FCEPL reports net profits of Rs 292 million during 1HCY20

By MG News | August 21, 2020 at 05:00 PM GMT+05:00

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August 21, 2020 (MLN): FrieslandCampina Engro Pakistan Limited (FCEPL) has reported net profits of Rs 292 million for the half-year ended on June 30^th, 2020 against the net losses of Rs 238 million of the corresponding period last year.

This has translated into earnings per share which clocked in at Rs 0.38 against the loss per share of Rs 0.31 in the aforementioned period.

As per the financial statement issued by the company to PSX, FCEPL’s sales revenue was up nearly by 8.6% YoY due to higher prices which caused gross profit to increase by 18.51% YoY to Rs 3.457 billion despite the increase in the cost of revenue by around 7% YoY.

The company witnessed a decrease in its major expense heads as distribution & selling expenses went down by 8% YoY from Rs 2 billion to Rs 1.86 billion which supported the bottom line. Moreover, administrative costs and other operating charges fell by 1.26% and 30.62% respectively.

Meanwhile, the company reported finance cost which surged by 39% YoY to clock in at Rs 765 million owing to higher interest rates.

Profit and Loss Account for the half-year ended June 30, 2020 ('000 Rupees)
	Jun-20	Jun-19	% Change
Revenue from contracts with customers-net	20,150,754	18,555,278	8.60%
Cost of revenue	(16,693,294)	(15,637,784)	6.75%
Gross Profit	3,457,460	2,917,494	18.51%
Distribution and Marketing Expenses	(1,863,135)	(2,022,721)	-7.89%
Administrative Expenses	(563,860)	(571,049)	-1.26%
Other Operating Expenses	(77,457)	(111,648)	-30.62%
Other Income	225,381	251,976	-10.55%
Operating Profit	1,178,389	464,052	153.93%
Finance Cost	(765,372)	(550,925)	38.92%
Loss/Profit before Taxation	413,017	(86,873)	-
Taxation (charge) / reversal	(120,411)	(151,918)	-20.74%
(Loss) / profit for the Period	292,606	(238,791)	-
(Loss) / earnings per Share - Basic and Diluted (Rs)	0.38	(0.31)	-

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