Fauji Cement’s profits crumble by 64% under adverse economic pressures
MG News | October 21, 2019 at 02:37 PM GMT+05:00
October 21, 2019 (MLN): Fauji Cement Company Limited has reported profits of Rs. 292 million (EPS: Rs. 0.21) for the quarter ended September 30, 2019, i.e. around 64% less than the numbers reported in same period of last year.
As per the research conducted by market spectators, lower volumetric sales and retention prices of cement brought about the decline in net earnings.
The continuous devaluation of local currency during the period under review, along with higher Federal Excise Duty pushed the input costs higher, which strained the gross profits of the company.
It is pertinent to mention that the financial results of the company are in line with the market expectations.
| Profit and Loss Account for the quarter ended September 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| Turnover - net | 4,243,012 | 5,342,268 | -20.58% |
| Cost of Sales | (3,651,658) | (3,923,043) | -6.92% |
| Gross Profit | 591,354 | 1,419,225 | -58.33% |
| Distribution Cost | (52,332) | (69,887) | -25.12% |
| Administrative Expenses | (109,920) | (104,126) | 5.56% |
| Other Operating Expenses | (29,594) | (83,912) | -64.73% |
| Finance Cost | (27,773) | (29,507) | -5.88% |
| Other Income | 29,893 | 7,013 | 326.25% |
| Profit before Taxation | 401,628 | 1,138,806 | -64.73% |
| Taxation | (108,808) | (337,595) | -67.77% |
| Profit for the period | 292,820 | 801,211 | -63.45% |
| Earnings per Share - Basic and Diluted (Rs) | 0.21 | 0.58 | -63.79% |
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