MLCF reports losses of Rs982 million despite rise in market share
By MG News | October 24, 2019 at 03:21 PM GMT+05:00
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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