Karachi October 30 2023: Unity Foods Limited reported loss of PKR 281 million for the first quarter as margins of the company fall to 11.9 percent, according to company filing to the exchange.
Company's gross margins are 730 basis points lower when compared with last quarter. However, margins are 890 basis point higher when compared with the same period last year.
The main reason for reduction in loss when compared to the same quarter last year is the significant reduction in exchange loss. Exchange loss of the company decreased by more than PKR 2.0 billion or 91 percent to PKR 222 million when compared to Q1'23.
Unity Foods Limited was incorporated in Pakistan in 1991 as a Private Limited Company under the Companies Ordinance, 1984 (now Companies Act, 2017) and subsequently converted into a Public Limited Company on June 16, 1991. The principal business activity of the Company has been changed from yarn manufacturing to edible oil extraction, refining and related businesses