FFBL's losses increase 6x YoY over the quarter
MG News | April 24, 2019 at 01:43 PM GMT+05:00
April 24, 2019 (MLN): Fauji Fertilizer Bin Qasim Limited (FFBL) has issued its financial earnings result for the quarter ended on March 2019, according to which FFBL has incurred a loss worth Rs 2.4 billion which is 6x greater than the loss of Rs 413 million reported for the corresponding quarter last year.
The substantial increase in loss is linked to lower fertilizer sales, higher finance cost, poor margins and lower income from other sources.
Company's sales revenue decreased by 51% despite increase in fertilizer prices, whereas finance cost surged by 79% due to hike in interest rates.
Furthermore, in corresponding quarter last year the company enjoyed a tax reversal of Rs 76.6 million whereas during the outgoing quarter this year, company paid tax payments worth Rs 78.6 million which further dragged FFBL's losses in the negative territory.
However, the decline in cost of sales by 49% and other operating expenses by 59% provided a cushion to the earnings.
Unfortunately, the company performed below market anticipations.
| Consolidated Profit and Loss for the Quarter ended March 31,2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Sales-net | 6,877,403 | 14,024,295 | -51.0% |
| Cost of Sales | (6,054,096) | (11,974,200) | -49.4% |
| Gross Profit /(loss) | 823,307 | 2,050,095 | -59.8% |
| Selling and distribution cost | (1,074,278) | (1,484,590) | -27.6% |
| Administrative expenses | (487,846) | (406,090) | 20.1% |
| Finance costs | (1,924,569) | (1,074,408) | 79.1% |
| Other operating expenses | (83,602) | (202,811) | -58.8% |
| Other income | 409,508 | 627,358 | -34.7% |
| Profit/(loss) before taxation | (2,337,480) | (490,446) | 376.6% |
| Taxation | (78,666) | 76,680 |
|
| Profit/(loss) after taxation | (2,416,146) | (413,766) | 483.9% |
| Earnings per share - basic and diluted (Rupees) | (2.39) | (0.26) | 819.2% |
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