FCEPL reports losses worth Rs 130,629 in 1QCY20
By MG News | April 22, 2020 at 05:18 PM GMT+05:00
April 22, 2020 (MLN): Friesland Campina Engro Pakistan Limited (FCEPL) has announced its financial performance today for the Quarter ended on March 31st 2020, as per which the company reported a loss of Rs 130,629 with a loss per share stood at Rs 0.17, compared to the profits of Rs 83,452 with EPS at Rs 0.11.
The sharp economic headwinds, particularly steep rise in input costs due to devaluation of Rupee and rising interest rate are some of the factors responsible for the company’s losses.
Despite these, the company witnessed a growth of 14% YoY in topline earnings backed by volumetric growth.
The other factors which dragged company’s net income into negative territory include; distribution cost which rose by 8% YoY, 63% YoY surged in finance cost on account of higher interest rate and a considerable decline in its other income by 65% YoY.
Moreover, the company enjoyed a tax rebate of Rs 51,728, which helped in containing the company’s losses.
| Financial Results for the Quarter ended March 31st, 2020 (Rupees) | |||
|---|---|---|---|
|
| Mar-20 | Mar-19 | %change |
| Revenue from contracts with customers - net | 9,805,871 | 8,617,850 | 14% |
| Cost of sales | (8,325,423) | (7,127,409) | 17% |
| Gross profit | 1,480,448 | 1,490,441 | -1% |
| Distribution and marketing expenses | (1,000,184) | (921,963) | 8% |
| Administrative expenses | (302,685) | (299,694) | 1% |
| Other operating expenses | (10,781) | (18,256) | -41% |
| Other income | 29,730 | 85,013 | -65% |
| Operating profit | 196,528 | 335,541 | -41% |
| Finance cost | (378,885) | (232,601) | 63% |
| Loss before taxation | (182,357) | 102,940 |
|
| Taxation | 51,728 | (19,488) |
|
| (Loss) / profit for the year | (130,629) | 83,452 |
|
| (Loss) / earnings per share - basic and diluted | -0.17 | 0.11 |
|
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