July 29, 2019 (MLN): Attock Cement (Pakistan) Limited’s board meeting was held on Monday, wherein the Directors of the company announced a Profit after Tax (PAT) figure of Rs. 2.07 billion, which is nearly half of PAT reported in last year.
The Earnings per share were reported at Rs. 15.09, as compared to Rs. 32.03 reported in last year.
The net earnings were mainly led down by increase in cost of sales by 37%, as well as Distributions costs by 60%.
On top of that, there was a 158% increase in finance costs, which further dragged down the company’s net profits.
A major drawback during the period under review, was that there were no tax reliefs unlike last year. The company consequently endured income tax expenses of Rs. 330 million.
|
Profit and loss account for the year ended June 30, 2019 (Rupees'000) |
|||
|---|---|---|---|
|
|
June 30, 2019 |
June 30, 2018 |
% Change |
|
Revenue from contracts with customers |
20,780,934 |
16,601,330 |
25.18% |
|
Cost of sales |
-15,978,032 |
-11,697,583 |
36.59% |
|
Gross profit |
4,802,902 |
4,903,747 |
-2.06% |
|
Distribution costs |
-1,414,820 |
-887,889 |
59.35% |
|
Administrative expenses |
-505,149 |
-533,111 |
-5.25% |
|
Other expenses |
-149,756 |
-163000 |
-8.13% |
|
Other income |
293,803 |
60,804 |
383.20% |
|
Profit from operations |
3,026,980 |
3,380,551 |
-10.46% |
|
Finance cost |
-648,444 |
-251172 |
158.17% |
|
Share of net income of associate accounted for using the equity method |
24,665 |
|
|
|
Profit before income tax |
2,403,201 |
3129379 |
-23.21% |
|
Income tax (expense) |
-330,000 |
1,270,405 |
|
|
Profit for the year |
2,073,201 |
4,399,784 |
-52.88% |
|
Basic and diluted earnings per share |
15.09 |
32.02 |
-52.87% |
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