Bestway Cement profits fall 13% to Rs. 6.194 billion

MG News | February 22, 2018 at 01:18 PM GMT+05:00

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Bestway Cement today released financial statements for the half year ending December 31^st, 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.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31^st 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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