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