October 24, 2019: Maple Leaf Cement has posted losses of Rs. 982.3 million (LPS: Rs. 1.65) for the quarter ended September 30, 2019, against profits of Rs. 586.6 million (EPS: Rs. 0.99) reported in same period of last year.
The company’s topline earnings grew by 26% on the back of higher dispatches, thanks to the rise in overall market share after the implementation of expansion strategies.
However, the cost of sales surged by around 67.8% due to higher gas tariff, increase in Federal Excise Duty (FED) as well as higher input costs owing to PKR devaluation.
The company also witnessed a twofold increase in finance costs due to higher working capital requirements and increase in interest rates.
On the brighter side, the company saw a colossal rise in non-core income due to better returns from short-term investments.
Financial Results for the quarter ended September 30, 2019 ('000 Rupees) |
|||
---|---|---|---|
|
Sep-19 |
Sep-18 |
% Change |
Sales – net |
7,147,042 |
5,654,976 |
26.39% |
Cost of Sales |
(7,027,834) |
(4,186,088) |
67.89% |
Gross profit |
119,208 |
1,468,888 |
-91.88% |
Distribution cost |
(173,973) |
(195,664) |
-11.09% |
Administrative expenses |
(186,047) |
(190,244) |
-2.21% |
Other charges |
(25,544) |
(187,373) |
-86.37% |
Other income |
41,019 |
3,658 |
|
Profit from operations |
(225,337) |
899,265 |
|
Finance cost |
(799,545) |
(224,374) |
256.34% |
Profit before taxation |
(1,024,882) |
674,891 |
|
Taxation |
42,521 |
(88,193) |
|
Profit after taxation |
(982,361) |
586,698 |
|
Basic and diluted earnings per share (Rupees) |
(1.65) |
0.99 |
|
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