Karachi April 27 2023: Unity foods reported loss of PKR 570 million in the period from July to March as company booked currency exchange loss of PKR 7.1 billion, according to company filing to the exchange.
Net Consolidated Turnover for the period under review was PKR 70,745 million, a 23.6% increase compared to the same period last year, driven by improved consumer pack conversion compared to the same period last year. For the January March quarter, the Company’s consolidated net sales recorded at PKR 31 billion. This was the highest net sales for a single quarter in Company’s history. The Company remains an apex supplier to multiple companies across Pakistan and preserves its contributions to Pakistan’s food value chain.
Gross Profits stood at PKR 8,410 million, and gross margins were 12.0%, showing improvement when compared with the same period last year. Despite the price drops in international market, the Company actively planned its supply network divisions and maintained its core operational profitability.
During the period, the Company’s foreign exchange losses on its international supplier credit line stood at PKR 7,155 million, owing to the depreciation of the Pakistani rupee against the US dollar for the period under review. The Company incurred a net loss of PKR 825 million during nine months FY 2023. Finance Costs for the period were PKR 2,163 million owing to rising interest rates. With the depreciation of pak rupee against USD, the overall business funding requirement is expected to increase in the short-medium term.
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