Maple Leaf Cement profit falls by 60% in FY19

Maple Leaf Cement Factory Ltd (MLCF) of Pakistan announced its financial results for FY18-19 today. It declared earning a net profit of PKR1.465bn (US$9.3m) (unconsolidated) as compared to PKR3.632bn earned in the same period last year. It shows profit dropped by 59.7 per cent, despite on a good development, when the company sales stood at PKR26bn, compared to PKR25.69bn in the same period last year.
 
In a notification to Pakistan Stock Exchange (PSX), MLCF announced a final cash dividend of 0.5 per share ie five per cent. The company's board of directors in their meeting on 19 September also recommended issuing 85 per cent right shares of PKR10.
 
MLCF incurred higher distribution cost of PKR933m against PKR736m incurred in the same period last year. The administrative expenses also slightly increased to PKR733m from PKR730m during this reporting period. The financing cost rose to PKR1.17bn from PKR644m during this accounting period.