Fecto Cement records a loss of Rs 770 million in FY20 owing to higher finance cost

MG News | September 29, 2020 at 05:16 PM GMT+05:00

0:00

September 29, 2020 (MLN): Fecto Cement Limited has incurred losses of Rs. 770 million (LPS: 15.35) for the year ended June 30, 2020, against the profits of Rs. 88.9 million (EPS: 1.77) recorded in the previous year.

The decline in profitability was led by a 27% decline in revenue, which ultimately resulted in the company recording a gross loss of Rs. 715 million, as opposed to the gross income of Rs. 594 million observed during last year.

While the company got some relief from the decline in major expense heads and absence of non-core charges, the colossal increase in the finance cost by 4.31x on account of higher interest rates further strained the financial position of the organization.

The losses were nonetheless restricted due to the presence of tax credit amounting to Rs. 264.1 million.

Financial Results for the year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Sales - net	3,463,904	4,740,496	-26.9%
Cost of sales	(4,179,341)	(4,146,193)	0.8%
Gross (loss) / profit	(715,437)	594,303
Distribution cost	(94,164)	(203,122)	-53.6%
Administrative expenses	(241,909)	(290,472)	-16.7%
Other operating cost	-	(11,400)
Other income	45,837	46,411	-1.2%
Finance cost	(28,573)	(5,377)	431.4%
(Loss)/profit before taxation	(1,034,246)	130,343
Taxation	264,175	(41,368)
(Loss)/profit after taxation	(770,071)	88,975
(Loss)/earnings per share	-15.35	1.77

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	152,740.38 147.44M	-1.01% -1551.88
ALLSHR	91,858.47 324.25M	-0.86% -800.10
KSE30	46,223.61 86.89M	-1.45% -681.25
KMI30	219,130.92 66.08M	-1.15% -2553.50
KMIALLSHR	59,625.28 139.61M	-0.93% -562.17
BKTi	42,104.46 39.09M	-2.02% -866.56
OGTi	32,077.87 10.13M	-1.27% -414.19

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	70,155.00	71,480.00 69,440.00	-205.00 -0.29%
BRENT CRUDE	109.55	113.11 105.05	0.90 0.83%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-12.60 -11.25%
ROTTERDAM COAL MONTHLY	123.30	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	98.09	98.75 92.47	2.54 2.66%
SUGAR #11 WORLD	15.63	15.72 15.27	0.26 1.69%