Pioneer Cement undergoes losses worth Rs 185 million
MG News | October 28, 2019 at 03:36 PM GMT+05:00
October 28, 2019 (MLN): Pioneer Cement Company Limited (PIOC) has announced its financial results for the first quarter ended on September 30, 2019. As per the results, the company has incurred losses worth Rs 185 million (LPS: Rs 0.82) compared to last year net profits of Rs 257 million (EPS: Rs 1.14).
The decline in topline earnings by 16.15% was attributed to volumetric reduction and lower retention price during the quarter.
Gross margins of the company stood at 2% compared to 23% owing to higher production cost on the back of higher fuel and power expenses.
During the period, the finance cost soared by 52.5%, YoY, from Rs 60.9 million to Rs 92 million due to a rise in borrowings with a substantial increase in interest rate.
On the other hand, the tax expenses of the company declined by 70% YoY, to Rs 28 million.
| Financial Results for the quarter ended September 30, 2019 ('000 Rupees)
| |||
|---|---|---|---|
|
| Sep-19 | Sep-18 | % change |
| Gross revenue earned from contracts with customers |
|
|
|
| Cement | 3,111,963 | 3,233,900 | -3.77% |
| Less: |
|
|
|
| Sales Tax | (534,628) | (513,084) | 4.20% |
| Federal Excise duty | (694,388) | (467,307) | 48.59% |
| Commission | (8,306) | (7,242) | 14.69% |
| Discount and rebate | (3,606) | (14,739) | -75.53% |
|
| (1,240,928) | (1,002,372) | 23.80% |
| Sales - net | 1,871,035 | 2,231,528 | -16.15% |
| Cost of sales | (1,837,312) | (1,707,248) | 7.62% |
| Gross profit | 33,723 | 524,280 | -93.57% |
| Distribution cost | (44,311) | (41,680) | 6.31% |
| Administrative expenses | (29,931) | (28,309) | 5.73% |
| Other income | 11,861 | 9,250 | 28.23% |
| Other expenses | (35,452) | (47,266) | -24.99% |
| Total Operating expenses | (97,833) | (108,005) | -9.42% |
| Operating profit | (64,110) | 416,275 |
|
| Finance cost | (92,971) | (60,966) | 52.50% |
| Profit before taxation | (157,081) | 355,309 |
|
| Taxation | (28,328) | (97,340) | -70.90% |
| Profit after taxation | (185,409) | 257,969 |
|
| Loss/ Earnings per share - basic and diluted (Rs.) | (0.82) | 1.14 |
|
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