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Lotte Chemical’s half yearly profits increase by 280%: Earnings report

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In a Board of Directors meeting held on Tuesday, August 7, 2018 Lotte Chemical Pakistan Limited discussed its financial earnings for the six months’ period that ended on June 30th 2018.

According to the report issued to PSX, as compared to the half year ending on June 30th 2017, the company’s Revenue increased by 28.8% while their Gross Profits witnessed an admirable increment of 321%.

Although Other Expenses rose by 855% and the Finance costs increased by 550%, Other income increased by 78% and along with the huge gains in Gross profit, resulted in a 353% increase in Profit before taxation.

Taxation went up by 524%, bringing the overall Profits after taxation to an increase of 280%.

Lotte Chemical reported their basic and diluted earnings per share to be at Rs.0.89 as compared to Rs.0.23 per share during the same period last year.

 

Profit and Loss Account for the Half Year Ended on June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Revenue

                     25,695,282

                     19,946,784

28.82%

Cost of Sales

                  (22,861,095)

                  (19,274,705)

18.61%

Gross Profit

                       2,834,187

                           672,079

321.70%

Distribution and Selling Expenses

                           (41,319)

                           (50,254)

-17.78%

Administrative Expenses

                        (181,176)

                        (168,851)

7.30%

Other Expenses

                        (266,470)

                           (27,893)

855.33%

Other Income

                           217,271

                           121,623

78.64%

Finance Cost

                        (276,183)

                           (42,464)

550.39%

Profit/(loss) before Taxation

                       2,286,310

                           504,240

353.42%

Taxation

                        (940,820)

                        (150,560)

524.88%

Profit/(loss) after Taxation

                       1,345,490

                           353,680

280.43%

Earnings/(loss) per share – Basic and Diluted (Rs.)

                                  0.89

                                  0.23

286.96%

 

Posted on: 2018-08-07T11:12:00+05:00

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