Thatta Cement’s profits slip in 1HY19-20

Pakistan’s Thatta Cement Company Ltd (THCCL) has announced its consolidated financial results for the half year ended 31 December 2019. It posted a profit of PKR116m (US$0.75m), representing a 61.4 per cent fall YoY, as compared to PKR300m earned in the same period last year.

The major factor responsible for this drop were lower sales and increased finance costs. THCCL’s net sales during the reporting year decreased by 35.5 per cent to PKR1.50bn from PKR2.33bn during the same period last year. The finance cost increased to PKR55m from PKR45m during this accounting period.

It incurred a lesser selling and distribution cost of PKR72m against PKR137m in the same period last year. The administrative expenses also slightly decreased to PKR50m compared to PKR56m incurred in the same period last year.