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 30th 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% |
22682
