Deewan Cement's net earnings depict a downward trajectory following no growth in revenue
MG News | February 26, 2019 at 11:52 AM GMT+05:00
February 26, 2019 (MLN): Dewan Cement Limited has reported net earnings of Rs. 328 million (EPS: 0.68) for the half year ended December 31, 2018. This shows that the company has suffered decline of 40% in earnings as a result of almost no growth in sales revenues and massive reduction in non-core income.
The increase in income tax expense by 43% also contributed in dragging down company’s profits.
| Profit and loss account for the six months ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Turnover - Net | 6,466,207 | 6,457,726 | 0.13% |
| Cost of sales | -5,331,783 | -5,288,954 | 0.81% |
| Gross profit | 1,134,424 | 1,168,772 | -2.94% |
| Distribution cost | -111,004 | -106,127 | 4.60% |
| Administrative expenses | -217,779 | -294,363 | -26.02% |
| Other operating expenses | -73,917 | -99,961 | -26.05% |
| Operating profit | 731,724 | 668,321 | 9.49% |
| Other income | 1,188 | 180,473 | -99.34% |
| Finance cost | -19,586 | -29,624 | -33.88% |
| Profit before taxation | 713,326 | 819,170 | -12.92% |
| Taxation - Net | -384,804 | -268,970 | 43.07% |
| Profit after taxation | 328,522 | 550,200 | -40.29% |
| Earnings per share -Basic and diluted | 0.68 | 1.14 | -40.35% |
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