DFML announces higher losses
The company also made provision for obsolescence and slow moving stock of Rs14 million
The company also made provision for obsolescence and slow moving stock of Rs14 million. PHOTO: FILE
KARACHI:
Dewan Farooque Motor Company (DFML) has reported higher losses in fiscal year 2018 at Rs69 million, while the loss in fiscal year 2017 had been Rs13 million.
Sales of the company declined from Rs97 million to Rs61 million during the year, while the cost of sales had been three-fold of its revenues at Rs191 million. The company reported loss per share of Rs0.52 from last year’s Rs0.1.
Days of struggle ahead for existing carmakers
Although the company’s operating loss has been lower this year compared to the previous year, lower earnings from other income in 2018 failed to reduce loss significantly as it did last year. The other income in previous year stood at Rs188 million while this year the company earned only Rs135 million from other income.
The company also made provision for obsolescence and slow moving stock of Rs14 million. Meanwhile, the auditor has modified their report on going concern and non-provisioning of mark-up by the company.
Published in The Express Tribune, October 2nd, 2018.
Dewan Farooque Motor Company (DFML) has reported higher losses in fiscal year 2018 at Rs69 million, while the loss in fiscal year 2017 had been Rs13 million.
Sales of the company declined from Rs97 million to Rs61 million during the year, while the cost of sales had been three-fold of its revenues at Rs191 million. The company reported loss per share of Rs0.52 from last year’s Rs0.1.
Days of struggle ahead for existing carmakers
Although the company’s operating loss has been lower this year compared to the previous year, lower earnings from other income in 2018 failed to reduce loss significantly as it did last year. The other income in previous year stood at Rs188 million while this year the company earned only Rs135 million from other income.
The company also made provision for obsolescence and slow moving stock of Rs14 million. Meanwhile, the auditor has modified their report on going concern and non-provisioning of mark-up by the company.
Published in The Express Tribune, October 2nd, 2018.