Fauji Cement posts profit of Rs669 million, down 57%

KARACHI: Fauji Cement Company Limited (FCCL) posted a net profit of Rs669 million in the third quarter ended March 31, 2017, down 57% from Rs1.56 billion in the same period last year, according to a company notice to the Pakistan Stock Exchange (PSX).

Earnings per share (EPS) came down to Rs0.48 from an EPS of Rs1.13 in the period under review.

Cumulatively, during the first nine months of fiscal year 2016-17, earnings clocked in at Rs1.97 billion (or an EPS of Rs1.43) compared to Rs4.34 billion (or an EPS of Rs3.14) in the corresponding period of the previous year.

The KSE-100 Index closed at 47,125, down 451 points or 0.95%. The company’s share price closed at Rs40.43, down 3%. “The company earnings also declined by 4% on a quarter-on-quarter basis compared to expectations of an increase,” JS Research report commented on Monday, adding that the results underperformed the expectations due to lower than forecasted gross profit margin.

Published in The Express Tribune, April 18^th, 2017.

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