LOTCHEM reports 25% increase in annual profits
MG News | February 14, 2020 at 01:52 PM GMT+05:00
February 14, 2020 (MLN): Lotte Chemical Pakistan Limited (LOTCHEM) has announced its financial results for the year ended December 31st, 2019, wherein the company posted net profits of Rs 5.5 billion which was 25% higher than the profits of Rs 4.43 billion earned in 2018.
This translated into Earning per share which rose from Rs 2.93 per share to Rs 3.66 per share during CY 2019.
The increase in the Company’s profitability was mainly attributable to higher other income which rose by 138.8% YoY on the back of better cash generation and higher interest earned on term deposits
Net revenue of the company grew by paltry 5.4%YoY on the back of lower PTA prices and volumetric sales during the year.
Furthermore, the gross margins of the company remained flat despite average international PTA-PX margins on the lower side by 9% YoY, highlighted in earning review by Sherman Securities.
The major expense heads of the company did not show any significant growth which provided a cushion to the earnings.
| Profit and Loss Account for the Year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-19 | Dec-18 | % Change |
| Revenue from contract with customers-net | 60,539,754 | 57,400,241 | 5.47% |
| Cost of Sales | (52,663,659) | (50,018,605) | 5.29% |
| Gross Profit | 7,876,095 | 7,381,636 | 6.70% |
| Distribution and Selling Expenses | (103,581) | (102,444) | 1.11% |
| Administrative Expenses | (422,635) | (387,655) | 9.02% |
| Other Expenses | (642,814) | (555,343) | 15.75% |
| Other Income | 1,228,637 | 514,501 | 138.80% |
| Finance Cost | (156,497) | (505,129) | -69.02% |
| Profit/(loss) before Taxation | 7,779,205 | 6,345,566 | 22.59% |
| Taxation | (2,236,875) | (1,914,466) | 16.84% |
| Profit after Taxation | 5,542,330 | 4,431,100 | 25.08% |
| Earnings per share - Basic and Diluted (Rs.) | 3.66 | 2.93 | 24.91% |
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