Lucky Cement posts decline in profit after tax by 16pc in first half

KARACHI: Lucky Cement Limited has posted decline in profit after tax by 16 percent to Rs5.5 billion for first half of the year ended December 31, 2018 as compared with the profit of Rs6.54 billion in the same period of the last year.

The gross profit of the company also came down to Rs7.42 billion for the period under review as compared with Rs8.88 billion, according to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX) on Thursday.

The net sales of the company have increased to Rs24.955 billion as against Rs23.25 billion. On the other hand the cost of sales increased more sharply to Rs17.53 billion as against Rs14.36 billion.

The major expenditure incurred on distribution cost which stood at Rs1.37 billion for the period July – December 2018 as compared with Rs813 million in the same period of the last year.

According to the company the cement industry in Pakistan grew by 3.9 percent to 23.12 million tons during the half year ended December 31, 2018 in comparison to 22.24 million tons during the same period of the last year.

While local sales volume registered a decline of 1.4 percent to 19.56 million tons during the half year in comparison to 19.84 million tons during the same period of the last year.

Export sales volume registered an increase of 47.9 percent to 3.56 million tons during the half year under review as compared to 2.41 million tons reported in the same period last year.

In comparison to the cement industry, the company’s overall sales grew by 6.8 percent to reach 4.01 million tons during the current half year under review. Where, local cement sales volume registered a decline of 6.8 percent (North 10.8 percent and South 2.1 percent) 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 volume of the company more than doubled in the current half year and improved by 109 percent to reach 1.02 million tons as compared to 0.49 million tons during the same period last year.

On the consolidated basis, the company achieved a gross turnover of Rs67.85 billion which is 13.5 percent higher as compared to the same period of the last year’s turnover of Rs59.77 billion.

Moreover, the consolidated net profit of the company was Rs6.14 billion of which Rs0.34 billion was attributable to non-controlling interest which translates into earning per share of Rs17.92 during the current half year ended December 31, 2018 as compared to Rs24.47 during the same period last year.

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