LOTCHEM reports 39% growth in net earnings despite lower PTA margins
By MG News | October 17, 2019 at 01:57 PM GMT+05:00
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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