Pakistan: Pioneer Cement profits up slightly in FY2016

Pakistan cement producer Pioneer Cement Ltd has reported post-tax profits of PKR2.51bn (US$24m) for the financial year ended June 2016, a rise of 0.9 per cent YoY.

In a notice to Pakistan Stock Exchange (PSX), the company stated that its net sales increased by 11 per cent to PKR9.36bn over the same period. Pioneer incurred distribution costs of PKR60m and administrative expenses of PKR81.5m, both up slightly on last year. However, the financing cost fell to just PKR17.5m, around a third of their level in the last financial year.