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Pioneer Cements’ annual profits plunge as cost pressures rise

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September 27, 2018 (MLN): The overall profits of Pioneer Cement Limited have plunged by 43.65% during the year ended June 30th 2018, as the profits fell from Rs.2.9 million to Rs.1.6 million on a year-on-year basis.

The company’s Board of Directors meeting took place earlier today, where the board reviewed its financial earnings for the year.

The relevant report issued to PSX revealed that the company’s total income touched a total of Rs.14.6 million during the year, down by 0.34%, YoY.

While the sale of cement improved both domestically (6.04%) and internationally (103.34%), the sale of clinker dropped by 61.89%, causing the most impact on the gross sales figure.

The rise in administrative expenses (15.32%) along with distribution cost (77.45%) caused a downward trend in the post-tax profits of the company.

Even though the company saw a drop in taxes by 50.64%, the overall impact on the net profit was still negative.

The company’s basic and diluted earnings per share suffered a blow of 43.61% as they dropped from Rs.12.84 per share to Rs.7.24 per share, YoY

Financial Results for the year ended June 30 2018 ('000 Rupees)

 

June'18

June'17

% change

 Sales gross

 

 

 

Cement – Local

13,574,937

12,801,493

6.04%

Cement – Export

383,468

188,586

103.34%

Clinker

627,118

1,645,477

-61.89%

 

14,585,523

14,635,556

-0.34%

Less:

 

 

 

Sales Tax

2,337,767

2,302,145

1.55%

Federal Excise duty

2,008,583

1,634,436

22.89%

Commission

33,884

38,363

-11.68%

Discount and rebate

83,969

29,618

183.51%

 

4,464,203

4,004,562

11.48%

Sales – net

10,121,320

10,630,994

-4.79%

Cost of sales

-7,310,647

-6,202,685

17.86%

Gross profit

2,810,673

4,428,309

-36.53%

Distribution cost

-166,913

-94,064

77.45%

Administrative expenses

(97,538)

(84,581)

15.32%

Other income

 

376,035

 

Other expenses

59,049

-521,500

 

 

(503,092)

(324,110)

55.22%

Operating profit

2,307,581

4,104,199

-43.78%

Finance cost

(94,896)

(34,694)

173.52%

Profit before taxation

2,212,685

4,069,505

-45.63%

Taxation

(568,665)

(1,151,960)

-50.61%

Profit after taxation

1,644,020

2,917,545

-43.65%

Earnings per share – basic and diluted

7.24

12.84

-43.61%

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Posted on: 2018-09-27T15:43:00+05:00

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