Pakistan: Fauji Cement boosts 1HFY14 earnings

Pakistan-based producer Fauji Cement Co posted earnings of PKR1.25bn (US$11.92m) in the first half of FY14, up 36 per cent YoY compared to the PKR922m in the comparative period of the previous fiscal. The improved earnings came on the back of better gross profit and reduced finance cots.

Revenues rose nine per cent to PKR8.23bn despite a seven per cent decline in volumes to 1.16Mt.

Margins improved by 1.5 percentage points to 34 per cent largely as a result of higher cement prices.

Lower operating expenses, which were down seven YoYr, and a 19 per cent YoY decline in financial charges also boosted earnings in the July-December period.