Maple Leaf Cement’s profit falls 45% to Rs586.7m
Drop comes following decrease in other income, increase in costs
Maple Leaf Cement profits fall. PHOTO: FILE
KARACHI:
Maple Leaf Cement Factory Limited’s (MLCF) consolidated profit dropped 45% to Rs586.69 million in the quarter ended September 30, 2018 due to the fall in other income and rise in finance and distribution costs.
The cement manufacturer had recorded a profit of Rs1.07 billion in the same quarter last year. Earnings per share of the company fell to Rs0.99 in the Jul-Sept 2018 quarter compared to Rs1.98 in the corresponding period of previous year.
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MLCF’s share price hit the upper limit of 5%, or surged Rs1.86, at Rs39.15 with trading in 4.09 million shares at the PSX on Wednesday when the benchmark KSE-100 index surged 1,556 points, or 4.13%, and closed at 39,271 points.
“This (drop in profit) is because of a 44% rise in distribution costs, 78% fall in other income and 2.3-fold rise in finance cost,” Topline Securities said in post-result comments to its clients.
The distribution cost surged to Rs382.07 million in Jul-Sept 2018 compared to Rs266.15 million last year. Other income plunged to Rs3.65 million compared to Rs16.80 million in the previous year.
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Finance cost increased to Rs333.08 million in the Jul-Sept quarter as opposed to Rs144.07 million in the same quarter last year. Net sales shrank to Rs5.65 billion in Jul-Sept 2018 against Rs5.80 billion last year. “This is (mainly) due to 14% decline in overall cement dispatches, of which local and export sales were lower by 13% and 24% respectively,” Sherman Securities said in its report.
Published in The Express Tribune, October 25th, 2018.
Maple Leaf Cement Factory Limited’s (MLCF) consolidated profit dropped 45% to Rs586.69 million in the quarter ended September 30, 2018 due to the fall in other income and rise in finance and distribution costs.
The cement manufacturer had recorded a profit of Rs1.07 billion in the same quarter last year. Earnings per share of the company fell to Rs0.99 in the Jul-Sept 2018 quarter compared to Rs1.98 in the corresponding period of previous year.
corporate result: Fauji Cement posts 80% profit hike
MLCF’s share price hit the upper limit of 5%, or surged Rs1.86, at Rs39.15 with trading in 4.09 million shares at the PSX on Wednesday when the benchmark KSE-100 index surged 1,556 points, or 4.13%, and closed at 39,271 points.
“This (drop in profit) is because of a 44% rise in distribution costs, 78% fall in other income and 2.3-fold rise in finance cost,” Topline Securities said in post-result comments to its clients.
The distribution cost surged to Rs382.07 million in Jul-Sept 2018 compared to Rs266.15 million last year. Other income plunged to Rs3.65 million compared to Rs16.80 million in the previous year.
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Finance cost increased to Rs333.08 million in the Jul-Sept quarter as opposed to Rs144.07 million in the same quarter last year. Net sales shrank to Rs5.65 billion in Jul-Sept 2018 against Rs5.80 billion last year. “This is (mainly) due to 14% decline in overall cement dispatches, of which local and export sales were lower by 13% and 24% respectively,” Sherman Securities said in its report.
Published in The Express Tribune, October 25th, 2018.