Rahul Hans

Cherat Cement: 3QFY20 – Barely positive gross margins lead to another loss

Cherat Cement (CHCC) has posted 3QFY20 NLAT of PKR627mn (LPS: PKR3.23), taking 9MFY20 loss to PKR1.2bn (LPS: PKR6.11), from a profit of PKR2.2bn (EPS: PKR11.58) in 9MFY19. The drag in earnings came from (i) drop in gross margins by 20.4ppt yoy to 0.17%, (ii) increase in finance cost by 81x yoy. On a PBT basis, the loss in 3Q came in at PKR816mn, which is worse than our estimate of PKR709mn, mainly due to lower-than-expected GMs.
Net revenue decreased by 4% yoy to ...
Cherat Cement Co.

Co. is engaged in the manufacturing and marketing of cement and clinker.


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Rahul Hans

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