National Foods observes 6% decline in net profits owing to rise in operating expenses
MG News | October 21, 2019 at 10:47 AM GMT+05:00
October 21, 2019 (MLN): National Food Limited has announced its financial results for the quarter ended September 2019, wherein the company reported a decline in its net profits by around 6% to Rs 416.8 million against Rs 442.6 million earned in the corresponding period last year.
This translated into earning per share which locked in at Rs 2.98 against Rs 3.46 last year.
Despite the company witnessed a rise in its topline earnings by 20%, a parallel rise in the cost of sales (22%), distribution cost (34.3%) and finance cost (44%) led the company’s net earnings to decline. Moreover, company also observed a marginal decline in its gross margins.
In addition, taxation income also incremented by 13% which further made injuries to the company’s profitability.
| Consolidated Financial Results for the first quarter ended September 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-19 | Sep-18 | % Change |
| Sales | 7,234,824 | 5,998,904 | 20.60% |
| Cost of sales | (5,088,639) | (4,165,892) | 22.15% |
| Gross profit | 2,146,185 | 1,833,012 | 17.09% |
| Distribution cost | (1,214,459) | (903,993) | 34.34% |
| Administrative expenses | (267,768) | (267,335) | 0.16% |
| Other expenses | (32,542) | (41,985) | -22.49% |
| Other income | 18,301 | 13,671 | 33.87% |
| Operating profit | 649,717 | 633,370 | 2.58% |
| Finance costs | (81,696) | (56,686) | 44.12% |
| Profit before taxation | 568,021 | 576,684 | -1.50% |
| Taxation - net | (151,220) | (134,000) | 12.85% |
| Profit after tax | 416,801 | 442,684 | -5.85% |
| Basic and diluted earnings per share - Rupees | 2.98 | 3.46 | -13.87% |
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