Pioneer reports profit loss of 19% QoQ

Pioneer Cement Co Ltd (PIOC) announced its 1QFY18 financial result, where it posted profit after tax of PKR417m (US$3.95m), down by 19 per cent on QoQ basis and 41 per cent on YoY basis.
 
According to a notification of company to Pakistan Stock Exchange, The company's revenue witnessed a fall of three per cent YoY to PKR2.4bn, according to a Pioneer notification to the Pakistan Stock Exchange. The decrease has been attributed by a research house to a 53 per cent decline in clinker sales.
 
Pioneer Cement incurred selling and distribution expenses of PKR30m and administrative expenses of PKR21m, compared with PKR15m and PKR21m, respectively in 1QFY17.