Dewan Cement Ltd incurs losses of Rs 62 million

October 24, 2019 (MLN): Dewan Cement Limited has incurred losses of Rs. 62.9 million (LPS: Rs. 0.13) for the quarter ended September 30, 2019, as compared to profits of Rs. 184.8 million (EPS: Rs. 0.38) earned in the same period of last year.

The losses mostly stemmed from decline in the company’s topline earnings, owing to fall in volumetric sale and as well as restricted pricing power of the sector. Furthermore, the gross profits of the company fell by 80% even though the cost of sales fell by 30%.

Even though the non-core expenses slumped by 90% and on-core income grew by a substantial margin, the company failed to contain itself from incurring losses.  

Financial Results for the quarter ended September 30, 2019 (PKR'000)

 

Sep-19

Sep-18

% Change

Turnover – net

           1,794,826

           2,902,120

-38%

Cost of sales

        (1,705,660)

        (2,451,069)

-30%

Gross profit

                 89,166

              451,051

-80%

Distribution cost

              (28,760)

              (30,221)

-5%

Administrative expenses

            (147,584)

            (106,659)

38%

Other operating expenses

                 (2,334)

              (24,547)

-90%

Other operating income

                 14,327

                       682

2001%

Operating profit / (loss)

              (75,186)

              290,306

 

Finance cost

                 (4,872)

              (12,644)

-61%

(Loss) / Profit before taxation

              (80,058)

              277,662

 

Taxation – net

                 17,123

              (92,837)

 

(Loss) / Profit after taxation

              (62,935)

              184,825

 

(Loss) / Earning per share (Rupees)

                   (0.13)

                     0.38

 

 

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Posted on: 2019-10-24T11:00:00+05:00

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