Bestway Cement Ltd (BWCL) announced its financial results for the half year ended 31 December 2019. According to financial results sent to Pakistan Stock Exchange (PSX), today, the company declared earning of net profit of PKR421m (US$2.73m), which was decreased by 94 per cent YoY, as compared to PKR6.88bn in the same period last year. The major reasons can be attributed were the high cost of financing and fall in gross turnover during this period.
BWCL’s net sales decreased by 17.7 per cent to PKR33.22bn from PKR40.34bn during this period. It incurred a selling and distribution expenses of PKR447m against PKR793m, which is a fall of 43.57 per cent. The administrative expenses stood at PKR280m compared to PKR400m, which is also a decreased of 30.1 per cent in the same period previous year.