profit	3,877,144	4,411,794	-12.12%
Distribution and marketing expenses	(3,058,750)	(3,189,068)	-4.09%
Administrative expenses	(891,966)	(655,687)	36.04%
Other operating expenses	(122,719)	(85,086)	44.23%
Other income	332,861	396,236	-15.99%
Operating (loss) profit	136,570	878,189	-84.45%
Finance cost	(866,897)	(471,184)	83.98%
(Loss)/Profit before taxation	(730,327)	407,005	-
Taxation	(78,430)	106,186	-
Profit after taxation	(808,757)	513,191	-
Earnings per share - basic and diluted (Rupees)	(1.05)	0.67

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