DG Khan profit declines, Pakistan

DG Khan profit declines, Pakistan
Published: 18 February 2011

The profit after tax of Pakistan cement producer DG Khan Cement Company has declined to PKR 192.136m (US$2.25m) in the half year period ended December 31, 2010 as compared to PKR469.970m earned in the corresponding period in 2009. The company’s earning per share stood at PKR0.53 in the period under review against PKR1.29 in the same period a year back.

The board of directors of the company in its meeting held on Thursday recommended to issue 20 per cent ordinary right shares at PKR20 per share (including premium of PKR10 per share) in proportion of one ordinary right share for ever five ordinary shares held by the existing shareholders whose names shall appear on the register of members of ordinary shares at the close of business on March 19, 2011.

According to the financial results sent to Karachi Stock Exchange (KSE), the company’s net sales increased to PKR8.174bn in the half year period in 2010 against PKR7.958bn in the same period in 2009. The cost of sales increased to PKR6.488bn against PKR6.253bn. The company’s profit before taxation declined to PKR 298.585 million in the half year period in 2010 as compared to PKR475.065m earned in the corresponding period in 2009.

On quarterly basis, the company posted PKR169.990m as profit after tax translating earning per share of Re 0.47 in the quarter ended December 31, 2010 as compared to after tax loss of PKR 114.649m with per share loss of PKR0.31 in the same quarter in 2009.