Pakistan private sector cement manufacturer and exporter - Cherat Cement Company Limited, has announced today that during the FY ending June 30, 2010 its net turnover decreased to PRK 3,469 m from PRK 4,567 m in corresponding period last year – showing a decline of 24 per cent.
The company earlier reported that the decline in turnover was due to significant drop in selling price as well as lack of demand of cement. The company has reported a net loss of PRK 13.455 m against a profit of PRK 159.287m it earned during FY 2009. (July-June).
Mr. Azam Faruqui, Chief Executive of Cherat Cement in a communication to Karachi Stock Exchange (KSE) and other exchanges today informed that the company will not give any cash dividend, bonus share and right shares to the share holders until financial health of the company are improved.
The factory located near Nowshera in NWFP Province (Khyber Pakthtoonkaw) and it was built on land bordering Charet Hills, the company source of high quality limestone. It has manufacturing/production capacity of 1Mt of clinkers and 1Mt cement.