LAHORE: Fauji Cement Company Limited (FCCL) in a notification to the Pakistan Stock Exchange (PSX) on Tuesday, released financial results for the quarter ended March 31, 2018, announcing profit for the period of Rs854.3 million, up 27.7 per cent compared to corresponding period of last year.
Earning Per Share (EPS) for Q32018 increased 29.1 per cent to Rs0.62 compared to Rs0.48 in Q32017, with the board announcing an interim cash dividend of Rs1 (10 per cent) per ordinary share for the period under review.
Net turnover for the quarter experienced a minimal change, falling 0.48 per cent, to Rs5.54 billion compared to Rs5.57 billion in Q32017. However, cost of sales fell a steep 8.65 per cent to Rs4.40 billion, compared to Rs4.42 billion in the corresponding period of last year.
On the other hand, distribution costs, administrative expenses and other operating expenses increased 60 per cent, 29.2 per cent and 26.5 per cent respectively. Finance costs amounted to Rs46.5 million in Q32018, up a massive 336.6 per cent compared to Rs10.6 million in the same period of last year.
Meanwhile, Attock Cement also announced financial results for 3Q2018, reporting EPS of Rs5.88, down 21 per cent Year on Year (YoY) due to a decline in GP margins by 13 percentage points to 30 per cent. Finance costs of the company, like FCCL also shot up to Rs 74 million, up 17 per cent YoY.
FCCL at the close of market, on Tuesday, was trading at Rs29.79 on the PSX, up Rs0.79 or 2.72 per cent from the start of the day.
