Fauji Cement achieved 33% improvement in net profit

Pakistan’s Fauji Cement has reported its results for 1H15, ending 31 December. The figures show that net profit of Rs.1.67 billion was achieved, an improvement of 33% y/y. Revenues for 1H15 were up 9% y/y at Rs.8.99 billion thanks to a 5% increase in cement sales volumes to 1.24 million t. Domestic sales were also up y/y, making up 82% of total sales compared to 80% in 1H14.

In 2Q15, earnings were up 77% q/q at Rs.1.06 billion, attributed to lower financial costs and an increase in margins. Revenues were up 15% q/q as cement sales volumes increased by 14%.

Financial charges fell 39% during 1H15 to Rs.402 million due to a 22% decline in outstanding debt to Rs.8.3 billion. Furthermore, the foreign exchange gain in 2Q15 led to a q/q decline in financial costs of 78%.

Edited from various sources by Katherine Guenioui

Sources:

• Business Recorder
• The Tribune

Read the article online at: https://www.worldcement.com/asia-pacific-rim/17022015/fauji-cement-achieved-33-percent-improvement-in-net-profit-349/