Unity Foods records 110% rise in net earnings

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%

 

Copyright Mettis Link News

Posted on: 2019-10-01T15:40:00+05:00

30280