FFL's losses expand by 59% during 1HCY19
MG News | July 25, 2019 at 03:45 PM GMT+05:00
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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