Bestway Cement Ltd (BWCL) of Pakistan has announced its financial results for the 1QFY19, ended 30 September 2019. It declared a net profit of PKR300m (US$1.97m) against PKR2.257bn earned in the same period last year. It shows 1Q profit plummeted by 86.7 per cent YoY.
The fall in profit is reportedly due to a dip in the company’s sales and a modest increase in finance costs as shown in the financial results sent to the Pakistan Stock Exchange. BWCL’s sales stood at PKR15.47bn in July-September 2019 compared to PKR17.41bn in the same accounting period last year.
However, due to management efforts, the selling and distribution and administrative expenses have fallen to PKR268m from PKR363m and PKR129m from PKR194m, respectively during this reporting period.