Cherat Cement's profits decline by 23% on account of lower sales revenue
MG News | February 14, 2019 at 10:55 AM GMT+05:00
February 14, 2019 (MLN): Cherat Cement Company Limited’s profits for the half year ended December 31, 2018 have decline by 23%, mainly on account of reduction in the company’s topline earnings and growth in operating expenses, creating a twofold impact on the financial position of the company.
On top of this, the finance cost amplified by 25% whereas absence of tax rebates led to the company paying taxes of Rs. 299 million this year, as compared to Rs. 99000 only in the corresponding period last year.
The EPS of the company was reported at Rs. 5.82 for the said period.
| Profit and loss account for the six months ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Turnover — net | 7,032,961 | 7,585,921 | -7.29% |
| Cost of sales | -5,765,958 | -5,724,718 | 0.72% |
| Gross profit | 1,267,003 | 1,861,203 | -31.93% |
| Distribution costs | -191,078 | -165,220 | 15.65% |
| Administrative expenses | -147,172 | -119,772 | 22.88% |
| Other expenses | -44,126 | -81,768 | -46.04% |
|
| -382,376 | -366,760 | 4.26% |
| Other income | 71,097 | 37,357 | 90.32% |
| Operating profit | 955,724 | 1,531,800 | -37.61% |
| Finance costs | -227,837 | -182,341 | 24.95% |
| Profit before taxation | 727,887 | 1,349,459 | -46.06% |
| Taxation |
|
|
|
| Current |
| -20,817 |
|
| Prior | 145,014 | 81,844 | 77.18% |
| Deferred | 154,528 | -60,928 |
|
|
| 299,542 | 99 |
|
| Net profit for the period | 1,027,429 | 1,349,558 | -23.87% |
| Earnings per share — basic and diluted | 5.82 | 7.64 |
|
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