Attock Cement 1Q net profit up 2%

Attock Cement announced a net profit of PKR470m (US$4.5m) in the first quarter (Jul-Sep) of fiscal year 2015-16, up just two per cent compared to the profit it earned in the same period of the previous fiscal year.

Earnings per share (EPS) were up to PKR4.20 from PKR4.11 in the period under review.

The company registered a 10 per cent YoY decline in sales mainly on the back of a 10 per cent reduction in dispatches, a report by Arif Habib Limited published in the The Express Tribune (Pakistan) showed. The fall in dispatches was due to a 36 per cent drop in exports while local dispatches rose by nine per cent YoY. 

Selling or distribution expenses fell by 30 per cent YoY to PKR190m from PKR271m because freight charges on export sales contracted.

The company recorded an effective tax rate of 34 per cent during 1QFY16 which was 24 per cent in 1QFY15.