DGK Cement profit rises

KARACHI, April 18: The DG Khan Cement Company Limited (DGKC) announced profit of Rs2.07 billion for the nine months of financial year 2012 (9MFY12), translating into earning per share (eps) at Rs4.73. The results overwhelmed the comparable profit at Rs177 million or eps of Re0.40 in the same time last year, as the growth was 12 times.

Analyst Sarfraz Abbasi at Summit Capital observed that the huge growth in earnings was driven by higher retention prices which were seen to have increased by 25pc YoY. Resultantly, top line of the company increased by 28pc YoY to Rs16.70bn as against the monetary sales of Rs13.08bn in the corresponding period last year. Gross profit rose 87 per cent to Rs5.51bn (gross margin at 33pc) in comparison of Rs2.95bn (gross margins of 23pc) in 9MFY11. Other income was high mainly because of strong stream of dividend income which the company received from its associates.

The decline in financial charges by 16pc YoY to Rs1.30bn in 9MFY12 as against the Rs1.55bn also contributed in the gigantic improvement in the bottom line.

Source: http://dawn.com/2012/04/19/dgk-cement-profit-rises/

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