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 |
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|---|---|---|---|
|
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.
