Lotte Chemical’s profit plunges by 40% YoY in 9MCY23

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MG News | October 12, 2023 at 02:57 PM GMT+05:00

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October 12, 2023 (MLN): Lotte Chemical Pakistan Limited (PSX: LOTCHEM) experienced a notable 40.29% decrease in profitability year-over-year, with its profit after tax amounting to Rs4.84 billion [EPS: Rs3.2] in 9MCY23.

This marks a substantial decline from the the same period last year (SPLY) when the company recorded a profit of Rs8.11bn [EPS: Rs5.35] 

Going by the results made available by the company on the PSX, the company's top line fell by 21.86% YoY to Rs62.14bn as compared to Rs79.51bn in SPLY.

The cost of sales also fell by 19.20% YoY but was lesser than proportionate to the sales decline, which worsened the gross profit by 33.45% YoY to Rs9.86bn in 9MCY23.

During the review period, other income rose by 31.81% YoY to stand at Rs1.88bn in 9MCY23 as compared to Rs1.43bn in SPLY.

On the expense side, the company observed an increase in Distribution and selling expenses by 10.53% YoY while other expenses fell by 29.67% YoY to clock in at Rs125.59m and Rs691.4m respectively during the review period.

The company’s finance costs shrank by 24% YoY and stood at Rs1.36bn as compared to Rs1.79bn in 9MCY23, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs4.25bn against the Rs4.82bn paid in the corresponding period of last year, depicting a fall of 11.75% YoY.

Unconsolidated (un-audited) Financial Results for nine months ended 30 September, 2023 (Rupees in '000)
  Sep 23 Sep 22 % Change
Sales 62,135,321 79,513,368 -21.86%
Cost of sales (52,279,191) (64,702,374) -19.20%
Gross Profit 9,856,130 14,810,994 -33.45%
Distribution and selling expenses (125,590) (113,624) 10.53%
Administrative and general expenses (469,265) (427,765) 9.70%
Other Income 1,883,980 1,429,348 31.81%
Other expenses (691,400) (983,106) -29.67%
Finance cost (1,362,098) (1,792,345) -24.00%
Profit before taxation 9,091,757 12,923,502 -29.65%
Taxation (4,251,479) (4,817,776) -11.75%
Net profit for the period 4,840,278 8,105,726 -40.29%
Basic earnings/ (loss) per share 3.20 5.35 -

Amount in thousand except for EPS

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