Lotte Chemical’s bottom-line gains enroute north

MG News | October 19, 2018 at 01:25 PM GMT+05:00

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October 19, 2018 (MLN): Lotte Chemical Pakistan Limited (LOTCHEM)’s financial performance has improved commendably as compared to last year as its profits during the nine months ended on September 2018 increased by Rs.3 billion.

The company issued an account of its financial earnings to the Pakistan Stock Exchange (PSX), earlier today. According to the document, LOTCHEM’s top-line earnings skyrocketed by over Rs.13.7 million over the net revenue earned by September 2017.

After adjustments for cost of sales, the company’s gross profits logged in at a value Rs.4.9 billion higher than last year’s value.

While Lotte Chemical’s overall expenses rose by noticeable amounts and tax provisions soared by around 500%, the company still managed to pull up its total profits by a remarkable margin, from Rs.405 million to Rs.3.4 billion.

Its basic and diluted earnings per share increased by Rs.1.98 per share as it stood at Rs.2.25 per share.

In its board of directors meeting held earlier this morning, the company also recommended an interim cash dividend of Rs.1.50 per share (15%) on the nominal value of the shares in the company.

Profit and Loss Account for the nine months ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Revenue	42,140,134	28,413,038	48.31%
Cost of Sales	(36,369,351)	(27,542,524)	32.05%
Gross Profit	5,770,783	870,514	562.92%
Distribution and Selling Expenses	(79,288)	(70,184)	12.97%
Administrative Expenses	(277,393)	(254,634)	8.94%
Other Expenses	(478,990)	(37,296)	1184.29%
Other Income	338,918	182,933	85.27%
Finance Cost	(302,268)	(27,397)	1003.29%
Profit/(loss) before Taxation	4,971,762	663,936	648.83%
Taxation	(1,563,797)	(258,859)	504.11%
Profit/(loss) after Taxation	3,407,965	405,077	741.31%
Earnings/(loss) per share - Basic and Diluted (Rupees)	2.25	0.27	733.33%

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