Engro Foods reported a net loss in the third quarter of 2014, according to the company’s latest financial results, revealed yesterday. However, the local giant showed significant improvement in its volumes.
The company reported an after-tax profit of Rs252 million or Rs0.33 per share during the nine-month period ending on September 30, 2014, down by 80% when compared with Rs1.2 billion or Rs1.62 per share it earned in the corresponding period previous year.
The company reported a loss of Rs77 million or Rs0.10 per share in the third quarter of 2014, compared to a net profit of Rs128 million or Rs0.17 per share in the corresponding period of 2013.
The decline in profit was mainly due to the loss incurred on its North American business, according to a report by Topline Securities.
“Nestle is still giving a tough time to Engro Foods,” said Sajjad Hussain of BMA Capital.
“The market share it [Engro Foods] lost because of a distribution malfunction was gained by Nestle.”
