April 26, 2019 (MLN): Lucky Cement Limited has achieved Profits after Tax of Rs. 9.9 billion (EPS: Rs. 28.64) during the nine months period ended March 31, 2019, as compared to Rs. 13 billion reported during the same period last year.
The company’s sales revenue grew by 11.5% due improvement in retention prices as well as higher export volumes for clinker. The overall volumetric sales grew by 1.9% to reach 5.95 million tons during the period under review. The local cement sales volume registered a decline of 12.2% and was 4.42 million tons in comparison to 5.04 million tons last year.
However, the cost of sales surged by 21% on the back of increase in coal prices, packing material and other fuel prices. Furthermore, PKR devaluation also contributed in dragging up the cost of sales.
The distribution expenses of the company jumped by 28%, owing to increase in exports by 105.5% to 1.53 million tons. Moreover, the finance costs escalated by 115% on account of increase in interest rates.
However, the company gained some relief in the form of deferred taxation, which reduced the tax expenses by Rs. 1 billion.
|
Profit and loss account for the nine months ended March 31 2019 (Rupees'000) |
|||
|---|---|---|---|
|
Mar-19 |
Mar-18 |
% Change |
|
|
Revenue |
103,320,389 |
92,601,630 |
11.58% |
|
Sales tax and excise duty |
-16,764,874 |
-16,469,999 |
1.79% |
|
Rebates and commission |
-4,489,902 |
-3,784,476 |
18.64% |
|
Cost of sales |
-63,799,985 |
-52,539,849 |
21.43% |
|
Gross profit |
18,265,628 |
19,807,306 |
-7.78% |
|
Distribution cost |
-4,296,137 |
-3,333,525 |
28.88% |
|
Administrative expenses |
-2,308,421 |
-2,070,348 |
11.50% |
|
Finance cost |
-1,151,277 |
-534,989 |
115.20% |
|
Other expenses |
-1,313,476 |
-1,760,266 |
-25.38% |
|
Other income |
3,061,838 |
3,502,495 |
-12.58% |
|
Profit before taxation |
12,258,155 |
15,610,673 |
-21.48% |
|
Taxation |
|||
|
– current |
-3,332,147 |
-2,423,620 |
37.49% |
|
– deferred |
1,071,569 |
-119,736 |
|
|
Profit after taxation |
9,997,577 |
13,067,317 |
-23.49% |
|
Earnings per share – basic and diluted |
28.64 |
36.91 |
-22.41% |
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