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HomeEquityFFL's losses expand by 59% during 1HCY19

FFL’s losses expand by 59% during 1HCY19

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%

 

Copyright Mettis Link News

 

Posted on: 2019-07-25T15:45:00+05:00

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