Half year ending December 31, 2019: Lucky Cement records consolidated earnings of Rs 3.21 billion

On a consolidated basis, Lucky Cement Limited reported net profit after tax of Rs 3.21 billion after taking out Rs 0.71 billion attributable to non-controlling interests for the half year ended December 31, 2019, which translates into earnings per share (EPS) of Rs 9.93 / share as compared to Rs 17.92 / share reported during the same period last year.

Further, on a consolidated basis, the Company achieved gross turnover of Rs 79.56 billion which is 17.3 percent higher as compared to the same period last year's turnover of Rs 67.85 billion.

On a standalone basis Company's, overall sales volumes declined by 8.4 percent to reach 3.68 million tons during the current half year ended December 31, 2019. The local cement sales volume registered a decline of 13.3 percent and were 2.59 million tons in comparison to 2.99 million tons during the same period last year, however, the export sales volumes of the Company improved by 6.0 percent to reach 1.08 million tons as compared to 1.02 million tons during the same period last year.

Further, with regards to Company's standalone financial performance, the gross sales revenue decreased by 10.9 percent to Rs 31.10 billion compared to Rs 34.89 billion reported during the same period last year. This was mainly due to lower sales volumes and cut-throat pricing on the back of lower demand and retentions due to higher transportation and logistics costs.

Furthermore, Lucky Cement recorded net profit after tax of Rs 1.94 billion, which is 64.8 percent lower as compared to same period last year. Similarly, the standalone EPS of the Company is Rs 5.99 / share as compared to the same period last year's reported EPS of Rs 17.01 / share.

Lucky Cement also shared the successful completion of construction and installation for its brown field expansion for cement production of 2.8 million tons per annum at its Pezu Plant which has increased total production capacity (including both North and South plants) of the Company from previous 9.35 million tons to 12.15 million tons per annum.

In addition, the Company also reported progress on the green field investment project for producing 1.2 million tons of clinker at Samawah, Iraq and investment projects of 1 X 660 MW supercritical coal based power project at Port Qasim.-PR