Power Cement reports tragic results for 1HFY20

MG News | February 28, 2020 at 11:03 AM GMT+05:00

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February 28, 2020 (MLN): Power Cement Limited has suffered losses of Rs. 365.8 million (LPS: Rs. 0.34) for the half year ended December 31, 2019, as opposed to the earning of Rs. 9.7 million (EPS: Rs. 0.01) reported in same period of last year.

The Selling and Administrative costs of the company surged by 19.15% and 21.35% respectively, whereas impairment loss on trade debts slumped by 76.6%.

On the other hand, the company’s earnings got a boost from the rise in other income as well as presence of other operating income.

The increase in the finance cost by 1.95x, however, pushed the company further into losses.

Profit and Loss Account for the six months ended December 31, 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Sales - net	1,252,942	2,018,137	-37.92%
Cost of sales	(1,588,101)	(1,820,325)	-12.76%
Gross (loss) / profit	(335,159)	197,812
Selling and distribution expenses	(68,380)	(57,392)	19.15%
Administrative expenses	(89,232)	(73,533)	21.35%
Impairment loss on trade debts	(7,537)	(32,200)	-76.59%
Other income	36,930	320	11440.63%
Other operating income/expenses	143,138	(61,268)
Operating loss	(320,240)	(26,261)	1119.45%
Finance costs - net	(198,544)	(67,147)	195.69%
Loss before taxation	(518,784)	(93,408)	455.40%
Taxation	152,968	103,126	48.33%
Profit after taxation	(365,816)	9,718
Earnings per share - basic and diluted (Rupees)	(0.340)	0.01

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