Fauji Cement earns 80% higher profits owing to improved top-line earnings
MG News | October 22, 2018 at 02:21 PM GMT+05:00
October 22, 2018 (MLN): Fauji Cement Company Limited (FCCL) has earned 80% higher profits during the first quarter of current fiscal year ended September 30, 2018, as compared to the corresponding period of last year.
The progress is mainly attributed to an exceptional improvement in net turnover which grew by 11% or Rs.548.3 million over the year.
Moreover, since cost of sales reduced as well, the combined impact led to 79% rise in gross profits of the company.
According to an official report on Fauji Cement’s financial earnings for the quarter, despite increments in expenses on the whole and a minor drop in non-core income, the company still managed to pull up its profits from Rs.444 million to Rs.801 million.
Moreover, Fauji Cement’s basic and diluted earnings per share have increased from Rs.0.32 per share to Rs.0.58 per share.
| Profit and Loss Account for the quarter ended September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Turnover - net | 5,342,268 | 4,793,942 | 11.44% |
| Cost of Sales | (3,923,043) | (4,001,168) | -1.95% |
| Gross Profit | 1,419,225 | 792,774 | 79.02% |
| Distribution Cost | (69,887) | (40,355) | 73.18% |
| Administrative Expenses | (104,126) | (74,161) | 40.41% |
| Other Operating Expenses | (83,912) | (45,183) | 85.72% |
| Finance Cost | (29,507) | (31,856) | -7.37% |
| Other Income | 7,013 | 11,973 | -41.43% |
| Profit before Taxation | 1,138,806 | 613,192 | 85.72% |
| Taxation | (337,595) | (169,066) | 99.68% |
| Profit for the period | 801,211 | 444,126 | 80.40% |
| Earnings per Share - Basic and Diluted (Rupees) | 0.58 | 0.32 | 81.25% |
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