Pakistan cement companies show significant profits during 2QFY20 02 March 2021
Pakistan’s top cement manufacturers recorded significant profitability with improved margins during the last quarter of 2020. The experts believe this trend is likely to continue in reaming quarters of the ongoing financial year.
According to an analyst of Spectrum Securities Ltd, the cement sector’s profitability continued in 2QFY21 as the bottom line of the 13 companies on the Pakistan Stock Exchange (PSX) posted profits to the tune of PKR11bn (US$69.7m) as compared to PAT of PKR5bn in the preceding quarter.
The surge in profits is mainly attributed to the 11 per cent QoQ higher dispatches, the six per cent QoQ improvement in average retention prices and the decline in finance cost by 12 per cent QoQ. Furthermore, after coming online of new capacities, depreciation cost also declined.
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Stocks bounced back on Wednesday to recover at least a part of the huge losses of 860 points that the index had sustained collectively in three consecutive previous trading sessions. AFP/File
KARACHI: Stocks bounced back on Wednesday to recover at least a part of the huge losses of 860 points that the index had sustained collectively in three consecutive previous trading sessions.
The stability in international oil prices showed signs of recovery in global markets which translated to improvement in the local market.
The KSE-100 index recovered 180.76 points or 0.42 per cent and closed above the 43,000 level at 43,087.70.
During the day, the index touched intra-day high and low of 309 and 54 points respectively. Individuals, banks and broker proprietary trading took fresh positions worth over $5 million, which went to tide over the offloading of shares by mutual funds in the sum of $4.11m which was possibly to meet redemptions by nervous unit holders.
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