KARACHI: Maple Leaf Cement Limited (MLC), the fourth largest cement-maker in Pakistan, has announced consolidated net earnings of Rs4.77 billion in the year ended June 30, 2017, down 1.4% compared with Rs4.84 billion in the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Earnings per share (EPS) stood at Rs9.05 in FY17 compared to Rs9.18 in the previous year.
Along with the results, the company also announced a cash dividend of Rs1.75 per share for the fourth quarter (April-June) of FY17, taking cumulative pay-out to Rs3.75 per share for the entire year.
Maple Leaf’s stock price closed at Rs87.54, up 0.86% at the PSX on Wednesday. The benchmark KSE 100-share Index ended the day at 42,310 points, up 1,030 points or 2.5%.
Last month, Maple Leaf Cement had decided to raise Rs4.28 billion through the PSX to partially finance the cost of a new dry process clinker production line.
Gross margins came in at 39.5% in FY17 compared to 42.8% in the previous year, mainly because of a rise in international coal prices, according to Taurus Securities.
Sales revenue for the fourth quarter stood at Rs5.69 billion compared with Rs6.32 billion in the third quarter of FY17, down 10% quarter-on-quarter on the back of a decline in volumes in the last quarter.
Company’s sales volume went down 11% quarter-on-quarter in the fourth quarter of FY17.
The effective tax rate in the quarter was 38.2% because of super tax provision, translating into an effective tax rate of 30.5% for FY17.