Karachi, August 07, 2019 (PPI-OT): CHCC: Earnings fall in-line with expectations
Cherat Cement Limited (CHCC) announced its FY19 results wherein the company posted profit of Rs1,763mn (EPS: Rs9.98) vis-a-vis profit of Rs2,132mn (EPS: Rs12.07) in FY18, reflecting a decline of 17% YoY. Along with the result, the company also announced cash dividend of Rs1/share and bonus of 10%. Overall revenues during FY19 posted an increase of 10% YoY which, when combined with 15% YoY increase in costs (rupee depreciation), culminated into weaker margins as compared to the same period last year. It should be noted that the company has booked a tax credit of Rs715mn. If we exclude this, normalized EPS would land at Rs1.28.