KARACHI: Following the meeting of the Board of Directors, Lucky Core Industries Limited (the “Company”) announced its financial results for the quarter ended September 30, 2023.

On a consolidated basis, net turnover for the quarter under review from continuing operations under review at Rs 28,994 million is higher by 19 percent over the same period last year (SPLY).

The consolidated Operating Result from continuing operations stood at Rs 4,134 million, which is higher by 32% in comparison to the SPLY.

On a consolidated basis, Profit After Tax (PAT) for the quarter at Rs 2,537 million is 31 percent higher than the SPLY, whereas earning per share (EPS) attributable to the owners of the holding company at Rs 27.48 is 41 percent higher than the SPLY, mainly owing to improved operating performance.

On a standalone basis, PAT and EPS for the quarter under review at Rs 2,513 million and Rs 27.21 respectively are 31 percent higher than the SPLY, primarily on account of higher operating results, exchange gain, and other income resulting from dividend income of PKR 646 million derived from the short-term investments.

Following the announcements of results, LCI’s Chief Executive Asif Jooma said “The current global and domestic landscape pose continuing challenges for business operations, on account of higher costs due to inflationary pressures, volatile exchange rates, an elevated tax incidence, high interest rates, and an uncertain demand outlook.

Though there was some respite in the form of easing import restrictions, the prolonged monetary tightening measures have negatively impacted the consumers’ purchasing power resulting in a significant demand compression across all segments of the economy.

Navigating these challenges, LCI continues to maintain a focus on its mission of Improving Lives and contributing positively to benefit stakeholders during this difficult period.”

Copyright Business Recorder, 2023