Cost pressures weigh down ACPL's half yearly profits by 29 percent
By MG News | January 21, 2019 at 01:50 PM GMT+05:00
January 21, 2019 (MLN): Attock Cement Pakistan Limited (ACPL) has reported its consolidated quarterly profit for the period ended December 31, 2018 at Rs.393.7 million (EPS: PKR 2.87), whereas the cumulative profit for the six month period (July – December) stands at Rs.816.8 million (EPS: PKR 5.94), down by around 29%, year-on-year.
Although the company’s topline (Rs.10.6 billion) grew by 44% YoY led by growth in despatches, the cost pressures rose substantially in light of the 26% PKR devaluation and higher coal prices during the last quarter.
ACPL’s cost of sales (Rs.8.4 billion) grew by Rs.3.4 billion (+69% YoY), bringing down the gross profits (Rs.2.25 billion) by 6% YoY.
Further increments in overall expenses added additional weight, bringing down the profits from operations (Rs.1.3 billion) by 27% YoY.
However, the company did save up Rs.379 million from decline in income tax expenses.
| Financial Results for the half year Ended Dec 31st 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Revenue | 10,634,223 | 7,362,916 | 44.43% |
| Cost of Sales | (8,385,953) | (4,964,507) | 68.92% |
| Gross Profit | 2,248,270 | 2,398,409 | -6.26% |
| Distribution cost | (749,396) | (279,189) | 168.42% |
| Administrative expenses | (252,112) | (241,743) | 4.29% |
| Other expenses | (61,000) | (91,741) | -33.51% |
| Other income | 134,545 | 27,602 | 387.45% |
| Profit from operations | 1,320,307 | 1,813,338 | -27.19% |
| Finance cost | (300,541) | (78,291) | 283.88% |
| Profit before income tax | 1,019,766 | 1,735,047 | -41.23% |
| Income tax credit/(expense) | (202,976) | (582,132) | -65.13% |
| Profit for the year | 816,790 | 1,152,915 | -29.15% |
| Earnings per share - basic and diluted (Rupees) | 5.94 | 8.39 | -29.20% |
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