Higher operating expenses decline EFOODS earnings by 72%
MG News | April 26, 2019 at 01:47 PM GMT+05:00
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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