July 25, 2019 (MLN): Fauji Foods Limited (FFL) has announced its financial results for the half year ended on June 30, 2019, as per which the company observed a significant increase in its losses by 59% to Rs 2.3 billion from Rs 1.47 billion incurred in the corresponding period last year.

The losses were increased primarily due to decline in top-line earnings by 31.4%, which turned company's gross profit in to negative (Rs.415.5 million) despite considerable cut down (20%) in cost of sales which logged in at Rs.2.95 billion.

The other factors that contributed to increase in losses were the jump in finance cost by 163%, administrative expenses by 3.8% and tax payments by 4%.

The company’s Loss per share (LPS) for the aforementioned period stood at Rs. 4.43, as compared to Rs.2.79 recorded in the corresponding period last year.

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