Pioneer Cement Ltd reported first-half earnings of PKR988m (US$9.45m) versus PKR1.292bn a year earlier, translating into a decline of 24 per cent.

In a communication to the Pakistan Stock Exchange, the company said turnover rose from PKR3.9bn to PKR4.37bn over the half-year period. Distribution costs climbed to PKR28.15m from PKR25.96m in 1HFY14-15 but financing costs fell to PKR12.74m from PKR33.68m in the comparative period of the previous year. Revenues rose by 11.4 per cent YoY.

Pioneer Cement operates a 2Mta plant located at Chenki, Khusshab district, in the heart of Pakistan's Punjab province.