Pakistan: Attock’s earnings fall 60%

Pakistan: Attock’s earnings fall 60%
Published: 01 November 2010

Attock Cement Pakistan Limited’s (ACPL) net earnings for the first quarter ended September 30, 2010 were PKR97m (EPS: Rs 1.12) against PKR236m (EPS: Rs 2.72) in same period last year, a decrease of 58.9 per cent YoY.

The decline was mainly due to slow cement dispatches owing to devastating floods which hampered construction activities. In addition, globally, cement prices remained weak around US$42 /t which further dragged the earnings down, as per TFD analyst.

On account of lower dispatches net sales fell by 2.9 per cent at PKR1.75bn as against PKR1.807bn during 1QFY10. Gross profit declined by 45.9 per cent to PKR253m against PKR467m.