LOTCHEM’s profits deteriorate by 96% YoY in 1QCY20

MG News | April 16, 2020 at 04:05 PM GMT+05:00

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April 16, 2020 (MLN): Lotte Chemical Pakistan Ltd (LOTCHEM) has unveiled its financial results for the 1^st quarter ended March 31, 2020, as per results, the company has observed the massive decline in its net profits by around 96% YoY to Rs 57 million (EPS: Rs 0.04) due to decline in PTA margins.

The company bore the gross losses of Rs 113 million due to the decline in international PTA margins.

On the cost front, the administrative expenses and distribution & selling expenses jumped by 13.68% YoY and 5% YoY respectively whereas other expenses plunged by 96% YoY.

On the other hand, the other income of the company increased by 2 times YoY to Rs 343 million owing to higher income from short term deposits along with higher interest rates. Meanwhile, finance cost went down by 78% YoY, from Rs 49 million to Rs 10 million.

More notably, the tax expenses of the company plummeted by 95% YoY, providing the cushion to its earnings.

Profit and Loss Account for the 1st Quarter ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Revenue from contract with customers-net	11,712,002	16,123,287	-27.36%
Cost of Sales	(11,825,089)	(14,243,457)	-16.98%
Gross Profit	(113,087)	1,879,830
Distribution and Selling Expenses	(24,861)	(23,694)	4.93%
Administrative Expenses	(106,044)	(93,287)	13.68%
Other Expenses	(5,211)	(132,191)	-96.06%
Other Income	343,375	166,909	105.73%
Finance Cost	(10,585)	(49,062)	-78.43%
Profit/(loss) before Taxation	83,587	1,748,505	-95.22%
Taxation	(25,593)	(462,154)	-94.46%
Profit after Taxation	57,994	1,286,351	-95.49%
Earnings per share - Basic and Diluted (Rs.)	0.04	0.85	-95.29%

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