LOTCHEM's profit drops by nearly half to Rs2.85bn in 1HCY23
MG News | August 11, 2023 at 12:30 PM GMT+05:00
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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