Cherat Cement's yearly profits hit by higher sales and finance costs
MG News | August 07, 2019 at 01:58 PM GMT+05:00
August 7, 2019 (MLN): Cherat Cement Company Limited (CHCC) has announced its financial results for year ended on June 30th, 2019 wherein the company posted its profits after tax declined by 17% to clock in at Rs 1.7 billion with EPS recorded at Rs 9.98 compared to the last year profits of Rs 2.1 billion with EPS at Rs 12.07.
The main reason behind decline in profits were the upsurge in cost of sales by 15.4% due to which company’s gross profits dropped to Rs. 2.8 billion from Rs 3.14 billion last year.
Although company enjoyed a tax reversal of Rs 714.99 million and a considerable increase in other income of about 31.7%, a more impactful change was witnessed in finance cost which grew by over Rs 785 million.
Moreover, the company announced final cash dividend at Rs 1.00 per share i.e. 10% for the above-mentioned period.
| Financial results for the Year ended June 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-19 | Jun-18 | % Change |
| Turnover - net | 15,862,647 | 14,388,349 | 10.25% |
| Cost of sales | (12,979,533) | (11,249,153) | 15.38% |
| Gross profit | 2,883,114 | 3,139,196 | -8.16% |
| Distribution costs | (396,338) | (337,132) | 17.56% |
| Administrative expenses | (293,925) | (245,258) | 19.84% |
| Other expenses | (109,360) | (133,966) | -18.37% |
|
| (799,623) | (716,356) | 11.62% |
| Other income | 106,836 | 81,112 | 31.71% |
| Operating profit | 2,190,327 | 2,503,952 | -12.53% |
| Finance costs | (1,142,559) | (356,585) | 220.42% |
| Profit before taxation | 1,047,768 | 2,147,367 | -51.21% |
| Taxation | 714,995 | (15,248) |
|
| Net profit for the year | 1,762,763 | 2,132,119 | -17.32% |
| Earnings per share - basic and diluted (Rupees) | 9.98 | 12.07 | -17.32% |
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