Lotte Chemical profit jumps over four times

MG News | August 21, 2024 at 03:09 PM GMT+05:00

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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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