Bestway Cement records 11% improvement in bottom-line earnings for 1HFY18

By MG News | February 22, 2019 at 04:37 PM GMT+05:00

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February 22, 2019 (MLN): Bestway Cement Limited has recorded profits of Rs. 6 billion for the half year ended December 31, 2018, nearly 11% higher than the profits earned in corresponding period last year.

The company’s cost of sales witnessed a relatively larger increase than the sales revenue, causing the gross profit margin to decline by 8% YoY.

However, a fall in income tax expenses by 69% turned the tables around for the company, as it led to a positive change in Profit after tax.

The company also announced an interim cash dividend for the quarter ended December 31, 2018 of Rs. 3 per shares i.e. 30%

Moreover, the EPS of the company was recorded at Ra. 11.54 for the aforementioned period.

Profit and loss account for the half year ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Gross turnover	40,344,915	38,447,592	4.93%
Less: rebates and discounts	-1,105,426	-1,115,113	-0.87%
less- sales tax and excise duty	-11,539,323	-10,872,962	6.13%
Revenue	27,709,166	26,459,517	4.72%
Cost of sales	-18,606,622	-16,557,343	12.38%
Gross profit	9,102,544	9,902,174	-8.08%
Other income	60,489	82,310	-26.51%
Selling and distribution expenses	-793,210	-710,242	11.68%
Administrative expenses	-400,320	-1,156,528	-65.39%
Other expenses	-483,206	-541,647	-10.79%
Operating profit	7,486,297	7,576,067	-1.18%
Net Finance costs	-692,938	-300,344	130.71%
Share of profit of equity-accounted investees, net of tax	732,567	1,001,174	-26.83%
Profit before tax	7,525,926	8,276,897	-9.07%
income tax expense	-645,244	-2,082,740	-69.02%
Profit for the period	6,880,482	6,194,157	11.08%
Earnings per share - basic and diluted (Rupees)	11.54	10.39	11.07%

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