Unity Foods rebounds with Rs51m profit
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MG News | October 29, 2024 at 01:06 PM GMT+05:00
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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