October 25, 2018 (MLN): While Fauji Fertilizer Bin Qasim Limited (FFBL) has effectively cut down on its losses, tax provisions during the nine month period ended September 30, 2018 have turned the company’s pre-tax profits into losses.
FFBL’s financial earnings report shows that as compared to the corresponding period of last year, net sales grew by 44% while gross profits went up by Rs.5.1 billion.
Although overall expenses rose while non-core income dropped sharply, the company managed to pull through with Rs.193 million as pre-tax profits.
However, tax expenses accounted for Rs.677 million while last year the company had gained Rs.169 million as reversals.
The net effect of these components landed the company in losses yet again, but performance wise, it remained better than last year as the losses dropped to Rs.483 million, from Rs.688 million.
FFBL’s basic and diluted earnings per share for the period have improved by Rs.0.06 per share as it is recorded at Rs.0.29.
|
Consolidated Profit and Loss for the nine months ended September 30,2018 |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Sales-net |
49,398,602 |
34,289,874 |
44.1% |
|
Cost of Sales |
(40,269,254) |
(30,264,031) |
33.1% |
|
Gross Profit /(loss) |
9,129,348 |
4,025,843 |
126.8% |
|
Selling and distribution cost |
(5,126,158) |
(5,060,987) |
1.3% |
|
Administrative expenses |
(1,491,043) |
(1,469,886) |
1.4% |
|
Finance costs |
(3,581,764) |
(2,786,818) |
28.5% |
|
Other operating expenses |
(1,010,335) |
(105,318) |
859.3% |
|
Share of profit of associates and joint venture – net |
1,248,832 |
1,530,523 |
-18.4% |
|
Other income |
1,024,903 |
3,010,054 |
-66.0% |
|
Profit/(loss) before taxation |
193,783 |
(856,589) |
|
|
Taxation |
(676,764) |
168,707 |
|
|
Profit/(loss) after taxation |
(482,981) |
(687,882) |
-29.8% |
|
Earnings per share – basic and diluted (Rupees) |
0.29 |
0.23 |
26.1% |
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