Unity Foods observes 6x higher profits than last year

MG News | April 30, 2019 at 04:20 PM GMT+05:00

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April 30, 2019 (MLN): Unity Foods Limited has posted a huge year-on-year increase in net profits to Rs186.7 million for the nine months ended March 31st 2019, which is 6x greater than the net profits of Rs 30.6 million earned in the same period last year.

The increase in profits was mainly due to vigorous YoY growth in sales.The company reported sales worth Rs 9.4 billion (15x higher), while the firm’s gross profits stood at Rs 875 million after accounting for the Rs 8.5 billion incurred as the cost of sales.

The company also witnessed a massive upsurge in operating expenses during the period, but it managed to make profits on the back of higher top-line earnings.

After taking into account Finance costs worth Rs144.8 million, the company earned pre-tax profits worth Rs 201.6 million.

The company's basic and diluted earnings per share for the period were reported at Rs 1.1per share, which was about 3 times higher than the EPS reported in last year.

Profit and Loss account for the nine months ended March 31, 2019 (Rupees)
	Mar-19	Mar-18	%Change
Sales - net	9,387,563,471	617,039,373	1421%
Cost of sales	(8,512,318,687)	(515,439,019)	1551%
Gross profit	875,244,784	101,600,354	761%
Distribution and selling expenses	(226,406,215)	(20,594,719)	999%
Administrative expenses	(159,323,819)	(65,637,220)	143%
Other operating expenses	(150,211,874)	-	-
Operating profit/ (loss)	339,302,876	15,368,415	2108%
Other income	7,131,822	19,409,217	-63%
Finance costs	(144,831,015)	(12,751,490)	1036%
Profit/(loss) before taxation	201,603,683	22,026,142	815%
Taxation	(14,855,561)	8,618,935
Profit/(loss) after taxation	186,748,122	30,645,077	509%
Earnings per share - basic and diluted	1.10	0.38	189%

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