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

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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