Unity Foods records 110% rise in net earnings
MG News | October 01, 2019 at 03:40 PM GMT+05:00
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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