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

0:00

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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