Maple Leaf Cement Factory (MLCF): Jul-Dec 2018 EPS PKR1.3, down 59% – In line with expectations – By Insight Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Maple Leaf Cement Factory (MLCF PA) has reported 1H FY2019 (Dec-18) unconsolidated profits of PKR0.8b (EPS PKR1.3), down 59% YoY. Weak domestic dispatches and limited ability to pass-on the rising input costs have resulted in gross margins to dip to 23% in 1H FY2019 vs. 31% in SPLY, though the revenue remained stable.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">In 2Q FY2019, MLCF has reported unconsolidated EPS of PKR0.8, up 34% QoQ, but down 5% YoY. In addition to the 20% rise in revenues (13% higher dispatches and 4.7% higher cement price in North), gross margins has recovered to 24% vs. 21% in 1Q.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Interestingly, MLCF bo...