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
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 |
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