Dewan Cement losses double

MG News | October 29, 2024 at 10:16 AM GMT+05:00

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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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