Lucky Cement records CE of Rs5.13bn

KARACHI: On a consolidated basis, Lucky Cement Limited reported net profit-after-tax of Rs. 5.13 billion of which Rs. 0.78 billion is attributable to non-controlling interests for the first quarter ending on Sept. 30.

This translates into earnings per share of Rs. 13.45 share as compared to Rs. 3.93 share reported during the same period last year, said press release on Tuesday.

On consolidated basis, the company achieved gross turnover of Rs. 57.85 billion which is 68pc higher as compared to the same period last year’s turnover of Rs. 34.43 billion.

During the first quarter 2020-21 under review, the company’s overall consolidated net profit increased by 242pc as compared to the same period last year.

The increase in Net profit was mainly attributable to increase in net profit of cement segment (Holding Company) which increased by 133pc due to better absorption of fixed costs and lower input costs.

This increase in net profit of holding company is also supported by increase in Net Profits of Lucky Motor Corporation and LCL Investment Holdings Limited as compared to same period last year.

On a standalone basis Company’s, overall sales volumes improved by 48.6pc to reach 2.43 million tons during the first quarter ending on Sept. 30, 2020.

The local cement sales volume registered an increase of 48.8pc and were 1.67 million tons in comparison to 1.12 million tons during the same period last year.

The export sales volumes of the company also improved by 49.5pc to reach 0.76 million tons as compared to 0.51 million tons during the same period last year.

The increase in company’s local sales volume during the quarter under review is due to increase in additional capacity at Pezu Plant.

With regards to Company’s standalone financial performance, the gross sales revenue increased by 41.6pc to Rs. 19.73 billion compared to Rs. 13.93 billion reported during the same period last year.