Unity Foods records Rs1bn loss in three months

By MG News | Category Equity | October 03, 2024 at 04:13 PM GMT+05:00

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October 03, 2024 (MLN): Unity Foods Limited (PSX: UNITY) recorded a loss after tax of Rs1.04 billion [LPS: Rs0.87] during April-June quarter, compared to a profit of Rs1.39bn [EPS: Rs1.17] earned in the same period last year (SPLY).

The company's revenue plunged 39.5% to Rs11.75bn as compared to Rs19.41bn in SPLY. Gross profit fell 72.1% to Rs1.04bn in Q4 FY24.

The gross margins worsened to 8.9% as compared to 19.2% in SPLY.

During the period under review, other income jumped 111.1% to Rs381.09m in Q4 FY24 as compared to Rs180.5m in SPLY.

On the expense side, the company's administrative expenses fell 5.0% from a year ago to Rs203.18m, while selling and distribution expenses fell 14.5% to Rs113.31m.

The company’s finance cost surged by 58.8% and stood at Rs1.97bn as compared to Rs1.24bn in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	11,748,074	19,412,430	-39.48%
Cost of sales	(10,705,629)	(15,683,305)	-31.74%
Gross Profit/ (loss)	1,042,445	3,729,125	-72.05%
Administrative Expenses	(203,181)	(213,892)	-5.01%
Selling And Distribution Expenses	(113,308)	(132,480)	-14.47%
Other Gains / (Losses)	11,683	(332,997)	-
Provision Reversed / (Charged)	(152,563)	-	-
Other Income	381,094	180,495	111.14%
Other Operating Expenses	-	(12,107)	-
Finance Cost	(1,974,519)	(1,243,604)	58.77%
Net profit/ (loss) for the period	(1,036,332)	1,392,473	-
Basic earnings/ (loss) per share	(0.87)	1.17	-

Amount in thousand except for EPS

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