Pioneer Cement reports 1HFY18 profit fall

Pioneer Cement Ltd has announced that its net profit for the period 1HFY18 fell by 51 per cent to PKR737m (US$6.6m). This was reportedly due to a decrease in sale, increase in cost of sales as well as higher in distribution and administrative expenses.

The financing cost has also increased to PKR49m from PKR2.5m. The company's net sales fell from PKR5.19bn to PKR4.89bn, whereas, cost of sale increased to PKR3.4bn from PKR3.07bn during this period. No dividends were announced by the company's Board of Directors.
 
According to a company bourse filing, Pioneer Cement incurred a distribution cost of PKR69m and administrative expenses of PKR43m compared to PKR29m and PKR37m respectively in 1H16 /17.

Pioneer's cement plant has a production capacity of 2.03Mta and is located at Chenki, Khusshab district, Punjab province, 250km away from Lahore.