The net profit of National Foods Limited depreciated by more than a half to Rs 79 million during January-March quarter of 2016, according to a notification sent to the Pakistan Stock Exchange on Tuesday.
The company reported net earnings of Rs 79 million or Re 0.77 per share for the quarter which ended on March 31, 2016, down 54.5% compared to Rs 173 million or Rs 1.67 per share it earned in the same quarter of the previous year.
Following the announcement, the company’s shares depreciated by Rs 5.01 or 1.5% to Rs 317 compared to Rs 322 of the previous day with 2,600 shares changing hands.
NFL reported Rs 880 million in revenue during the first quarter of the year, an increase of 11.7% compared to Rs 787 million it earned in sales during the corresponding period of 2015. The company’s gross margin remained almost flat at 31.1% during the quarter.
As the stock of National Foods Limited is not liquid, it’s hard for the analysts to comment if the performance of the Naitonal Foods Limited stock was in line with the market expectations or not. However, the company’s administrative expense increased and operational profits decreased noticeably during the period.
