Bestway Cement profits fall 13% to Rs. 6.194 billion
By MG News | February 22, 2018 at 01:18 PM GMT+05:00
Bestway Cement today released financial statements for the half year ending December 31st, 2017 in which it has reported an increase of 2.39% in Revenue and a 13% decrease in bottom-line profits.
Bestway Cement have also reported a jump in other income adding Rs. 82.310 million to bottom-line during the half year.
Furthermore, company net profit after taxation clocked in at Rs. 6.194 billion dropping by 13% during the period under review. Management approved a Rs. 3 per share i.e. 30% dividend for the period.
Company’s distributable earnings per share clocked in at Rs. 10.39 per share against Rs. 11.95 per share last year.
| Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31st 2017 | |||
|---|---|---|---|
| Key Financials | 2017 | 2016 | % Change |
| Amounts in PKR ‘000 | |||
| Gross Turnover | 38,447,592 | 35,353,631 | 8.75% |
| Less: Rebates and Discounts | 1,115,113 | 894,152 | 24.71% |
| Less: Sales Tax and excise duty | 10,872,962 | 8,618,711 | 26.16% |
| Revenue | 26,459,517 | 25,840,768 | 2.39% |
| Cost of Sales | 16,557,343 | 14,030,227 | 18.01% |
| Gross Profit | 9,902,174 | 11,810,541 | -16.16% |
| Other Income | 82,310 | 40,945 | 101.03% |
| Selling and Distribution Expenses | 710,242 | 839,498 | -15.40% |
| Administrative Expenses | 1,156,528 | 1,139,617 | 1.48% |
| Other Expenses | 541,647 | 644,214 | -15.92% |
| Operating Profit | 7,576,067 | 9,228,157 | -17.90% |
| Net Finance Costs | 300,344 | 473,040 | -36.51% |
| Share of Profit of equity-accounted investors, net of tax | 1,001,174 | 1,018,884 | -1.74% |
| Profit before Tax | 8,276,897 | 9,774,001 | -15.32% |
| Income Tax Expense | 2,082,740 | 2,668,749 | -21.96% |
| Profit after Tax | 6,194,157 | 7,105,252 | -12.82% |
| EPS - Basic and diluted | 10.39 | 11.95 | -13.07% |
Company release on Earnings Report can be accessed here.
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