Power Cement reports loss due to revenue fall in 1HY19

Power Cement Ltd has announced its financial results for the half year ended 31 December 2019. It reported a loss after taxation of PKR365m (US$2.366m) compared to a profit of PKR9.7m in the corresponding period last year. The major factors responsible were reduced earnings and higher expenses together with expensive financing during this accounting period.

The financing cost increased to PKR207m from PKR77m during this accounting period. The company sales decreased by 38 per cent to PKR1.25bn from PKR2.01bn in the same period last year. The company incurred higher selling and distribution as well as administrative expenses of PKR68m and PKR89m against PKR57m and PKR73m, respectively in the same period last year.