Lotte Chemical profit plummets 75% in Q3
MG News | October 25, 2024 at 12:04 PM GMT+05:00
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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