Al Abbas Cement has announced a loss of PKR 150.47 million for the Q3 of fiscal 2010 to 2011 up seven percent from what it incurred in the same period of the previous year.

However, the company was able to reduce the loss before taxation. The result for January to March 2011 period looks relatively poor in comparison with the first three months of last year because of a tax adjustment.

Distribution cost fell by 50%. The operating loss stood at PKR 42.8 million lower than PKR 72.7 million in previous year’s comparable period. The results for the nine months to March are dismal as the cement maker could not even recover the cost of manufacturing and ended up with a gross loss of PKR 22 million against gross profit of PKR 130 million in the same period of previous year.

The July to March 2010 to 2011 net loss increased 62% to PKR 628 million over the same period of the previous fiscal year.

(Sourced from www.thenews.com.pk)