Lotte Chemical’s profit soars 127% to Rs3bn

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THE EXPRESS TRIBUNE > BUSINESS
Lotte Chemical’s profit soars 127% to Rs3bn
By Our Correspondent
Published: August 27, 2019
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PHOTO: LOTTE CHEMICALS PAKISTAN (LinkedIn)

PHOTO: LOTTE CHEMICALS PAKISTAN (LinkedIn)
KARACHI: Lotte Chemical Pakistan Limited’s profit soared 127% to Rs3 billion in the six-month period ended June 30, 2019 on the back of higher gross profit, according to a company notification issued to the Pakistan Stock Exchange (PSX) on Monday.
The chemical manufacturer had recorded a net profit of Rs1.3 billion in the same period of previous year. Earnings per share (EPS) came in at Rs2.01 in Jan-Jun 2019 against Rs0.89 in the same period of 2018.
Revenue of the company stood at Rs33.2 billion in Jan-Jun this year against Rs25.7 billion in the same period of last year.

Cost of sales was recorded at Rs28.7 billion in the first half of 2019 compared to Rs22.9 billion in the corresponding period of 2018.
During the period under review, gross profit of the company was recorded at Rs4.5 billion against Rs2.8 billion in the same period of previous year.
Quarterly result
The chemical company reported bottom line of Rs1.8 billion for the quarter ended June 30, 2019, up 78% compared to Rs990 million in the same quarter of 2018.
The company posted earnings per share (EPS) of Rs1.17 in the second quarter of 2019 against Rs0.65 in the same period of 2018.
“The earnings per share announced by the company stand in line with our expectations,” said BMA Capital Management analyst Asad Ali.
“Lotte Chemical’s EPS, up by 80% year-on-year, was on the back of higher revenue, which increased by 28% year-on-year and improvement in gross profit margins by two percentage points,” said Topline Research.
Turnover of the company was reported at Rs17.1 billion in the quarter under review against Rs13.3 billion in the same period of 2018.
“Topline (revenue) of the company recorded 6% quarter-on-quarter improvement, despite lower purified terephthalic acid (PTA) rates internationally,” he said. “The company was able to make profit due to higher number of orders on the back of rupee depreciation during the quarter.”
Cost of sales in the Apr-Jun 2019 quarter was Rs14.5 billion against Rs11.6 billion in the same quarter of 2018.
Gross profit was reported at Rs2.6 billion compared with Rs1.7 billion in the corresponding period of 2018.
The company’s stock closed at Rs16.52, up Rs0.23, with trading in 19.8 million shares at the stock exchange on Monday.
Published in The Express Tribune, August 27th, 2019
 

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