Mitchell’s harvests lower profits

April 28, 2025 (MLN): Mitchell’s Fruit Farms Limited (PSX: MFFL) has unveiled its financial results for the nine months ended March 31, 2025, posting a net profit of Rs43.5 million, down 69% from Rs140m in the same period last year.

The company’s earnings per share (EPS) also declined significantly to Rs1.90 from Rs6.12 recorded in the corresponding period of 2024.

During the period, Mitchell’s reported sales of Rs1.99 billion, a decline of 5.2% compared to Rs2.10 billion last year.

The cost of sales also fell slightly by 5%, amounting to Rs1.41bn compared to Rs1.49bn in the previous year, resulting in a gross profit of Rs575m, down 5.7% year-on-year.

However, distribution and marketing expenses surged by 29% to Rs293m, up from Rs227m in the same period last year, putting pressure on the bottom line. Administration expenses remained relatively stable at Rs152m.

Other operating expenses recorded a marginal decline of 3% to Rs15.2m, while other income plunged by 44% to Rs17.4m. Finance costs also eased by 22% to Rs62.1m.

Consequently, profit before levy and tax shrank to Rs69.5m from Rs167.6m, marking a sharp fall of 58.5%. After accounting for final taxation of Rs26m, the profit before taxation stood at Rs43.5m.

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