Corporate results: Attock Cement profits of Rs1.6 billion
Earnings in 9MFY15 17% higher than comparative period previous year.
Earnings per share (EPS) improved to Rs14.35. PHOTO: REUTERS
KARACHI:
Attock Cement – part of Attock Group of Companies – has posted a net profit of Rs1.64 billion during the first nine months (Jul-Mar) of fiscal year 2015 (FY15), up 17% compared to Rs1.40 billion in the same period previous year.
Earnings per share (EPS) improved to Rs14.35 from an EPS of Rs12.29 in the period under review. The earnings growth was mainly driven by higher cement prices and higher margins, which resulted from lower fuel and power costs, Global Research reported on Tuesday.
On a quarterly basis, the company experienced earnings growth of 12% quarter-on- quarter(QoQ) to Rs619 million or an EPS of Rs5.41 during the third quarter of FY15 because of an increase in margins and other income.
Company revenues increased by 7% year-on-year (YoY) to Rs9.79 billion during the first nine months of FY15 because of a 3% YoY increase in volumetric sales to 1.43 million tons and higher retention price of Rs535 per 50kg bag, up 10% YoY. Similarly, on a quarterly basis, revenues increased by 7% QoQ to Rs3.42 billion during the third quarter of FY15, owing to a 4% QoQ increase in volumetric sales.
Margins of the company improved by 4 percentage points to 32.5% during the nine months of FY15 because of higher cement prices, fuel price adjustment and subdued international coal prices.
Sequentially, margins jumped by 4.65% points to 35% YoY during the third quarter of FY15 because of higher retention price and a decline in net energy costs. The potential growth in margins, however, was hampered by a weaker sales mix.
Other income of the company also increased by a notable 109% YoY to Rs129 million in the third quarter of FY15 as a result of higher cash balance and short-term investments.
The potential growth in bottom-line was subdued due to 5 percentage points QoQ increase in the company’s effective tax rate to 32%.
Published in The Express Tribune, April 15th, 2015.
Attock Cement – part of Attock Group of Companies – has posted a net profit of Rs1.64 billion during the first nine months (Jul-Mar) of fiscal year 2015 (FY15), up 17% compared to Rs1.40 billion in the same period previous year.
Earnings per share (EPS) improved to Rs14.35 from an EPS of Rs12.29 in the period under review. The earnings growth was mainly driven by higher cement prices and higher margins, which resulted from lower fuel and power costs, Global Research reported on Tuesday.
On a quarterly basis, the company experienced earnings growth of 12% quarter-on- quarter(QoQ) to Rs619 million or an EPS of Rs5.41 during the third quarter of FY15 because of an increase in margins and other income.
Company revenues increased by 7% year-on-year (YoY) to Rs9.79 billion during the first nine months of FY15 because of a 3% YoY increase in volumetric sales to 1.43 million tons and higher retention price of Rs535 per 50kg bag, up 10% YoY. Similarly, on a quarterly basis, revenues increased by 7% QoQ to Rs3.42 billion during the third quarter of FY15, owing to a 4% QoQ increase in volumetric sales.
Margins of the company improved by 4 percentage points to 32.5% during the nine months of FY15 because of higher cement prices, fuel price adjustment and subdued international coal prices.
Sequentially, margins jumped by 4.65% points to 35% YoY during the third quarter of FY15 because of higher retention price and a decline in net energy costs. The potential growth in margins, however, was hampered by a weaker sales mix.
Other income of the company also increased by a notable 109% YoY to Rs129 million in the third quarter of FY15 as a result of higher cash balance and short-term investments.
The potential growth in bottom-line was subdued due to 5 percentage points QoQ increase in the company’s effective tax rate to 32%.
Published in The Express Tribune, April 15th, 2015.