LOTCHEM sees a 61% drop in annual earnings
MG News | February 26, 2021 at 03:15 PM GMT+05:00
February 26, 2021 (MLN): Lotte Chemical Pakistan (LOTCHEM) has earned Rs. 2.12 billion (EPS: 1.4) during the year ended December 31, 2020, i.e. nearly 61% lower as compared to the earnings of same period last year.
The company also announced a final cash dividend of Rs. 0.75 per share for the year i.e. 75%.
The drop in earnings stemmed from a 35.6% decline in revenue owing to a decline in the price of PTA. On the other hand, the cost of sales declined by 31% due to PKR depreciation and removal of GIDC which resulted in lower gas prices.
The non-core income rose by 15.7% on account of higher cash and short-term investments.
Finance cost of the company fell by nearly 75% owing to a 6.25% drop in interest rates.
|
Profit and Loss Account for the year ended December 31, 2020 ('000 Rupees) |
|||
|---|---|---|---|
|
Dec-20 |
Dec-19 |
% Change |
|
|
Revenue from contract with customers-net |
38,964,851 |
60,539,754 |
-35.64% |
|
Cost of Sales |
(36,322,627) |
(52,509,365) |
-30.83% |
|
Gross Profit |
2,642,224 |
8,030,389 |
-67.10% |
|
Distribution and Selling Expenses |
(107,275) |
(103,581) |
3.57% |
|
Administrative Expenses |
(434,288) |
(422,635) |
2.76% |
|
Other Expenses |
(373,397) |
(642,814) |
-41.91% |
|
Other Income |
1,422,069 |
1,228,637 |
15.74% |
|
Finance Cost |
(150,248) |
(567,074) |
-73.50% |
|
Profit/(loss) before Taxation |
2,999,085 |
7,522,922 |
-60.13% |
|
Taxation |
(873,980) |
(2,162,552) |
-59.59% |
|
Profit after Taxation |
2,125,105 |
5,360,370 |
-60.36% |
|
Earnings per share - Basic and Diluted (Rs.) |
1.40 |
3.54 |
-60.45% |
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