Pioneer Cement profit shrinks by 52% in FY19

Pioneer Cement Ltd (PIOC) of Pakistan has announced its financial results for the year ended 30 June 2019 today. It earned a net profit of PKR790m (US$5m) as compared to PKR1.644bn earned in the same period last year – falling by 52 per cent YoY. Sales declined from PKR10.12bn to PKR9.73bn during this accounting period.

The drop in profit is reportedly due to increase in the cost of sales to PKR7.598bn from PKR7.310bn and an increase in finance cost from PKR94m to PKR270m during this reporting period. 

Distribution costs edged up to PKR182m from PKR166m during the same period last year.  The company also incurred higher administrative expenses of PKR143m compared to PKR97m in the same period last year.