KARACHI: On a consolidated basis, Lucky Cement Limited reported net profit after tax of Rs5.13 billion of which Rs0.78 billion is attributable to non-controlling interests for the first quarter ended September 30, 2020. This translates into earnings per share (EPS) of Rs13.45/share as compared to Rs3.93/share reported during the same period last year.
Further, on a consolidated basis, the Company achieved gross turnover of Rs0 57.85 billion which is 68 percent higher as compared to the same period last year's turnover of Rs34.43 billion. During the first quarter 2020-21 under review, the Company's overall consolidated net profit increased by 242 percent 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 133 percent 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 48.6 percent to reach 2.43 million tons during the first quarter ended September 30, 2020. The local cement sales volume registered an increase of 48.8 percent and was 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 49.5 percent 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.
Further, with regards to Company's standalone financial performance, the gross sales revenue increased by 41.6 percent to Rs19.73 billion compared to Rs13.93 billion reported during the same period last year.
This was due to better absorption of fixed cost as a result of increase in volumes and efficiencies achieved from new production line in the North. Lucky Cement recorded net profit after tax of Rs2.23 billion. Similarly, the standalone EPS of the Company is Rs6.89/share as compared to the same period last year's reported EPS of Rs2.96/share.
The Company reported progress on the greenfield investment project for producing 1.2 million tons of clinker at Samawah, Iraq and 1 X 660 MW supercritical coal based power project at Port Qasim.
Lucky Cement continued its patronage on Education, Women empowerment and Health. The Company is committed for the development of society and the communities in which it operates.-PR
Copyright Business Recorder, 2020
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