ACPL's profit margins slide down by 25% due to higher production cost
By MG News | April 11, 2019 at 01:10 PM GMT+05:00
April 11, 2019 (MLN): Attock Cement Pakistan Limited has posted net profits of Rs. 1.3 billion (EPS: Rs. 10.01) for the nine months ended March 31, 2019, i.e. approximately 25% lower as compared to the corresponding period last year.
The decline in earnings was a direct result of increase in cost of sales, which amplified by 54%. Regrettably, the increase in sales revenue by 36% failed to alleviate the negative impact of increased production costs on the gross profit margin.
More so, the finance costs also increased considerably, given higher interest rates and increased borrowing, which further dragged down the ultimate profits.
It is pertinent to mention that the financial results of the company were in line with market expectations, with Arif Habib Limited making the most accurate forecast.
| Profit and loss account for the nine months ended March 31 2019 (Rupees'000) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Revenue | 16,150,866 | 11,857,346 | 36% |
| Cost of sales | -12,540,657 | -8,162,259 | 54% |
| Gross profit | 3,610,209 | 3,695,087 | -2% |
| Distribution costs | -1,099,714 | -471,904 | 133% |
| Administrative expenses | -379,981 | -376333 | 1% |
| Other expenses | -102,500 | -132,000 | -22% |
| Other income | 163,137 | 43,843 | 272% |
| Profit from operations | 2,191,151 | 2,758,693 | -21% |
| Finance cost | -485,277 | -152,246 | 219% |
| Profit before income tax | 1,705,874 | 2,606,447 | -35% |
| Income tax expense | -329,678 | -779,684 | -58% |
| Profit for the period | 1,376,196 | 1,826,763 | -25% |
| Basic and diluted earnings per share (Rupees) | 10.01 | 13.29 | -25% |
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