Mitchell’s Fruit Farms faces bitter harvest with 92% profit drop

MG News | February 26, 2025 at 04:38 PM GMT+05:00

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February 26, 2025 (MLN): Mitchell’s Fruit Farms Limited (PSX: MFFL) has reported a net profit of Rs6.44 million for the half-year ended December 31, 2024, reflecting a significant decline of 91.8% compared to Rs78.48mn in the same period last year.

The company’s earnings per share (EPS) dropped to Rs0.28 from Rs3.43, indicating weaker financial performance.

Revenue for the period stood at Rs1.27bn, marking a 9.65% decrease from Rs1.41bn in the prior year, primarily due to lower sales.

The cost of sales declined by 9.8% to Rs919.57mn from Rs1.02bn, leading to a gross profit of Rs350mn, down 9.25% from Rs386mn in the previous year.

Despite a reduction in administrative expenses to Rs99mn from Rs102.6mn, selling and distribution expenses surged by 24.1% to Rs186.7mn, impacting overall profitability.

Operating profit fell sharply by 51.6% to Rs64.3mn from Rs132.7mn.

Finance costs also declined by 23.9% to Rs42.8mn, while other income dropped by 51.3% to Rs14.6mn.

Profit before taxation plunged by 91.8% to Rs6.44mn from Rs78.48mn, reflecting the overall downturn in financial performance.

Financial Result For The Half Year Ended December 31, 2024
Particulars	Dec-24	Dec-23	%Change
Revenue	1,269,562,065	1,405,156,411	-9.65%
Cost of Sales	(919,566,918)	(1,019,501,084)	-9.80%
Gross Profit	349,995,147	385,655,327	-9.25%
Administrative Expenses	(99,048,389)	(102,578,470)	-3.44%
Selling and Distribution Expenses	(186,678,825)	(150,397,402)	24.12%
Total Expenses	(285,727,214)	(252,975,872)	12.95%
Operating Profit	64,267,933	132,679,455	-51.56%
Other Operating Expenses	(12,891,918)	(8,723,557)	47.78%
Finance Cost	(42,775,877)	(56,175,879)	-23.85%
Other Income	14,612,670	29,982,284	-51.26%
Profit / (Loss) Before Levy and Taxation	23,212,808	97,762,303	-76.26%
Levy / Final Taxation	(16,772,884)	(19,282,888)	-13.02%
Profit / (Loss) Before Taxation	6,439,924	78,479,415	-91.79%
Taxation	-	-
Net Profit / (Loss) for the Period	6,439,924	78,479,415	-91.79%
Earnings / (Loss) Per Share (Basic & Diluted)	0.28	3.43	-91.84%

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