Cherat Cement posts FY1Q profit fall

Cherat Cement Company Ltd (CCCL) has announced its financial results for the period ending 30 September 2018. The company reported a net profit of PKR431m (US$3.23m) in 1QFY 18-19, down by 28.87 per cent YoY.
 
According to the company's notification to the Pakistan Stock Exchange (PSX), CCCL’s net revenue shrank to PKR3.34bn from PKR3.89bn during this period. Company sales during the quarter dropped by 14 per cent YoY, likely due to a slowdown in dispatches following the caretaker government’s hold on development projects, a local analyst observed.
 
CCCL incurred a distribution cost of PKR 91m and administrative expenses of PKR 64m compared to PKR 81m and PKR56m incurred respectively in 1QFY 17-18. The financing cost has also increased to PKR97m from PKR95m during this quarter.
 
Election of directors
In its AGM meeting, CCCL has elected eight directors for a term of three years commencing from 16 October  2018.  The list includes Omar Faruque, Azam Faruque, Akbarali Pesnani, Shehryar Faruque, Arif Faruque, Asif Qadir, Abrar Hasan and Zeeba Ansar.