Attock Cement revenue increases in 1QFY19

Attock Cement Pakistan Ltd (ACPL) has announced its 1QFY19 results. It reported a net profit after tax of PKR423m (US$3.2m), down 30 per cent YoY despite an increase in revenue from PKR3.59bn to PKR5.83bn during this period.

Analyst believes another reason for the profit fall was a rise in coal prices during this period. The company incurred a higher distribution cost of PKR626m and administrative expenses PKR129m compared to PKR284m and PKR107m, respectively incurred in corresponding period last year. The finance cost increased by over 1061 per cent to PKR122.6m, due to loans taken for 4000tpd expansion and equity participation in the Iraq grinding project, a research house observed.

It is reported that during 1QFY19, ACPL's local and export dispatches grew 31 per cent due to commencement of 4000tpd line earlier this year.

Attock Cement Pakistan’s production facility located at Hub Chowki, Lasbela, in Balochistan, has capacity of 2.995Mta cement