Matco Foods observes a massive decline in net earnings by 59% YoY in 1HFY20

By MG News | February 06, 2020 at 02:59 PM GMT+05:00

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February 6, 2020 (MLN): Matco Foods Limited (MFL) has announced its financial results for the half-year ended on December 31, 2020. As per results, the company witnessed a massive decline in its consolidated net profits by around 59% YoY to 63 million against last year's net profits of Rs 153 million.

During the period, the cost of sales increased by 3% YoY but a greater percentage increase in sales revenue (up nearly by 6% YoY) caused gross profits to increase by around 23% YoY to Rs 504 million, resulting in an increase in gross margin from 11% to 13%.

More notably, it bore 83.98% finance cost from Rs. 119 million to Rs. 153 million when compared to the prior year owing to the higher interest rate. Moreover, operating expenses increased by 27.37% YoY.

The company incurred exchange losses which stood at Rs 13 million during 1HFY20 against the gain of Rs 63.38 million of the same period last year. Also, other income slumped by 36% YoY.

Other than this, MFL’s basic and diluted earnings per share have been reported at Rs.0.52 per share while those recorded last year were Rs.1.25 per share.

Financial Results for the half-year ended December 31, 2019 ('000 Rupees)
	31-Dec-19	31-Dec-18	% change
Sales - net	3,794,146	3,585,782	5.81%
Cost of sales	-3,289,666	-3,175,382	3.60%
Gross profit	504,480	410,400	22.92%
Operating expenses
Selling and distribution	-105,625	-72,437	45.82%
Administrative	-143,188	-122,915	16.49%
	-248,813	-195,352	27.37%
Operating profit	255,667	215,048	18.89%
Financial charges	-153,736	-119,859	28.26%
Share of loss from an associated company	-5,404	-
Exchange (loss)/gain	-13,064	63,388	-
	83,463	158,577	-47.37%
Other operating income	16,687	26,068	-35.99%
Profit before income tax	100,150	184,645	-45.76%
Taxation	-37,034	-31,240	18.55%
Profit for the period	63,116	153,405	-58.86%
Earnings per share - Basic and Diluted	0.52	1.25	-99.58%

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