Fauji Cement profit nosedives by 88% in nine month period

Written by Global Cement staff 22 April 2020

Pakistan: Fauji Cement has reported that its net profit fell by 88% to US$3.53m for the first nine months of its 2020 fiscal year, a period that ended on 31 March 2020. The company reported that its sales plunged, having previously made a net profit of US$32m in the first nine months of its 2019 fiscal year. Analysts reported that the company’s revenue saw a 2% year-on-year decline in sales to 0.71Mt during the nine-month period. Lower sales prices, currency depreciation and higher coal prices all contributed to the weaker performance.

Published in Global Cement News

Tagged under