MLCF reports losses of Rs982 million despite rise in market share

MG News | October 24, 2019 at 03:21 PM GMT+05:00

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October 24, 2019: Maple Leaf Cement has posted losses of Rs. 982.3 million (LPS: Rs. 1.65) for the quarter ended September 30, 2019, against profits of Rs. 586.6 million (EPS: Rs. 0.99) reported in same period of last year.

The company’s topline earnings grew by 26% on the back of higher dispatches, thanks to the rise in overall market share after the implementation of expansion strategies.

However, the cost of sales surged by around 67.8% due to higher gas tariff, increase in Federal Excise Duty (FED) as well as higher input costs owing to PKR devaluation.

The company also witnessed a twofold increase in finance costs due to higher working capital requirements and increase in interest rates.

On the brighter side, the company saw a colossal rise in non-core income due to better returns from short-term investments.

Financial Results for the quarter ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Sales - net	7,147,042	5,654,976	26.39%
Cost of Sales	(7,027,834)	(4,186,088)	67.89%
Gross profit	119,208	1,468,888	-91.88%
Distribution cost	(173,973)	(195,664)	-11.09%
Administrative expenses	(186,047)	(190,244)	-2.21%
Other charges	(25,544)	(187,373)	-86.37%
Other income	41,019	3,658
Profit from operations	(225,337)	899,265
Finance cost	(799,545)	(224,374)	256.34%
Profit before taxation	(1,024,882)	674,891
Taxation	42,521	(88,193)
Profit after taxation	(982,361)	586,698
Basic and diluted earnings per share (Rupees)	(1.65)	0.99

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