Bestway Cement’s profits decline by 86%
MG News | October 17, 2019 at 11:16 AM GMT+05:00
October 17, 2019 (MLN): Bestway Cement Limited (BWCL) has announced its financial results for the quarter ended on September 30, 2019, as per which, it has posted its net earnings of Rs. 300 million (EPS: Rs.0.5), i.e. around 86.67% lower than the same period of last year.
The decline in topline earnings by 21.44% YoY was subject to lower volumetric sales along with lower selling price of cement.
Moreover, the company’s gross margin slumped by around 80%, from Rs. 3.7 billion to Rs. 751 million due to higher federal excise duty.
On the other hand, other income increased by 18% owing to an increase in income from financial assets. Furthermore, profit share from associated companies soared by 48.93% due to a hike in interest rate seen in the last few quarters.
However, operating expenses declined from Rs.752 million to Rs. 402 million. Income tax expenses also dropped by 92%.
BWCL also announced an interim cash dividend for the quarter ended September 30, 2019 at Rs.3 per share i.e. 30%.
| Financial Results for the quarter ended September 2019 ('000 Rupees)
| |||
|---|---|---|---|
|
| Sep-19 | Sep-18 | % Change |
| Gross turnover | 15,475,223 | 17,411,636 | -11.12% |
| Less: Rebates and discounts | (545,443) | (549,720) | -0.78% |
| Less: Sales tax and excise duty | (5,624,569) | (5,017,363) | 12.10% |
| Net turnover | 9,305,211 | 11,844,553 | -21.44% |
| Cost of Sales | (8,553,401) | (8,093,298) | 5.68% |
| Gross profit | 751,810 | 3,751,255 | -79.96% |
| Other income | 23,977 | 20,311 | 18.05% |
| Selling and distribution expenses | (268,949) | (363,495) | -26.01% |
| Administrative expenses | (129,086) | (194,576) | -33.66% |
| Other expenses | (4,209) | (193,954) | -97.83% |
| Operating profit | 373,543 | 3,019,541 | -87.63% |
| Net finance costs | (431,406) | (324,355) | 33.00% |
| Share of profit of equity-accounted investees, net of tax | 417,524 | 280,345 | 48.93% |
| Profit before tax | 359,661 | 2,975,531 | -87.91% |
| Income tax expense | (58,663) | (717,764) | -91.83% |
| Profit for the period | 300,998 | 2,257,767 | -86.67% |
| Earnings per share - basic and diluted (Rupees) | 0.5 | 3.79 | -86.81% |
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