Tokyo Cement reported its results for the second quarter ended 30 September 2021 with a turnover of Rs. 11,885 million, reflecting a Year-on-Year (YoY) growth of 4%, compared to Rs. 11,413 million during the same period last year.
Tokyo Cement’s sales volumes have reduced by 3% compared to the second quarter (Q2) last year due to the shortages and delays in the supply chain of raw materials.
The group recorded Rs. 173 million profit before tax for the second quarter against Rs. 2,277 million for the same period last year, whilst recording a profit after tax of Rs. 132 million as against Rs. 2,104 million during the same period last year.
This sharp decline in profitability was a result of increasing raw material price, currency depreciation, and exploding freight costs that significantly increased the cost of production. In addition, all other overhead costs increased throughout the financial year further impacting the bottom line.
Even though Tokyo Cement was operating at maximum capacity, a shortage in cement supply was experienced in the market during this period. The maximum retail price (MRP) imposed on cement prevented free market forces from freely adjusting to keep up with the volatility of macroeconomic conditions. These matters and other outlining reasons were brought to the attention of the Consumer Affairs Authority (CAA).
Tokyo Cement turnover exceeds Rs. 11 b in Q2 FY2021/22
05 Nov 2021
Tokyo Cement turnover exceeds Rs. 11 b in Q2 FY2021/22
05 Nov 2021
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