FFL's losses expand by 59% during 1HCY19

MG News | July 25, 2019 at 03:45 PM GMT+05:00

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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.

Profit and Loss Account - For the half-year ended June 30, 2019 (Rs)
	Jun-19	Jun-18	% Change
Sales-net	2,534,803,217	3,693,630,415	-31.4%
Cost of Sales	(2,950,292,448)	(3,687,603,942)	-20.0%
Gross Profit	(415,489,231)	6,026,473
Administrative expenses	(223,715,095)	(215,447,258)	3.8%
Marketing and Distribution Expenses	(773,680,145)	(795,977,424)	-2.8%
Other expenses	(7,678,704)	-	-
Other income	22,926,792	9,976,426	129.8%
Loss from operations	(1,397,636,383)	(995,421,783)	40.4%
Finance cost	(738,942,419)	(280,754,356)	163.2%
Loss before taxation	(2,136,578,802)	(1,276,176,139)	67.4%
Taxation	(206,602,474)	(198,522,906)	4.1%
Loss for the period	(2,343,181,276)	(1,474,699,045)	58.9%
Loss per share - basic and diluted (in Rupees)	(4.43)	(2.79)	58.8%

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