Unity Foods rebounds with Rs51m profit

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MG News | October 29, 2024 at 01:06 PM GMT+05:00

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October 29, 2024 (MLN): Unity Foods Limited (PSX: UNITY) rebounded with a profit after tax of Rs51.23 million [EPS: Rs0.04] during the quarter ending September 2024.

That compares to a loss of Rs280.99m [LPS: Rs0.24] in the same period last year (SPLY).

The company's revenue slipped 34.4% to Rs12.93bn as compared to Rs19.71bn in SPLY.

The cost of sales fell by 36.1% but was higher than proportionate to sales decline, which worsened the gross profit by 22.0% to Rs1.83bn in Q1 FY25.

The gross margins improved to 14.1% as compared to 11.9% in SPLY.

During the period under review, other income went up by 7.6% to stand at Rs248.55m in Q1 FY25 as compared to Rs231m in SPLY.

On the expense side, the company's administrative expenses fell 0.6% from a year ago to Rs201.38m, selling and distribution expenses fell 28.5% to Rs244.21m, and other operating expenses fell 81.1% to Rs2.13m.

The company’s finance cost contracted by 3.3% and stood at Rs1.59bn as compared to Rs1.65bn in SPLY.

On the tax front, the company received a tax credit worth Rs22.52m against an expense paid worth Rs431.65m in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 12,925,408 19,710,149 -34.42%
Cost of sales (11,097,309) (17,366,029) -36.10%
Gross Profit/ (loss) 1,828,099 2,344,120 -22.01%
Administrative Expenses (201,384) (202,643) -0.62%
Selling And Distribution Expenses (244,209) (341,308) -28.45%
Other Gains / (Losses) (7,956) (222,939) -96.43%
Other Income 248,548 231,001 7.60%
Other Operating Expenses (2,128) (11,279) -81.13%
Finance Cost (1,592,261) (1,646,283) -3.28%
Profit/ (loss) before taxation 28,709 150,669 -80.95%
Taxation 22,518 (431,654) -
Net profit/ (loss) for the period 51,227 (280,985) -
Basic earnings/ (loss) per share 0.04 (0.24) -

Amount in thousand except for EPS

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