Lucky Cement records consolidated earnings of PKR 5.80 billion.
KARACHI -- On a consolidated basis, Lucky Cement Limited reported net profit after tax of PKR 5.80 billion after taking out PKR 0.34 billion attributable to non-controlling interests for the half year ended December 31, 2018, which translates into earnings per share (EPS) of PKR 17.92 / share as compared to PKR 24.47 / share reported during the same period last year. Further, on a consolidated basis, the Company achieved gross turnover of PKR 67.85 billion which is 13.5% higher as compared to the same period last year's turnover of PKR 59.77 billion. On a standlaone basis Company's overall sales volumes grew by 6.8% to reach 4.01 million tons during the current half year under review; where, local cement sales volume registered a decline of 6.8% (North 10.8% and South 2.1%) in the current half year to reach 2.99 million tons in comparison to 3.21 million tons in the same period last year. On the other hand, export sales volumes of the Company more than doubled in the current half year and improved by 109.0% to reach 1.02 million tons as compared to 0.49 million tons during the same period last year. Further, with regards to Company's standalone financial performance, the gross sales revenue increased by 6.2% to PKR 34.89 billion compared to PKR 32.85 billion reported during the same period last year.
The increase in revenue was mainly due to higher export volumes for clinker and cement. Furthermore, Lucky Cement recorded net profit after tax of PKR 5.50 billion, which is 16.0% lower as compared to same period last year. Similarly, the standalone EPS of the Company is PKR 17.01 / share as compared to the same period last year's reported EPS of PKR 20.25 / share. Lucky Cement also shared progress on its brownfield expansion for cement production of 2.6 million tons per annum at its Pezu Plant and the greenfield investment project for producing 1.2 million tons of clinker at Samawah, Iraq. In addition, the Company also reported progress on its investment projects of 1 X 660 MW supercritical coal based power project at Port Qasim and automobile manufacturing plant under license from Kia Motors Corporation.
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|Publication:||The Messenger (Karachi, Pakistan)|
|Date:||Feb 1, 2019|
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