Cherat Cement reports hefty losses of Rs 1.18 billion in 9MFY20

MG News | April 28, 2020 at 02:06 PM GMT+05:00

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April 28, 2020 (MLN): Cherat Cement Company Limited (CHCC) has announced its financial results for the nine months ended March 31, 2020. As per the results, the company has incurred hefty losses worth Rs 1.18 billion (LPS: Rs 6.11) compared to net profits of Rs 2.25 billion (EPS: Rs 11.58) in the same period of last fiscal year.

The decline in profitability is mainly attributed to a substantial decline in retention prices.

During the period under review, the topline went up by 21% YoY to Rs 13.45 billion on an account of higher local dispatches amid intense competition in the domestic market. However, an increase in production cost by 41% YoY shrank the gross margins of the company from 29% to 5%.

More notably, the finance cost soared by 3.2 times YoY, from Rs 596 million to Rs 1.91 billion due to a rise in borrowings amid plant expansion along with a substantial increase in interest rate.

Financial Results for the nine months ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Turnover - net	13,459,871	11,161,275	20.59%
Cost of sales	(12,795,614)	(9,043,820)	41.48%
Gross profit	664,257	2,117,455	-68.63%
Distribution costs	(275,045)	(291,737)	-5.72%
Administrative expenses	(215,402)	(219,715)	-1.96%
Other expenses	(14,083)	(64,331)	-78.11%
Other income	58,879	101,101	-41.76%
Operating profit	218,606	1,642,773	-86.69%
Finance costs	(1,917,415)	(596,257)	221.58%
(Loss)/Profit before taxation	(1,698,809)	1,046,516	-
Taxation	511,606	1,203,514	-57.49%
Net (loss)/ profit for the period	(1,187,203)	2,250,030	-
(Loss)/Earnings per share - basic and diluted (Rupees)	(6.11)	11.58	-

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