April 26, 2019 (MLN): Engro Foods Limited (EFOODS) has announced its financial results for the quarter ended on March 31st 2019, as per which the company posted a massive decline in its net profits after tax by 72% to Rs 83.4 million with EPS at Rs 0.11 compared to Rs 301.3 million (EPS: 0.39) posted in the same quarter last year.
During the quarter, the company observed 21.5% uptick in net sales which helped limit the impact of around 27% rise in cost of sales.
On the other hand, rise in distribution expenses, administrative expenses and finance cost by 12.5%, 56% and 75.5% respectively, put a dent on the profitability of the company.
Furthermore, the company enjoyed 80% of reduction in tax payments YoY, but the impact failed to elevate the company's net profits.
Profit and Loss Account for the Quarter Ended March 31st, 2019 (Rupees '000) |
|||
---|---|---|---|
|
Mar-19 |
Mar-18 |
% Change |
Net Sales |
8,682,771 |
7,144,026 |
21.54% |
Cost of Sales |
(7,127,409) |
(5,625,988) |
26.69% |
Gross Profit |
1,555,362 |
1,518,038 |
2.46% |
Distribution and Marketing Expenses |
(986,884) |
(876,840) |
12.55% |
Administrative Expenses |
(299,694) |
(191,445) |
56.54% |
Other Operating Expenses |
(18,256) |
(38,371) |
-52.42% |
Other Income |
85,013 |
120,308 |
-29.34% |
Operating Profit |
335,541 |
531,690 |
-36.89% |
Finance Cost |
(232,601) |
(132,468) |
75.59% |
Loss/Profit before Taxation |
102,940 |
399,222 |
-74.21% |
Taxation |
(19,488) |
(97,900) |
|
Profit/ (loss) for the Period |
83,452 |
301,322 |
-72.30% |
Earnings per Share – Basic and Diluted (Rs) |
0.11 |
0.39 |
-71.79% |
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