Pakistan: Fauji Cement sees 66% rise in 1HFY16 net profit

Pakistan: Fauji Cement sees 66% rise in 1HFY16 net profit
Published: 16 February 2016


Fauji Cement Co (FCCL) has a reported a profit after tax of PKR2.77bn (US$264m) during 1HFY16 versus PKR1.668bn during the same period last year, up 66 per cent YoY.

During the first half dispatches increased by seven per cent YoY, stemming from rising domestic dispatches – up 13 per cent YoY, due to an acceleration in private sector construction activities and the materialisation of the government's budgeted Public Sector Development Programme (PSDP). However, exports were down 21 per cent YoY.

The company also saw lower production costs due to a fall in coal prices, a reduction in power costs due to lower electricity prices and the company's newly-commissioned 10MW waste heat recovery plant. Finance costs also dropped by 21 per cent YoY.