Attock Cement reports flat 4Q earnings, full-year rise

Pakistan cement producer Attock Cement posted flat net earnings in 4QFY17 of PKR796m (US$7.5m) against the same period of last year, the company said in a note to the Pakistan Stock Exchange.

The result took full-year earnings in fiscal 2016-17 to PKR3.303bn, up five per cent YoY versus PKR2.89bn in the previous fiscal.

Revenue in FY17 rose by six per cent YoY to PKR14.7bn thanks to a rise in cement dispatches to 2.08Mt.

However, margins remained stagnant at 40 per cent as coal prices were up 47 per cent YoY, according to Arif Habib Ltd. Selling expenses were down by five per cent YoY in FY17 to PKR904m amid a contraction in export sales.