April 23, 2020 (MLN): Attock Cement Pakistan Limited has announced the results for nine months period ended March 31, 2020, as per which, the company has earned profits of Rs. 2.03 billion, i.e. 47% higher than the earnings of the same period last year.
According to the research report by Arif Habib, the revenue of the company improved by 18% despite lower dispatches and dumping activity witnessed in the North by other cement players.
Moreover, the cost of sales increased by 15% due to the depreciation of the local currency, which negated the impact of lower coal prices.
However, the gross profits improved by 28% during the period as the company managed to maintain higher retention prices.
Another notable change witnessed during the period was the 61% decline in the income tax charge as compared to the same period of last year.
Financial Results for the nine months ended March 31, 2020 ('000 Rupees)
Mar-20
Mar-19
% Change
Revenue
19,061,484
16,150,866
18.02%
Cost of Sales
(14,420,918)
(12,540,657)
14.99%
Gross Profit
4,640,566
3,610,209
28.54%
Distribution cost
(1,578,704)
(1,099,714)
43.56%
Administrative expenses
(407,045)
(379,981)
7.12%
Other expenses
(75,000)
(102,500)
-26.83%
Other income
63,076
163,137
-61.34%
Profit from operations
2,642,893
2,191,151
20.62%
Finance cost
(480,229)
(485,277)
-1.04%
Share of net income of associate accounted for using equity method
