Lotte Chemical profit plummets 75% in Q3

MG News | October 25, 2024 at 12:04 PM GMT+05:00

0:00

October 25, 2024 (MLN): Lotte Chemical Pakistan Limited's (PSX: LOTCHEM)profit after tax plunged 75.1% to Rs494.94 million [EPS: Rs0.33] during the thrid quarter of 2024, compared to a profit of Rs1.99 billion [EPS: Rs1.31] in the same period last year (SPLY).

Its shares fell over 5% during intraday trade on Friday.

The company's top line increased 4.3% to Rs24.6bn as compared to Rs23.59bn in SPLY.

However, the cost of sales also rose by 16.7%, which worsened the gross profit by 69.4% to Rs1.05bn in Q3 2024.

The gross margins fell to 4.2% as compared to 14.5% in SPLY.

Moreover, other income contracted by 60.8% to stand at Rs274.7m in Q3 2024 as compared to Rs700.47m in SPLY.

On the expense side, the company's administrative expenses rose 22.1% from a year ago to Rs190.64m, selling and distribution expenses rose 43.8% to Rs66.53m, while other operating expenses fell 75.7% to Rs56.74m.

The company’s finance cost deflated by 60.0% and stood at Rs186.8m as compared to Rs466.98m in SPLY.

On the tax front, the company paid a lower tax worth Rs324.07m against the Rs1.23bn paid in the corresponding period of last year, depicting a fall of 73.6%.

This translates to an effective tax rate of 39.6% as compared to 38.2% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	24,597,854	23,592,757	4.26%
Cost of sales	(23,552,829)	(20,175,824)	16.74%
Gross Profit/ (loss)	1,045,025	3,416,933	-69.42%
Administrative Expenses	(190,642)	(156,199)	22.05%
Selling And Distribution Expenses	(66,530)	(46,258)	43.82%
Other Income	274,696	700,470	-60.78%
Other Operating Expenses	(56,735)	(233,027)	-75.65%
Finance Cost	(186,802)	(466,977)	-60.00%
Profit/ (loss) before taxation	819,012	3,214,942	-74.52%
Taxation	(324,070)	(1,228,393)	-73.62%
Net profit/ (loss) for the period	494,942	1,986,549	-75.09%
Basic earnings/ (loss) per share	0.33	1.31	-

Amount in thousand except for EPS

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