Higher operating expenses decline EFOODS earnings by 72%

MG News | April 26, 2019 at 01:47 PM GMT+05:00

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April 26, 2019 (MLN): Engro Foods Limited (EFOODS) has announced its financial results for the quarter ended on March 31st 2019, as per which the company posted a massive decline in its net profits after tax by 72% to Rs 83.4 million with EPS at Rs 0.11 compared to Rs 301.3 million (EPS: 0.39) posted in the same quarter last year.

During the quarter, the company observed 21.5% uptick in net sales which helped limit the impact of around 27% rise in cost of sales.

On the other hand, rise in distribution expenses, administrative expenses and finance cost by 12.5%, 56% and 75.5% respectively, put a dent on the profitability of the company.

Furthermore, the company enjoyed 80% of reduction in tax payments YoY, but the impact failed to elevate the company's net profits.

Profit and Loss Account for the Quarter Ended March 31st, 2019 (Rupees '000)
	Mar-19	Mar-18	% Change
Net Sales	8,682,771	7,144,026	21.54%
Cost of Sales	(7,127,409)	(5,625,988)	26.69%
Gross Profit	1,555,362	1,518,038	2.46%
Distribution and Marketing Expenses	(986,884)	(876,840)	12.55%
Administrative Expenses	(299,694)	(191,445)	56.54%
Other Operating Expenses	(18,256)	(38,371)	-52.42%
Other Income	85,013	120,308	-29.34%
Operating Profit	335,541	531,690	-36.89%
Finance Cost	(232,601)	(132,468)	75.59%
Loss/Profit before Taxation	102,940	399,222	-74.21%
Taxation	(19,488)	(97,900)
Profit/ (loss) for the Period	83,452	301,322	-72.30%
Earnings per Share - Basic and Diluted (Rs)	0.11	0.39	-71.79%

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