Skip to main content

Corporate results: DG Khan Cement surprises market (Express Tribune)



ALERTS
PAKISTAN'S AISAMUL HAQ, INDIA'S ROHAN BOPANNA SPLIT THEIR WAYS AS TENNIS PAIR 01:21 PST
< >

Corporate results: DG Khan Cement surprises market

Published: September 8, 2011
Trade Minister criticises SLSI for by-passing authorities concerned before approving distribution of the cement stock imported from Pakistan.
KARACHI: 
DG Khan Cement’s fall in net profit in financial year 2011 surprised the market as analysts expected profits to rise.
The main reason behind the decline in earnings is higher effective tax rate of 72% against expected 35% and also the one-time loss of Rs119 million booked by the cement giant on account of impairment on investment, said Summit Capital Analyst Muhammad Sarfraz Abbasi.
Net profit fell by 27 per cent to Rs171 million in fiscal 2011 compared with Rs233 million posted in fiscal 2010, according to a notice sent to the Karachi Stock Exchange.
Analyst forecast net profit to rise 48 per cent to Rs346 million, however, higher tax rate took everyone by surprise.
Other income played role of a bottom-line defender and rose 21% to Rs1.10 billion on account of higher dividend stream from group companies including MCB Bank. The other income played a pivotal role in protecting the company from posting a loss, said Abbasi.
Net sales rose 14% to Rs18.18 billion during the financial year. Higher prices of the product saved the day as volumetric sales declined by 10 per cent.
Devastating flood in August 2010 dampened demand for cement in the financial year as construction activates came to a standstill. Higher selling price, especially in the local market, improved gross margins by 700 basis points to 23.6% compared with the preceding year’s 16.6%.
Published in The Express Tribune, September 8th,  2011.

RELATED STORIES

Comments

Post a Comment

Popular posts from this blog

Dark days for fertiliser industry continue

Dark days for fertiliser industry continue Published: December 28, 2011 Sales of urea, the most widely used fertiliser, declined by 5% in the period from January to November 2011 due to persistent gas outages faced by manufacturers which has led to a drop in production levels. The four plants which are on the Sui Northern Gas Pipelines Limited network remained the main victims of the chaotic situation due to gas shortage. The dark days are expected to continue as the government in a new gas load management plan has agreed to cut-off gas supply to the four plants on the SNGPL-based pipeline. The four plants include Engro Corporation’s Enven, Pak-Arab Fertilizer, Agritech Fertilizer and Dawood Hercules Fertilizer. Similarly, another fertilizer, di-ammonia phosphate (DAP) witnessed a decline in sales by 18% to 1.01 million tons on a yearly basis against 1.24 million tons in the same period last year, according to data released by National Fertiliser Development Centre on Tuesday....
Post a Comment
Read more

Corporate results: Pak Suzuki posts lower than expected results

                           Corporate results: Pak Suzuki posts lower than expected results By  Farhan Zaheer Published: October 31, 2013 Pak Suzuki sold 59,292 cars in 9MCY13 compared to 69,589 in the same period of last year, down by a significant 15% YoY. PHOTO: FILE KARACHI:  Pak Suzuki Motor Company – the biggest automobile manufacturer by market share in Pakistan – has posted a handsome earning of Rs371 million in the July-September quarter, against a loss of Rs193 million in the corresponding period last year. The company recorded per share earnings of Rs4.51 in the third quarter of 2013 against a loss per share of Rs2.35 last year. In comparison to the third quarter of previous year, the company’s gross profit increased significantly to Rs890 million against a negative growth of Rs49 million. However analysts had projected better results, blaming the ...
Post a Comment
Read more

Car sales surge by 20.5 per cent

Car sales surge by 20.5 per cent Aamir Shafaat Khan   | Business |  From the Newspaper (13 hours ago) Today Nauman Khan of Top Line Securities said December 2011 sales declined as buyers preferred to defer orders due to year end phenomenon. - File photo KARACHI : Car sales in the first half of current fiscal year went up by 20.5 per cent amid negative developments including the government’s decision to impose a ban on CNG kits and cylinders, suspension in production of Honda Civic and City and increase in prices of all vehicles. According to figures shared by the Pakistan Automotive Manufacturers (PAMA), consumers purchased 12,240 more cars in July-December 2011 to 71,886 units as compared to 59,646 units in the same period of 2010. Increase in production of Suzuki Mehran and Suzuki Bolan for onward supply to Punjab government’s Yellow Cab Scheme was the main reason that averted the negative impact of ban on ...
Post a Comment
Read more