Pioneer Cement profits falls by 52.12 percent to Rs. 1.148 billion

By MG News | April 25, 2018 at 01:33 PM GMT+05:00

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Pioneer Cement Company Limited (PIOC) today announced financial results for the nine months ending 31 March, 2018 reporting Net Turnover at Rs. 7.504 billion; a decrease of 7.22 percent. Furthermore, the company’s Gross Profit fell to Rs. 2.062 billion from Rs. 3.324 billion last year during the outgoing nine months.

On the expenses front, PIOC reported 147.83 percent increase in Distribution Costs, 16.85 percent increase in Administration Expenses, whereas, other expenses incurred by the company clocked in at Rs. 161.651 million during the period.

Furthermore, PIOC also reported a 91.81 percent decrease in Other Income reaching Rs. 15.073 million during the nine months.

Pioneer Cement Company Limited reported profit after taxation at Rs. 1.148 billion against Rs. 2.399 billion during the same period last year translating into an EPS of Rs. 5.06 vs. an EPS of Rs. 10.56 during the nine months ending March, 2017.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Nine Months Ended, 31 March, 2017
Key Financials	2018	2017	% Change
	Amounts in PKR ‘000
Net Turnover	7,504,530	8,088,757	-7.22%
Cost of Sales	5,442,495	4,764,014	14.24%
Gross Profit	2,062,035	3,324,743	-37.98%
Distribution Costs	114,305	46,123	147.83%
Administrative Expenses	68,284	58,436	16.85%
Other Expenses	161,651	234,840	-31.17%
Other Income	15,073	184,084	-91.81%
Operating Profit	1,732,868	3,169,428	-45.33%
Finance Cost	78,551	5,792	1256.20%
Profit before Taxation	1,654,317	3,163,636	-47.71%
Taxation	505,500	764,256	-33.86%
Profit after Taxation	1,148,817	2,399,380	-52.12%
EPS - Basic and diluted	5.06	10.56	-52.08%

Company release on Earnings Report can be accessed here.

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