October 18, 2018 (MLN): In a fortunate turn of events, Engro Food’s overall profits for the nine month period ended on September 30, 2018 have witnessed a remarkable rise of 33% although its pre-tax profits suffered a 31% decline as compared to the corresponding period of last year.
As per an official report on the company’s financial earnings, Engro Foods witnessed a drop of Rs.3.2 billion in its top-line earnings, while its gross profits came down by 4.7% over the year.
That, coupled with increments in overall expenses and finance cost weighed down the company’s pre-tax profits by 31% or Rs.184.3 million.
However, a relief worth Rs.106.2 million in shape of tax benefits reversed this decline and pulled up Engro Food’s total profits from Rs.385.8 million to Rs.513.2 million.
Moreover, the basic and diluted earnings per share also surged by Rs.0.17 per share.
Profit and Loss Account for the nine months ended September 30th 2018 ('000 Rupees) | |||
| Sep-18 | Sep-17 | % Change |
Net Sales | 23,942,195 | 27,135,501 | -11.77% |
Cost of Sales | (19,530,401) | (22,505,365) | -13.22% |
Gross Profit | 4,411,794 | 4,630,136 | -4.72% |
Distribution and Marketing Expenses | (3,189,068) | (3,185,659) | 0.11% |
Administrative Expenses | (655,687) | (613,636) | 6.85% |
Other Operating Expenses | (85,086) | (73,181) | 16.27% |
Other Income | 396,236 | 225,250 | 75.91% |
Operating Profit | 878,189 | 982,910 | -10.65% |
Finance Cost | (471,184) | (391,620) | 20.32% |
Profit before Taxation | 407,005 | 591,290 | -31.17% |
Taxation | 106,186 | (205,532) |
|
Profit/ (loss) for the Period | 513,191 | 385,758 | 33.03% |
Earnings per Share – Basic and Diluted (Rupees) | 0.67 | 0.50 | 34.00% |
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