For the year ended on 31 December 2019, Fauji Foods Limited (FFL) has reported its financial results. According to the figures, Rs 5.78 billion (LPS: Rs 10.96) was considerablely lost to the firm, 2.03 times YoY in comparison to last year’s same duration.
Over the period sales declined by almost 25%, which brought gross losses to Rs 678 million by about 2.3 times the YY. The company’s sales costs however fell by 19% YY.
Marketing and distribution expenses of the company fell by 27.1% YY while the loss allowance for commercial debts incurred during this time was Rs 7.67 million.
On the other hand, the other revenues grew by Rs 98.31 million by 5.5 timesYoY. The cost of borrowing has risen by 2,5 times YE, from Rs 674 million to Rs 1,69 billion, because the interest rate has increased dramatically, weakening the balance sheet.
In addition, Rs 1,53 billion of taxes was paid during the year, while Rs 463 million earned a tax credit last year.