FFC’s profit falls 14pc in July-March

KARACHI: Fauji Cement Company Limited’s (FFC) profit fell 14 percent to Rs2.4 billion for the nine months period ended March 31, 2019, translating into earnings per share (EPS) of Rs1.77, a bourse filing said on Thursday.

FFC’s profit amounted to Rs2.1 billion with EPS of Rs1.54 in the corresponding period a year earlier. The company didn’t announce any cash dividend for the period.

FFC’s revenue fell to Rs15.6 billion in the July-March period compared to Rs15.8 billion. Finance cost decreased to Rs75 million from Rs120 million.

In Q3FY2019, the company’s profit dipped to Rs616.4 million from Rs854.3 million in the corresponding quarter a year ago. Revenue decreased to Rs5.2 billion from Rs5.5 billion.

Distribution costs dropped 13 percent year-on-year to Rs63 million due to decline in exports to 27,000 tons versus 40,000 tons a year ago. Analyst Tahir Abbas at Arif Habib Limited said the company booked effective taxation of 30 percent in the third quarter.