Lotte Chemical profit jumps over four times
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MG News | August 21, 2024 at 03:09 PM GMT+05:00
August 21, 2024 (MLN): Lotte Chemical Pakistan Limited (PSX: LOTCHEM) recorded a significant increase of 307.7% in its profits during the second quarter of 2024 despite a fall in gross margins.
The company posted after-tax profit of Rs1.27 billion [EPS: Rs0.84] during the three months ending June 2024, compared to a profit of Rs311.37 million [EPS: Rs0.21] in the same period last year (SPLY).
Going by the results, the company's sales rose 95.4% to Rs32.1bn as compared to Rs16.43bn in SPLY.
The cost of sales also rose by 106.5% but was lesser than proportionate to sales rise, which improved the gross profit by 15.0% YoY to Rs2.3bn in Q2 2024.
The gross margins, however, fell to 7.2% as compared to 12.2% in SPLY.
During the period under review, other income marked a decline of 39.0% to stand at Rs365.21m in Q2 2024 as compared to Rs598.35m in SPLY.
On the expense side, the company's administrative expenses rose 10.6% YoY to Rs178.62m, selling and distribution expenses rose 15.4% YoY to Rs48.98m, and other operating expenses fell 2.5% YoY to Rs156.79m.
The company’s finance cost inflated by 47.8% and stood at Rs206.32m as compared to Rs139.61m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs805.32m against the Rs1.78bn paid in the corresponding period of last year, depicting a fall of 54.8%.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 32,101,958 | 16,429,866 | 95.39% |
| Cost of sales | (29,801,615) | (14,429,654) | 106.53% |
| Gross Profit/ (loss) | 2,300,343 | 2,000,212 | 15.00% |
| Administrative Expenses | (178,615) | (161,433) | 10.64% |
| Selling And Distribution Expenses | (48,983) | (42,465) | 15.35% |
| Other Income | 365,210 | 598,354 | -38.96% |
| Other Operating Expenses | (156,794) | (160,849) | -2.52% |
| Finance Cost | (206,316) | (139,614) | 47.78% |
| Profit/ (loss) before taxation | 2,074,845 | 2,094,205 | -0.92% |
| Taxation | (805,316) | (1,782,833) | -54.83% |
| Net profit/ (loss) for the period | 1,269,529 | 311,372 | 307.72% |
| Basic earnings/ (loss) per share | 0.84 | 0.21 | - |
Amount in thousand except for EPS
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