Unity Foods endures decline in profits by 17%
MG News | October 30, 2019 at 01:28 PM GMT+05:00
October 30, 2019 (MLN): Unity Foods Limited has announced its financial results for the quarter ended September 30, 2019, wherein it has posted net profits of Rs. 92.6 million (EPS: Rs. 0.17) i.e. 17% lower than the earnings of the same period last year.
The gross profits of the company depicted a remarkable growth of 98% due to the increase in topline earnings by 46%.
However, a 5x increase in distribution cost and 1.9x increase in finance cots hindered the growth in net profits.
Unlike last year, the company paid taxes of Rs. 10 billion which further brought down the bottom-line earnings.
| Profit and Loss account for the quarter ended September 30, 2019 (Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | %Change | |
| Net sales | 4,555,242,575 | 3,109,564,275 | 46% |
| Cost of sales | (4,116,794,785) | (2,888,678,536) | 43% |
| Gross profit | 438,447,790 | 220,885,739 | 98% |
| Distribution and selling expenses | (184,103,057) | (31,133,580) | 491% |
| Administrative expenses | (47,599,817) | (28,732,134) | 66% |
| Other operating expenses | (7,295,313) | (23,636,102) | -69% |
| Other income | 10,867,993 | 2,459,354 | 342% |
| Finance costs | (107,566,714) | (36,910,890) | 191% |
| Profit before taxation | 102,750,882 | 102,932,387 | 0% |
| Taxation | (10,063,100) | 8,313,120 | |
| Profit after taxation | 92,687,782 | 111,245,507 | -17% |
| Earnings per share - basic and diluted | 0.17 | 0.66 | -74% |
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