LOTCHEM's profit drops by nearly half to Rs2.85bn in 1HCY23

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By MG News | August 11, 2023 at 12:30 PM GMT+05:00

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August 11, 2023 (MLN): Lotte Chemical Pakistan Limited (PSX: LOTCHEM) 's profitability plunged by 47.17% YoY, clocking in its profit after tax at Rs2.85 billion [EPS: Rs1.88] as compared to a profit of Rs5.4bn [EPS: Rs3.57] in the same period last year (SPLY).

Going by the results, the company's top line deflated by 22.85% YoY to Rs38.54bn as compared to Rs49.96bn in SPLY.

The cost of sales fell by 19.65% YoY but was not enough to offset the sales decline, which worsened the gross profit by 35.65% YoY to Rs6.44bn in 1HCY23.

However, during the review period, other income grew by 41.95% YoY to stand at Rs1.18bn in 1HCY23 as compared to Rs833.74 million in SPLY.

On the expense side, the company observed a rise in Distribution and selling expenses by 8.49% YoY and other expenses by 31.39% YoY to clock in at Rs313.07m and Rs458.37m respectively during the review period.

The company’s finance costs declined by 10.28% YoY and stood at Rs895.12m as compared to Rs997.65m in 1HCY23.

On the tax front, the company paid a lower tax worth Rs3.02bn against the Rs3.45bn paid in the corresponding period of last year, depicting a fall of 12.32% YoY.

Unconsolidated (un-audited) Financial Results for half-year ended 30 June 2023 (Rupees in '000)
  June 23 June 22 % Change
Sales 38,542,564 49,958,303 -22.85%
Cost of sales (32,103,367) (39,952,417) -19.65%
Gross Profit 6,439,197 10,005,886 -35.65%
Distribution and selling expenses (79,332) (73,124) 8.49%
Administrative and general expenses (313,066) (251,400) 24.53%
Other Income 1,183,510 833,743 41.95%
Other expenses (458,373) (668,090) -31.39%
Finance cost (895,121) (997,649) -10.28%
Profit before taxation 5,876,815 8,849,366 -33.59%
Taxation (3,023,086) (3,447,919) -12.32%
Net profit for the period 2,853,729 5,401,447 -47.17%
Basic and Diluted earnings/ (loss) per share 1.88 3.57 -

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