Gharibwal Cement posts loss in 1HY19

Gharibwal Cement Ltd (GWLC) of Pakistan has announced its financial results for the half year ended 31 December 2019. GWLC incurred a net loss of PKR245m (US$1.58m) as compared to a profit of PKR593m earned in the same period last year.

The drop was attributed to the increase in cost of sales, selling and distribution expenses as well as a higher finance cost in the July-December 2019 period.

The company sales also decreased by 6.2 per cent to PKR5.16bn from PKR5.51bn in the same period last year. GWLC incurred a lesser administrative expenses to PKR179m against PKR197m in the same period last year but noticed higher distribution expenses to PKR452m against PKR2m in the same period.