FrieslandCampina Engro Pakistan more than triples nine-month profit
FrieslandCampina Engro Pakistan reported net profit of 6.46 billion Pakistani rupees for the nine months ended September 30, compared with 2.09 billion Pakistani rupees a year earlier. Revenue rose to 88.36 billion Pakistani rupees, while gross profit increased and finance costs fell. Third-quarter net profit separately reached 2.07 billion Pakistani rupees, up from 773.8 million Pakistani rupees in the corresponding quarter.
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Nine-month net earnings more than triple
FrieslandCampina Engro Pakistan reported net profit of 6.46 billion Pakistani rupees for the nine months ended September 30, compared with 2.09 billion rupees in the corresponding period a year earlier. The Pakistani company’s earnings rose alongside higher revenue and gross profit, while its financing charge declined over the nine-month reporting period.[1], [2]
Basic and diluted earnings per share increased from 2.73 to 8.43 rupees over the nine months. Third-quarter net profit separately rose from 773.80 million to 2.07 billion rupees, with quarterly earnings per share moving from 1.01 to 2.69 rupees. The quarterly comparison covers July through September against the same months a year earlier.[1]
Revenue rises faster than the cost of sales
Net revenue grew 10.1 percent to 88.36 billion rupees from 80.23 billion rupees. Cost of sales increased 4.7 percent to 68.93 billion rupees. Gross profit reached 19.42 billion rupees, compared with 14.39 billion rupees, an increase of 34.9 percent. Those figures refer to the full nine-month period ending in September.[1]
Distribution and marketing expenses rose 19.2 percent to 6.84 billion rupees, while administrative expenses fell 3.6 percent to 1.43 billion rupees. Other operating expenses increased from 502.09 million to 830.46 million rupees. Other income rose 20.9 percent to 346.21 million rupees. Operating profit was also higher over the nine-month period.[1]
Financing charges fall while operating profit expands
Operating profit increased 53.4 percent to 10.67 billion rupees from 6.96 billion rupees. Finance costs declined 57.8 percent, from 1.10 billion to 462.23 million rupees. Before income tax, profit rose 74.2 percent to 10.21 billion rupees. The company’s income tax expense was 3.74 billion rupees, against 3.77 billion rupees a year earlier.[1]
The board approved the unaudited nine-month accounts on October 23, according to the results document listed in Pakistan Stock Exchange announcements on October 26. No cash dividend, bonus issue or rights issue was recommended. The filing presents the cumulative nine-month accounts alongside the separate third-quarter earnings, with both comparisons relating to the same company.[1]
