Dewan Cement losses double
By MG News | October 29, 2024 at 10:16 AM GMT+05:00
October 29, 2024 (MLN): Dewan Cement Limited's (PSX: DCL) losses more than doubled in the first quarter as sales fell.
The company recorded a net loss of Rs252.17 million [LPS: Rs0.52] during the quarter ending September 2024, up 117.5% from the loss of Rs115.96m [LPS: Rs0.24] in the same period last year (SPLY).
The company's revenue decreased 14.2% to Rs4.82bn as compared to Rs5.62bn in SPLY. Gross profit fell 1.9% to Rs296.85m in Q1 FY25.
The gross margins, however, improved to 6.2% as compared to 5.4% in SPLY.
During the period under review, other income went up by 29.9% to stand at Rs3.27m in Q1 FY25 as compared to Rs2.52m in SPLY.
On the expense side, the company's administrative expenses rose 11.3% from a year ago to Rs321.81m, selling and distribution expenses rose 54.0% to Rs38.45m, and other operating expenses fell 44.1% to Rs3.11m.
The company’s finance cost fell by 45.0% and stood at Rs3.27m as compared to Rs5.95m in SPLY.
On the tax front, the company paid a tax worth Rs185.65m against an expense paid worth Rs95.46m in the corresponding period of last year, a rise of 94.5%.
This translates to an effective tax rate of 279.1% as compared to 465.7% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 4,820,805 | 5,619,995 | -14.22% |
| Cost of sales | (4,523,957) | (5,317,344) | -14.92% |
| Gross Profit/ (loss) | 296,848 | 302,651 | -1.92% |
| Administrative Expenses | (321,811) | (289,182) | 11.28% |
| Selling And Distribution Expenses | (38,447) | (24,974) | 53.95% |
| Other Income | 3,274 | 2,520 | 29.92% |
| Other Operating Expenses | (3,111) | (5,564) | -44.09% |
| Finance Cost | (3,272) | (5,950) | -45.01% |
| Profit/ (loss) before taxation | (66,519) | (20,499) | 224.50% |
| Taxation | (185,654) | (95,459) | 94.49% |
| Net profit/ (loss) for the period | (252,173) | (115,958) | 117.47% |
| Basic earnings/ (loss) per share | (0.52) | (0.24) | - |
Amount in thousand except for EPS
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