Home Business Lucky Cement posts consolidated earnings of Rs 9.26bn for July-March 2019

Lucky Cement posts consolidated earnings of Rs 9.26bn for July-March 2019

229

KARACHI: On a consolidated basis, Lucky Cement Limited reported net profit after tax of Rs 9.26 billion after taking out Rs 0.74 billion attributable to non-controlling interests for the nine months ended March 31, 2019, which translates into earnings per share (EPS) of Rs 28.64 / share as compared to Rs 36.91 / share reported during the same period last year.

Further, on a consolidated basis, the company achieved gross turnover of Rs 103.32 billion which is 11.6 per cent higher as compared to the same period last year’s turnover of Rs 92.60 billion.

On a standalone basis Company’s overall sales volumes grew by 1.9 per cent to reach 5.95 million tons during the nine months of the current financial year. The local cement sales volume registered a decline of 12.2 per cent to come to 4.42 million tons in comparison to 5.04 million tons last year and the export sales volumes of the Company improved by 105.5 per cent to reach 1.53 million tons as compared to 0.74 million tons during the same period last year.

Further, with regards to Company’s standalone financial performance, the gross sales revenue increased by 3.3% to Rs 52.32 billion compared to Rs 50.63 billion reported during the same period last year. The increase in revenue was mainly due to higher export volumes for clinker. Furthermore, Lucky Cement recorded net profit after tax of Rs 8.30 billion, which is 15.4% lower as compared to same period last year. Similarly, the standalone EPS of the Company is Rs 25.65 / share as compared to the same period last year’s reported EPS of Rs 30.31 / 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.