Fauji Cement’s profit rose 46 per cent in the current financial year but fell short of market expectations.
The company’s net profit stood at Rs303 million in the first nine months of fiscal 2011, compared with Rs207 million in the corresponding period last year, according to a notice sent to the Karachi Stock Exchange on Thursday.
The earnings were primarily bolstered by an average increase of 27 per cent in the price of the commodity, according to an InvestCap research note.
Analysts estimated the net profit to be around Rs352 million, 16 per cent higher than the recorded figure.
The company’s new plant is expected to come online by the end of this year, which will increase its production capacity by 195 per cent to 3.4 million tons per year, the note added.
Published in The Express Tribune, April 22nd, 2011.
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