KARACHI: Engro Foods Limited has declared 83 percent decline in net profit for the year 2018, according to financial statement submitted to Pakistan Stock Exchange (PSX) on Friday.
The profit after tax of the company fell to Rs63.78 million for the year 2018 as against the net profit Rs379.29 million in the preceding year.
The fall in profit mainly attributed to decline in net sales to Rs32.44 billion for the period ended December 31, 2018 as compared with Rs34.65 billion in the same period of the last year.
The other major cause is rise in distribution and market expenses to Rs4.2 billion as compared with Rs3.93 billion in the previous year.
Administrative expenses of the company increased to Rs957 million from Rs852.1 million.
The gross profit of the company also fell to Rs5.15 billion in the year 2018 as compared with Rs5.64 billion in the preceding year.
The unappropriated profit brought forward was at Rs972.52 million in 2018 as against Rs8.26 billion in the previous year. While, profit available for appropriation is at Rs729.66 million as against Rs972.51 million of the last year.
The company declared earning per share for the year at Rs0.08 as against the last year’s of Rs0.49.