DG Khan Cement, Pakistan’s second largest producer of cement, posted a net loss in the third quarter after it paid more in taxes.
The net loss was PKR47.4m (US$564,858) or 0.21 rupee a share in the three months ended March 31, compared with a net profit of PKR178.5m, or 0.59 rupees a year earlier, the Lahore-based company said in a statement to the Karachi stock exchange. Sales fell to PKR4.04bn from PKR4.6bn.
Cement companies pay taxes on annual sales estimates and the company’s yearly revenue is expected to be higher, said Usman Zahid, research analyst at AKD Securities Ltd.
DG Khan paid PKR67.4m in taxes in the third-quarter compared with a tax reversal of PKR29m a year ago, according to the statement.