Bestway Cement's Operating profits slip by 18.47%

MG News | August 17, 2018 at 03:49 PM GMT+05:00

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Bestway Cement Limited (BWCL)’s annual profits slipped slightly, to Rs.13.2 billion during FY-18 from Rs.13.3 billion during FY-17, demonstrating a drop of merely 1%.

The company conducted its Board of Directors meeting on August 17, 2018 to discuss the financial earnings for the year ended on June 30^th 2018.

During the year, Bestway cement spent 25% more on rebates and discounts, whereas sales tax and excise duty expenses went up by 22%.

The company registered 15% lesser gross profits but Administrative expenses reduced by 14% while other income increased, leading to an 18% drop in operating profits.

However, Bestway also managed to reduce its income tax expense by 66%.

Other than this, Earnings per share marginally reduced to Rs.22.07 per share, from Rs.22.29 per share during the FY-17.

Financial Results for the year ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Gross turnover	77,119,557	71,440,848	7.95%
Rebates and discounts	(2,277,695)	(1,810,264)	25.82%
Sales tax and excise duty	(21,958,195)	(18,007,108)	21.94%
Revenue	52,883,667	51,623,476	2.44%
Cost of Sales	(33,928,169)	(29,090,753)	16.63%
Gross profit	18,955,498	22,532,723	-15.88%
Other income	169,967	99,860	70.21%
Selling and distribution expenses	(1,627,168)	(1,558,903)	4.38%
Administrative expenses	(2,063,232)	(2,404,652)	-14.20%
Other expenses	(1,217,711)	(1,229,785)	-0.98%
Operating profit	14,217,354	17,439,243	-18.47%
Net finance costs	(600,435)	(830,715)	-27.72%
Share of profit of equity-accounted investees, net of tax	1,347,545	2,055,638	-34.45%
Profit before tax	14,964,464	18,664,166	-19.82%
Income tax expense	(1,806,758)	(5,371,526)	-66.36%
Profit	13,157,706	13,292,640	-1.02%
Earnings per share - basic and diluted (Rupees)	22.07	22.29	-0.99%

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