Earning Review: FCCL receives a crushing blow from higher tax expenses

MG News | August 27, 2019 at 01:14 PM GMT+05:00

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August 27, 2019 (MLN): Fauji Cement Company Limited has declared net income of Rs. 2.8 billion (EPS: Rs. 2.05) for the year ended June 30, 2019, which is 17% lower than the income recorded in last year.

According to the financial report issued by the company, the sales revenue exhibited slight decline of 1.7%, mainly owing to decline in volumetric sales. On the other hand, the cost of sales slipped by 4% in spite of higher input costs. This translated into a growth in gross profits by 5%.

Despite lower volumetric sales, the distribution and administrative expenses of the company grew by 6% and 8% respectively.

Nonetheless, the biggest blow to the company was given by income tax expense, as it jumped by 137%.

The company also announced a final cash dividend for the year at Rs. 0.75 per share of Rs.10/- each i.e. 7.5 %. This is in addition to interim cash dividend already paid at Rs. 0.75 per share of Rs. 10 each, i.e. 7.5%.

Profit and loss account for the year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Turnover-net	20,798,082	21,160,878	-1.71%
Cost of sales	-15,474,771	-16,124,517	-4.03%
Gross profit	5,323,311	5,036,361	5.70%
Distribution cost	-210,335	-197,707	6.39%
Administrative expenses	-415,979	-385,602	7.88%
Other operating expenses	-326,689	-311,184	4.98%
Finance cost	-106,758	-147,813	-27.77%
Other income	148,358	104,094	42.52%
Profit before taxation	4,411,908	4,098,149	7.66%
Income tax expense	-1,587,610	-668,685	137.42%
Profit for the year	2,824,298	3,429,464	-17.65%
Earnings per share - basic and diluted (Rupees)	2.05	2.49	-17.67%

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