FrieslandCampina Engro incurs losses of Rs 238 million in 2HFY19
MG News | August 06, 2019 at 10:31 AM GMT+05:00
August 6, 2019 (MLN): FrieslandCampina Engro Pakistan Limited (formerly known as Engro Foods) has announced its financial results for the half year ended June 30, 2019, wherein the company has incurred losses of Rs. 238 million, as opposed to profits of Rs. 511 million earned in the same period of last year.
The company’s net earnings were dragged down mainly by surge in operating expenses by 134%.
Furthermore, the finance costs increased significantly by 78%, which further dented the company’s financial health.
The company reported a Loss per share of Rs. 0.31, as compared to earnings per share of Rs. 0.67 reported in the corresponding period last year.
| Profit and Loss Account for the half year ended June 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change | |
| Net Sales | 18,690,096 | 15,346,020 | 21.79% |
| Cost of Sales | (15,637,784) | (12,210,999) | 28.06% |
| Gross Profit | 3,052,312 | 3,135,021 | -2.64% |
| Distribution and Marketing Expenses | (2,157,539) | (2,250,847) | -4.15% |
| Administrative Expenses | (571,049) | (419,531) | 36.12% |
| Other Operating Expenses | (111,648) | (47,600) | 134.55% |
| Other Income | 251,976 | 304,682 | -17.30% |
| Operating Profit | 464,052 | 721,725 | -35.70% |
| Finance Cost | (550,925) | (308,600) | 78.52% |
| Loss/Profit before Taxation | (86,873) | 413,125 | |
| Taxation (charge) / reversal | (151,918) | 98,171 | |
| (Loss) / profit for the Period | (238,791) | 511,296 | |
| (Loss) / earnings per Share - Basic and Diluted (Rs) | (0.31) | 0.67 |
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