National Foods’ earnings drop to Rs484m

KARACHI: National Foods has reported a consolidated profit at Rs484 million in the half year ended December 31, 2016, 8% lower than Rs528.72 million recorded in the same half of the previous year, according to a notice sent to the Pakistan Stock Exchange on Friday.

Accordingly, earnings per share decreased to Rs4.67 from Rs5.10.

Its share price dropped 2.51%, or Rs8.89, to Rs345.12 with 6,400 shares changing hands on Friday.

The drop in profit came despite a 7% surge in sales to Rs7.02 billion from Rs6.55 billion in the corresponding period.

The reduced profit may be attributed to decline in other income and surge in finance costs.

Other income fell to Rs6.58 million from Rs35.17 million. Finance cost enhanced to Rs37.31 million from Rs23.04 million.

Published in The Express Tribune, February 25^th, 2017.

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