October 23, 2023 (MLN): Lucky Core Industries Limited (PSX: LCI) 's profit after tax for the quarter ended September 30, 2023 clocked in at Rs2.54 billion, which is 31% higher than the profit recorded in the same period last year (SPLY).
Whereas earnings per Share (EPS) attributable to the owners of the holding company at Rs27.48 is 41% higher than the SPLY mainly owing to improved operating performance.
Net Turnover for the quarter from continuing operations under review at Rs29bn, which is higher by 19% over the same period last year (SPLY).
Whereas the operating result from continuing operations at Rs4.13bn, 32% higher in comparison to the SPLY.
On a standalone basis, PAT and EPS for the quarter under review at Rs2.51bn and Rs27.21 respectively, marking a rise of 31% YoY, primarily on account of higher Operating Results, exchange gain, and other income resulting from dividend income of Rs646 million derived from short-term investments.
The company's business operations continued to face macroeconomic challenges on account of higher costs due to inflationary pressures, volatile exchange rates, an elevated tax incidence, high interest rates, and an uncertain demand outlook.
Though there was some respite in the form of easing import restrictions, the prolonged monetary tightening measures have negatively impacted the consumers' purchasing power resulting in a significant demand compression across all segments of the economy.
| Unonsolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | June 22 | % Change | |
| Sales | 29,100,366 | 24,231,830 | 20.09% |
| Cost of sales | (22,797,303) | (19,345,840) | 17.84% |
| Gross Profit | 6,303,063 | 4,885,990 | 29.00% |
| Sales and distribution expenses | (1,641,493) | (1,332,868) | 23.15% |
| Administrative expenses | (561,413) | (460,196) | 21.99% |
| Finance costs | (1,096,803) | (478,409) | 129.26% |
| Exchange gain/ (loss) | 22,177 | (221,403) | – |
| Workers' profit participation fund | (102,482) | (95,472) | 7.34% |
| Workers' welfare fund | (58,640) | (37,322) | 57.12% |
| Other charges | (23,299) | (21,506) | 8.34% |
| Other income | 911,861 | 109,955 | 729.30% |
| Dividend income from subsidiary | – | 300,000 | – |
| Profit before taxation | 3,752,971 | 2,648,769 | 41.69% |
| Taxation | (1,239,607) | (733,206) | 69.07% |
| Net profit for the period | 2,513,364 | 1,915,563 | 31.21% |
| Basic earnings/ (loss) per share | 27.21 | 20.74 | – |
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Posted on: 2023-10-23T16:14:09+05:00
