LOTCHEM's net earnings improve by a considerable margin

MG News | April 19, 2019 at 11:51 AM GMT+05:00

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April 19, 2019 (MLN): Lotte Chemical Pakistan Limited has announced its financial result for the first quarter ended March 31, 2019, which states that the company has earned Profit after Tax of Rs. 1.2 billion, a massive improvement of 261% from the PAT of corresponding period of last year.

Evidently, a lot of factors contributed to PAT’s growth, the first and foremost being improvement in topline earnings by 30.27%. While Cost of sales also grew by a decent margin, the company still reported a positive change in gross profit.

Moreover, a significant increase in non-core income by 84%, as well as whopping decrease in financial costs by 72%, led to an increase in PBT by 109%.

The Earnings per share of the company for the said period were recorded at Rs. 0.85, as compared to EPS of Rs. 0.23 recorded in the same period last year.

It is pertinent to mention that the company has performed above market expectations. Even though none of the projections presented by brokerage houses matched the figures for PAT, the actual sales figure was closest to the estimates provided by BMA Capital.

Profit and loss account for the quarter ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Revenue - net	16,123,287	12,376,493	30.27%
Cost of sales	-14,243,457	-11,255,178	26.55%
Gross profit	1,879,830	1,121,315	67.65%
Distribution and selling expenses	-23,694	-20,480	15.69%
Administrative expenses	-93,287	-88994	4.82%
Other expenses	-132,191	-92,173	43.42%
Other income	166,909	90,520	84.39%
Finance costs	-49,062	-176,078	-72.14%
Profit before taxation	1,748,505	834,110	109.63%
Taxation	-462,154	-478,662	-3.45%
Profit after taxation	1,286,351	355448	261.90%
Earnings per share - basic and diluted	0.85	0.23	269.57%

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