Cost pressures weigh down ACPL's half yearly profits by 29 percent

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MG News | January 21, 2019 at 01:50 PM GMT+05:00

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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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