Positive change in earnings
Cherat cement company reported impressive earnings during 9MFY12 with the PAT coming in at PKR 193m (EPS: PKR 2.02) as compared to net earnings of PKR 15m (EPS: PKR 0.16) in the corresponding quarter last year. 3QFY12 earnings clocked in at PKR 104m (EPS: PKR 1.08) as against a meager PAT of PKR 4m (EPS: PKR 0.04) during 3QFY11.
Higher dispatches and increasing cement price improve margins
The sales growth during 9MFY12 grew by 20% YoY reaching PKR 1.25bn over the sales revenue of the same period last year. Total cement dispatches grew by 5% YoY during the nine months of FY12, this coupled with higher prices of cement contributed to the higher sales during 9MFY12. Local sales volume during 9MFY12 increased over the same period last year whereas exports dispatches experienced a YoY decline during the same period. Gross margins remained robust during the first nine months of fiscal year, 2012, with the gross margin during this period jumping to 18% as against 12% during 9MFY11. Operating margins also increased to 14% during 9MFY12 vs 7% during 9MFY11. Net margins showed significant improvement by moving to 5% during nine months of FY12 as compared to 1% during the same quarter last year.
(Taurus)
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