FCCL annual profit falls 51.3pc

KARACHI: Net income of Fauji Cement Company Limited (FCCL) fell 51.3 percent to Rs2.613 billion for the year ended June 30, 2017, translating into earnings per share (EPS) of Rs1.89. 

Fauji Cement recorded a profit of Rs5.367 billion with EPS of Rs3.98 in the preceding financial year, a notice to Pakistan Stock Exchange said on Wednesday. The cement maker also announced a final cash dividend of Re0.90/share.

Analyst Faizan Ahmed at JS Global said the company recorded Rs306 million (amounting to Re0.22/share) of insurance income from claims during the previous financial year. FCCL's production plant remained shut after an incident in the fourth quarter of the year.

In FY2017, sales increased 1.89 percent to Rs20.423 billion. Revenue remained stagnant mainly due to weak pricing environment. The company's other income decreased to Rs136.884 in FY2017 compared with the income of Rs268.798 million in the FY2016. Briefs