Fauji Cement first-quarter profit edges ahead

Pakistan-based producer Fauji Cement on Tuesday announced a net profit of PKR602m (US$5.8m) during the first quarter (Jul-Sep) of the current fiscal, up three per cent YoY.

Earnings per share increased to PKR0.45 from an EPS of PKR0.44 during the period under review. Earnings surged by 50 per cent QoQ because of the absence of a preferred dividend, which was recorded at PKR273m during the fourth quarter of FY14 and a lower tax rate of 32 per cent (versus 54 per cent in 4QFY14).

Revenues for the 1QFY15 increased by eight per cent YoY to PKR4.17bn, thanks to a four per cent YoY increase in cement prices to PKR516/50kg bag and a three per cent YoY rise in cement dispatches to 0.59Mt.