Attock Cement's net earnings plummet by 53%

MG News | July 29, 2019 at 01:20 PM GMT+05:00

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July 29, 2019 (MLN): Attock Cement (Pakistan) Limited’s board meeting was held on Monday, wherein the Directors of the company announced a Profit after Tax (PAT) figure of Rs. 2.07 billion, which is nearly half of PAT reported in last year.

The Earnings per share were reported at Rs. 15.09, as compared to Rs. 32.03 reported in last year.

The net earnings were mainly led down by increase in cost of sales by 37%, as well as Distributions costs by 60%.

On top of that, there was a 158% increase in finance costs, which further dragged down the company’s net profits.

A major drawback during the period under review, was that there were no tax reliefs unlike last year. The company consequently endured income tax expenses of Rs. 330 million.

Profit and loss account for the year ended June 30, 2019 (Rupees'000)
	June 30, 2019	June 30, 2018	% Change
Revenue from contracts with customers	20,780,934	16,601,330	25.18%
Cost of sales	-15,978,032	-11,697,583	36.59%
Gross profit	4,802,902	4,903,747	-2.06%
Distribution costs	-1,414,820	-887,889	59.35%
Administrative expenses	-505,149	-533,111	-5.25%
Other expenses	-149,756	-163000	-8.13%
Other income	293,803	60,804	383.20%
Profit from operations	3,026,980	3,380,551	-10.46%
Finance cost	-648,444	-251172	158.17%
Share of net income of associate accounted for using the equity method	24,665
Profit before income tax	2,403,201	3129379	-23.21%
Income tax (expense)	-330,000	1,270,405
Profit for the year	2,073,201	4,399,784	-52.88%
Basic and diluted earnings per share	15.09	32.02	-52.87%

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