August 27, 2019 (MLN): Fauji Cement Company Limited has declared net income of Rs. 2.8 billion (EPS: Rs. 2.05) for the year ended June 30, 2019, which is 17% lower than the income recorded in last year.
According to the financial report issued by the company, the sales revenue exhibited slight decline of 1.7%, mainly owing to decline in volumetric sales. On the other hand, the cost of sales slipped by 4% in spite of higher input costs. This translated into a growth in gross profits by 5%.
Despite lower volumetric sales, the distribution and administrative expenses of the company grew by 6% and 8% respectively.
Nonetheless, the biggest blow to the company was given by income tax expense, as it jumped by 137%.
The company also announced a final cash dividend for the year at Rs. 0.75 per share of Rs.10/- each i.e. 7.5 %. This is in addition to interim cash dividend already paid at Rs. 0.75 per share of Rs. 10 each, i.e. 7.5%.
Profit and loss account for the year ended June 30, 2019 (Rupees'000) |
|||
---|---|---|---|
|
June, 2019 |
June, 2018 |
% Change |
Turnover-net |
20,798,082 |
21,160,878 |
-1.71% |
Cost of sales |
-15,474,771 |
-16,124,517 |
-4.03% |
Gross profit |
5,323,311 |
5,036,361 |
5.70% |
Distribution cost |
-210,335 |
-197,707 |
6.39% |
Administrative expenses |
-415,979 |
-385,602 |
7.88% |
Other operating expenses |
-326,689 |
-311,184 |
4.98% |
Finance cost |
-106,758 |
-147,813 |
-27.77% |
Other income |
148,358 |
104,094 |
42.52% |
Profit before taxation |
4,411,908 |
4,098,149 |
7.66% |
Income tax expense |
-1,587,610 |
-668,685 |
137.42% |
Profit for the year |
2,824,298 |
3,429,464 |
-17.65% |
Earnings per share – basic and diluted (Rupees) |
2.05 |
2.49 |
-17.67% |
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