MLCF reports losses of Rs982 million despite rise in market share

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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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