Economy & Market
Fauji Cement's 2Q profit drops by 82% YoY
Fauji Cement has reported a profit of $1.23 million in the second quarter of the 2020 fiscal year, between October 1, 2019 and 31 December 2019. This corresponds to a drop of 82 per cent year-on-year from $6.83 million in the corresponding period of Pakistan's 2019 fiscal year. The Express Tribune newspaper attributed the plunge to currency depreciation, lower retention prices and higher electricity tariffs. Sales in the three months to December 31, 2019 were $34.4 million, up by 5.5 per cent year-on-year from $32.6 million to December 31, 2018.