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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