Quice Food Industries cuts 1HFY25 loss by 65% to Rs5mn

February 26, 2025 (MLN): Quice Food Industries Limited (PSX: QUICE) reported a net loss of Rs5 million for the half-year ended December 31, 2024, reflecting a 65% improvement from the Rs15mn loss in the same period last year.

The company’s loss per share (LPS) improved to Rs0.055 from Rs0.159 in the previous year.

This improvement comes despite higher levies and taxation expenses.

The company’s revenue surged by 111%, reaching Rs495mn compared to Rs234mn in the corresponding period of 2023.

However, the cost of sales increased at a slightly higher rate of 113%, amounting to Rs408mn.

As a result, Quice Food Industries Limited recorded a gross profit of Rs87mn, reflecting a 106% increase year-over-year.

Operating expenses also saw a rise, with distribution costs increasing by 74.6% to Rs61.6mn, while administrative expenses grew by 8.4% to Rs24mn.

Nevertheless, the company managed to report an operating profit of Rs1.7mn, a stark contrast to the Rs15mn operating loss in the prior-year period.

Other operating income declined by 33.4% to Rs1.2mn, while finance costs dropped significantly by 79.5%, totaling just Rs11,282.

The company recorded a pre-tax profit of Rs2.9mn, compared to a pre-tax loss of Rs13.2mn in the same period last year.

Despite achieving operational profitability, Quice Food Industries Limited incurred a substantial increase in levies, which rose by 238% to Rs8.3mn.

This led to a net loss after taxation of Rs5.4mn.

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