Lucky Core Industries Ltd announces results for nine-month period

Karachi: Following the meeting of the Board of Directors, Lucky Core Industries Limited announced its financial results for the quarter and nine months ended March 31, 2023.

On a consolidated basis (including the results of the Company’s subsidiary Lucky Core PowerGen Limited), net turnover for the nine months from continuing operations under review at Rs 80,429 million is higher by 11 percent over the same period last year (SPLY).

Operating Result from continuing operations at Rs 10,509 million is higher by 3 percent in comparison to the SPLY. On a consolidated basis, profit after tax (PAT) for the nine months period under review for both continuing and discontinued operations at Rs 22,175 million is 172 percent higher than the SPLY.

The increase is primarily due to the disposal of approximately 26.5 percent of the issued and paid up share capital of NutriCo Morinaga (Private) Limited resulting in a gain of Rs 8,911 million and a one-off notional gain of Rs 8,239 million recorded on account of re-measurement of the remaining 24.5 percent shareholding of NMPL in accordance with the relevant IFRS.

On a standalone basis, PAT and EPS for the nine months period under review at Rs 14,634 million and Rs 158.45 are 168 percent higher than the SPLY primarily on account of higher Operating Results and a gain of Rs 9,842 million on the divestment of 26.5 percent of the issued and paid up share capital of NMPL slightly offset by an increase in finance costs and higher exchange loss.

Following the announcement of results for the quarter and nine months, Lucky Core Industries Limited Chief Executive Asif Jooma said “Amidst pressures posed by multiple macroeconomic challenges, the Company remains steadfast in its Journey of Enriching Lives, which is the driving force behind its brand promise of cultivating growth.”

Copyright Business Recorder, 2023