FFL’s losses surge to Rs1.25bn in 1HCY22
MG News | July 22, 2022 at 03:45 PM GMT+05:00
July 22, 2022 (MLN): The net losses of Fauji Foods Limited (PSX: FFL) have expanded by 65% YoY for the half year ended on June 30, 2022 to clock in at Rs1.25 billion (LPS: Rs0.79), compared to the losses incurred in 1HCY21 Rs758 million (LPS: Rs0.97) as per the financial statement revealed by the company on Friday.
The topline of the company witnessed a meagre increase of 6.8% YoY as the revenue in 1HCY22 stood at around Rs4.8bn compared to Rs4.5bn in 1HFY21. However, the cost of revenue remained 16% higher during the same period which has suppressed the gross profit of the company by 67% YoY.
Though company has strengthened its retail network in northern regions and it is also penetrating the southern market by enhancing its footprint in Karachi, the rise in energy/fuel prices badly impacted the cost of sales.
With regards to the major expenses, the company observed a 39% increase in terms of marketing and distribution expenses to clocked in at Rs677mn in 1HCY22 while the administrative expenses moved up by 19% YoY to stand at Rs209mn during the period under review.
Meanwhile, the finance cost of the company has dropped by 10.6% to register at Rs565.36mn in 1HCY22, compared to Rs635.64mn in 1HCY21.
The other income of the company surged by 33% during the period to lock in at Rs81mn, while the company observed a decline of 11.3% in terms of taxes during the period under review.
|
Profit and Loss Account for the half year ended June 30, 2022 (Rs) |
||||
|---|---|---|---|---|
|
Jun-22 |
Jun-21 |
% Change |
||
|
Revenue from contracts with customers- net |
4,796,600,579 |
4,492,567,510 |
6.8% |
|
|
Cost of revenue |
(4,617,830,795) |
(3,947,404,620) |
17.0% |
|
|
Gross profit |
178,769,784 |
545,162,890 |
(67.2%) |
|
|
Marketing and distribution expenses |
(677,842,757) |
(487,329,098) |
39.1% |
|
|
Administrative expenses |
(209,373,196) |
(175,760,450) |
19.1% |
|
|
Loss from operations |
(708,446,169) |
(117,926,658) |
500.8% |
|
|
Other income |
81,663,532 |
61,431,519 |
32.9% |
|
|
Finance cost |
(565,363,055) |
(632,641,756) |
(10.6%) |
|
|
Loss before taxation |
(1,192,145,692) |
(689,136,895) |
73.0% |
|
|
Taxation |
(61,327,393) |
(69,152,067) |
(11.3%) |
|
|
Loss for the period |
(1,253,473,085) |
(758,288,962) |
65.3% |
|
|
Loss per share - basic and diluted (in Rupees) |
(0.79) |
(0.97) |
(18.6%) |
|
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