FFBL's half-year losses expand 2x YoY
By MG News | July 26, 2019 at 05:09 PM GMT+05:00
July 26, 2019 (MLN): Fauji Fertilizer Bin Qasim Limited (FFBL) has announced its financial results for the half year ended on June 30, 2019 wherein company’s losses after tax expanded 2x to Rs 3.5 billion with loss per share (LPS) recorded at Rs 2.95.
The expansion in company’s losses were mainly attributable to the improvement in Urea/Dap retention prices, tax reversal of Rs 184.5 million and jump in finance cost by 89% due to increase in interest rates and working capital requirements.
During the period, company also witnessed an increase in its income from other sources by 31.4%YoY, but it failed to provide an adequate buffer to the company’s bottom-line.
| Consolidated Profit and Loss for the half year ended June 30,2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-19 | Jun-18 | % Change |
| Sales-net | 28,480,667 | 27,115,806 | 5.0% |
| Cost of Sales | (24,256,743) | (22,693,179) | 6.9% |
| Gross Profit /(loss) | 4,223,924 | 4,422,627 | -4.5% |
| Selling and distribution cost | (2,919,289) | (2,940,074) | -0.7% |
| Administrative expenses | (984,941) | (952,921) | 3.4% |
| Finance costs | (4,267,449) | (2,260,366) | 88.8% |
| Other operating expenses | (1,036,714) | (759,900) | 36.4% |
| Other income | 1,295,528 | 1,103,866 | 17.4% |
| Profit/(loss) before taxation | (3,688,941) | (1,386,768) | 166.0% |
| Taxation | 184,490 | (255,430) |
|
| Profit/(loss) after taxation | (3,504,451) | (1,642,198) | 113.4% |
| Earnings per share - basic and diluted (Rupees) | (2.95) | (1.25) | 136.0% |
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