February 20, 2019 (MLN): In its financial earnings report for the half year ended December 31, 2018, Pioneer Cement Limited (PIOC) has witnessed a decline of 28.5% in its bottom-line gains which are marked at Rs.526.96 million (EPS: Rs.23.32), down from Rs.737.2 million (EPS: Rs.3.25) recorded in the corresponding period last year.
The company’s net sales (Rs.5 billion) grew marginally (by 3.3%) over the year, while cost of sales (Rs.3.9 billion) expanded noticeably in contrast, recording a rise of 13.5% (or R.460.5 million). This resulted in a 20% decline in gross profits.
In addition to this, finance cost grew by 239% (or Rs.119.5 million) over the year, weighing down the overall profits further.
|
Financial Results for the half year ended December 31, 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-18 |
Dec-71 |
% change |
|
Sales gross |
|
|
|
|
Cement – Local |
7,052,695 |
6,510,888 |
8.32% |
|
Cement – Export |
234,456 |
151,524 |
54.73% |
|
Clinker – Local |
– |
353,091 |
|
|
Clinker – Export |
1,243 |
– |
|
|
|
7,288,394 |
7,015,503 |
3.89% |
|
Less: |
|
|
|
|
Sales Tax |
(1,145,063) |
(1,122,574) |
2.00% |
|
Federal Excise duty |
(1,027,681) |
(957,270) |
7.36% |
|
Commission |
(16,964) |
(16,562) |
2.43% |
|
Discount and rebate |
(42,001) |
(24,046) |
74.67% |
|
|
(2,231,709) |
(2,120,452) |
5.25% |
|
Sales – net |
5,056,685 |
4,895,051 |
3.30% |
|
Cost of sales |
(3,878,441) |
(3,417,910) |
13.47% |
|
Gross profit |
1,178,244 |
1,477,141 |
-20.23% |
|
Distribution cost |
(86,595) |
(69,221) |
25.10% |
|
Administrative expenses |
(56,706) |
(43,763) |
29.58% |
|
Other expenses |
(147,046) |
(238,924) |
-38.45% |
|
Other income |
18,338 |
9,299 |
97.20% |
|
|
(272,009) |
(342,609) |
-20.61% |
|
Operating profit |
906,235 |
1,134,532 |
-20.12% |
|
Finance cost |
(169,374) |
(49,837) |
239.86% |
|
Profit before taxation |
736,861 |
1,084,695 |
-32.07% |
|
Taxation |
(209,900) |
(347,501) |
-39.60% |
|
Profit after taxation |
526,961 |
737,194 |
-28.52% |
|
Earnings per share – basic and diluted (Rs.) |
2.32 |
3.25 |
-28.62% |
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