LOTCHEM reports 39% growth in net earnings despite lower PTA margins

MG News | October 17, 2019 at 01:57 PM GMT+05:00

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October 17, 2019 (MLN): LOTTE Chemical has announced its results for the nine months ended September 30, 2019, wherein it has reported net profits of Rs. 4.7 billion (Rs. 3.13), which is nearly 39% higher than the earnings reported in same period of last year.

As per the analysis done by market analysts, the revenue of the company shot up by 13%, despite lower PTA margins. Likewise, gross profits of the company increased by 19% even though the cost of sales remained subjected to PKR depreciation.

The major highlight of the company’s financial performance was the non-core income, which grew by 135% due to rise in interest income earned on short term investments.

The company also announced an Interim Cash Dividend of Rs. 1.5 per share i.e. 15% on the nominal value of the shares.

Profit and Loss Account for the nine months ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Revenue	47,617,270	42,140,134	13.00%
Cost of Sales	(40,762,139)	(36,369,351)	12.08%
Gross Profit	6,855,131	5,770,783	18.79%
Distribution and Selling Expenses	(74,925)	(79,288)	-5.50%
Administrative Expenses	(303,982)	(277,393)	9.59%
Other Expenses	(505,509)	(478,990)	5.54%
Other Income	799,534	338,918	135.91%
Finance Cost	(136,608)	(302,268)	-54.81%
Profit before Taxation	6,633,641	4,971,762	33.43%
Taxation	(1,900,796)	(1,563,797)	21.55%
Profit after Taxation	4,732,845	3,407,965	38.88%
Earnings per share - Basic and Diluted (Rs.)	3.13	2.25	39.11%

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