The net profit of Maple Leaf Cement increased by 28 per cent during January-March quarter of 2016, according to a notification sent to the Pakistan Stock Exchange on Tuesday.
The company reported a net profit of Rs 1.16 billion or Rs 2.20 per share for the quarter ended March 31, 2016, up 28 per cent compared to Rs 911 million or Rs 1.73 it earned in the same quarter of previous year.
According to the AKD Securities, the earnings were lower than the market expectation of Rs 2.35 per share. However, the sales and gross margins were higher than what market had expected. Following the result announcement, the company’s share price appreciated by Rs 2.50 and closed at Rs 94.5 per share – the stock had traded at Rs 92 per share the previous day. As many as 4.6 million of MLC shares were traded during the day.
MLC reported revenues of Rs 6 million during the first quarter of 2016, an increase of 13 per cent compared to Rs 5.3 million it earned in sales during the same quarter of 2015. The sales grew due to stronger pick up in domestic demand, expanded gross margins led by lower coal prices, and early debt repayments and lower interest rates, according to the AKD Securities.
