Earning Review: LOTCHEM achieves 126% growth in net earnings
By MG News | August 26, 2019 at 10:43 AM GMT+05:00
August 26, 2019 (MLN): The Board of Directors of Lotte Chemical, in its meeting held on August 26, 2019, has approved the audited financial statements of the company for the period ended June 30, 2019.
Going by these financial statements, the company has earned net profits of Rs. 3 billion (EPS: Rs. 2.01) for the half year ended June 30, 2019, which signifies a growth of massive 126% as compared to the figures reported in same period of last year.
According to the projections by spectators, the growth in company’s revenue by 29% was brought about by increase in international PTA margins as well as persistent depreciation of local currency.
The only setback that the company suffered was perhaps the increase in income tax expense by 24%.
| Profit and Loss Account for the half year ended June 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change | |
| Revenue | 33,189,662 | 25,695,282 | 29.17% |
| Cost of Sales | (28,709,896) | (22,861,095) | 25.58% |
| Gross Profit | 4,479,766 | 2,834,187 | 58.06% |
| Distribution and Selling Expenses | (50,321) | (41,319) | 21.79% |
| Administrative Expenses | (195,544) | (181,176) | 7.93% |
| Other Expenses | (322,427) | (266,470) | 21.00% |
| Other Income | 426,736 | 217,271 | 96.41% |
| Finance Cost | (117,420) | (276,183) | -57.48% |
| Profit/(loss) before Taxation | 4,220,790 | 2,286,310 | 84.61% |
| Taxation | (1,170,305) | (940,820) | 24.39% |
| Profit after Taxation | 3,050,485 | 1,345,490 | 126.72% |
| Earnings per share - Basic and Diluted (Rupees) | 2.01 | 0.89 | 125.84% |
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