LAHORE: Fauji Cement Company Limited (FCCL) has announced financial results for the first quarter FY15 ended September 30, booking profits of Rs601.96 million (earnings per share of Re0.45), up 3.3 percent against Rs582.38 million (EPS of 44 paisas) in the corresponding period last year.
During the quarter, net sales of the company remained at Rs4.17 billion from Rs3.87 billion in the corresponding period last year, but the cost of sales increased to Rs2.84 billion from Rs2.60 in the same period last year. Other income of the company declined to Rs45.32 million from Rs51.52 million.
On a sequential basis, earnings surged by 50 percent on quarter-on-quarter basis because of an absence of preferred dividend, which recorded at Rs273 million during 4Q FY14, and a lower taxation rate of 32 percent (against 54 percent during 4Q FY14).
Meanwhile, Silkbank declared an operating profit of Rs458 million for the first nine months, reflecting an impressive increase of 182 percent over the same period last year.
January-September profit-after-tax was recorded at Rs101.27 million. Earnings per share reflected a remarkable growth of 116 percent for the nine months ended September 30 as compared to the same period last year.
The bank’s balance-sheet also highlighted an impressive growth of Rs. 7.65 billion over December 31, 2013. Over the nine months of 2014, deposits showed a significant growth of Rs6.98 billion, whereas, gross advances reflected a growth of Rs3.67 billion. NPL reduced by Rs1.15 billion during the same period.
The management is confident that with the Tier-1 capital of Rs2.2 billion raised by the bank in 2013 and the growth in revenues and balance-sheet, Silkbank will continue to reflect an improved revenue momentum and close 2014 on a stronger footing. The bank is in the process of further capitalising its balance-sheet to meet the minimum capital requirements and capital adequacy ratio.
