Power Cement Ltd. profits fall 18.17% to Rs. 198.124 million
MG News | February 27, 2018 at 10:03 AM GMT+05:00
Power Cement today released financial statements for the operations between July – December, 2017. The company reported sales worth Rupees 2.092 billion and posted total bottom-line profits at Rupees 198 million.
The statements reveal a very placid growth in sales at the cement manufacturer, despite a widespread increase in local demand and export potential. Due to an abysmal 1.21% growth in the Sales, 2.18% growth in Cost of sales the margins shrunk to Rupees 438 million during the period down 2.26%.
The company’s profit after taxation during the period under review fell by more than 18.17%, clocking in at 198.124 million as despite the decline in sales the company’s Distribution and Administrative expenses increased by 24% and 79% respectively collectively taking away 124.716 million from bottom-line profits.
The company management reported an EPS of Rupees 0.21 per share against Rupees 0.61 per share during the second half of year 2016.
| Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30th 2017 | |||
|---|---|---|---|
| Key Financials | 2017 | 2016 | % Change |
| Amounts in PKR ‘000 | |||
| Net Sales | 2,092,008 | 2,066,907 | 1.21% |
| Cost of Sales | 1,653,135 | 1,617,905 | 2.18% |
| Gross Profit | 438,873 | 449,002 | -2.26% |
| Distribution Costs | 67,541 | 54,383 | 24.20% |
| Administrative Expenses | 57,175 | 31,781 | 79.90% |
| Other Income | 1,241 | 54,606 | -97.73% |
| Other operating Expense | 31,999 | 20,956 | 52.70% |
| Operating Profit | 283,398 | 438,400 | -35.36% |
| Finance Income | 66,900 | 135 | 49455.56% |
| Finance Cost | 78,752 | 135,191 | -41.75% |
| Finance(cost)/Income - net | 11,852 | 135,056 | -91.22% |
| Profit before Taxation | 271,546 | 303,344 | -10.48% |
| Taxation | 73,422 | 61,229 | 19.91% |
| Profit after Taxation | 198,124 | 242,115 | -18.17% |
| EPS - Basic and diluted | 0.21 | 0.61 | -65.57% |
Company release on Earnings Report can be accessed here.
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