Pioneer Cement back into black

Pioneer Cement Limited, a unit of Noon Group of Companies, has recorded RS98.76 million gross profits during the quarter ended March31, 2004which is over30 percent of net sales revenue. However cumulative nine month gross profit surged to Rs292.52 million as compared to Rs68.34 million in the corresponding period of previous year.

Net profit after the quarter works out to Rs23.01 million as against loss of Rs74.04million sustained in the same period of last year. Had the impact of re profiling of loans which is in process, been taken, the net profit after tax for the ’ quarter would have amounted to about Rs68 million.

The cumulative nine -month profit after tax amounted to Rsf65.65 million as compared to Rsl27.09 million after tax loss in the corresponding period of prior year. Had the impact of re-profiling of loans which is in process, been taken the figure of net profit would have gone up by about Rsl07 million. After a long spell of depression, Spread over seven or eight years, the demand of cement has shown a robust growth, in the wake of accelerated pace of annual development plan, and the momentum being witnessed in the housing construction. The company is expected to close the financial year at a capacity utilisation of about 80 Per cent as compared to 66 per cent or the last financial year.