KARACHI: Dewan Cement Limited posted a net profit of Rs337 million in the quarter ended December 31, 2017, up 43% compared with Rs235 million in the same period of last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Earnings per share (EPS) jumped to Rs0.63 compared with Rs0.43 in the same period of previous year.
The company’s net profit in first six months of fiscal year 2017-18 touched Rs655 million compared with Rs537 million in the corresponding period of previous year.
Taxes on real estate sector hindering economic growth
Dewan Cement’s share price dropped 1.63%, or Rs0.42, to close at Rs25.42 with 1.21 million shares changing hands at the PSX. Recently, Mega Conglomerate Private Limited expressed interest in buying a majority stake in Dewan Cement.
Mega Conglomerate wants to acquire 424 million shares in Dewan Cement, which constitute 87.5% of the total issued shares of the cement company. Mega Conglomerate is a Karachi-based holding company with investments in dairy and real estate sectors of Pakistan.
Published in The Express Tribune, February 27th, 2018.
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