Pioneer Cement incurs losses on account of lower retention prices
By MG News | April 29, 2020 at 12:53 PM GMT+05:00
April 29, 2020 (MLN): Pioneer Cement Limited has reported a net loss worth Rs 523.19 million (LPS: Rs 2.30) for the nine months period ended on March 31, 2020, against the profits of Rs 825 million (EPS: Rs 3.63) realized in the same period of last year.
The losses were mainly attributable to the decline in net sales by 20.2% YoY on account of a substantial drop in retention prices amid intense competition in the domestic market.
This massive decline in retentions was not sufficient to cover production costs due to incremental depreciation stemming from the newly inaugurated cement plant, as a result of which PIOC witnessed a gross loss of PKR 58.23 million.
The gross profit margin was clocked in at -1% against 23% in the same period last year, owing to high fixed cost emanating from the depreciation of new line, high energy tariff and low retention price.
Further injury was drawn from substantial 77% YoY rise in distribution cost and 46% YoY decline in other income.
| Financial Results for the Nine months ended Mach 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
|
| Mar-20 | Mar-19 | % change |
| Gross revenue earned from contracts with customers |
|
|
|
| Cement- Local | 9,986,259 | 10,439,407 | -4.54% |
| Cement- Export | 62,078 | 336,932 | -81.58% |
| Clinker-Export | - | 5,439 |
|
|
| 10,048,337 | 10,781,778 | -6.80% |
| Less: |
|
|
|
| Sales Tax | (1,702,317) | (1,693,835) | 0.50% |
| Federal Excise duty | (2,266,764) | (1,512,037) | 49.91% |
| Commission | (60,594) | (26,567) | 128.08% |
| Discount and rebate | (45,714) | (60,708) | -24.70% |
|
| (4,075,389) | (3,293,147) | 23.75% |
| Sales - net | 5,972,948 | 7,488,631 | -20.24% |
| Cost of sales | (6,031,184) | (5,729,931) | 5.26% |
| Gross profit | (58,236) | 1,758,700 | - |
| Distribution cost | (235,505) | (132,978) | 77.10% |
| Administrative expenses | (81,070) | (83,605) | -3.03% |
| Other income | (86,558) | (160,732) | -46.15% |
| Other expenses | 47,049 | 44,072 | 6.75% |
|
| (356,084) | (333,243) | 6.85% |
| Operating profit | (414,320) | 1,425,457 |
|
| Finance cost | (265,136) | (287,568) | -7.80% |
| Profilt before taxation | (679,456) | 1,137,889 | - |
| Taxation | 156,257 | (312,775) | - |
| Profit after taxation | (523,199) | 825,114 | - |
| Loss/ Earnings per share -basic and diluted (Rs.) | (2.30) | 3.63 | - |
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