Unity Foods records 110% rise in net earnings

MG News | October 01, 2019 at 03:40 PM GMT+05:00

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October 1, 2019 (MLN): Unity Foods Limited has reported net earnings of Rs. 255 million for the year ended on June 30, 2019, i.e. nearly 110% higher than last year. The Earnings per share were reported to be Rs. 1.03 during the period, which is around 13% lower than last year.

The company saw a massive four-fold increase in both sales revenue and cost of sales. Resultantly, the gross profit also increased by the same extent.

However, a fivefold rise in distribution expense and twofold rise in administration expense, negated most of the positive impact generated by increase in gross profits.

Furthermore, a fourfold increase in finance costs and 97% decline in non-core income added to the company’s financial misery.

Despite all the above mentioned changes, the company managed to achieve a colossal improvement in net income.

Profit and Loss account for the year ended June 30, 2019 (Rupees)
	Jun-19	Jun-18	%Change
Sales - net	14,097,237,284	2,782,172,064	407%
Cost of sales	(12,820,034,063)	(2,534,098,638)	406%
Gross profit	1,277,203,221	248,073,426	415%
Distribution and selling expenses	(356,514,340)	(55,590,338)	541%
Administrative expenses	(180,917,399)	(55,078,582)	228%
Other operating expenses	(177,992,759)	(21,840,927)
Other income	1,150,457	34,074,118	-97%
Finance costs	(288,207,562)	(51,840,371)	456%
Profit/(loss) before taxation	274,721,618	97,797,326	181%
Taxation	(19,647,098)	23,719,099
Profit/(loss) after taxation	255,074,520	121,516,425	110%
Earnings per share - basic and diluted	1.03	1.18	-13%

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