Lucky Cement records 6.8pc fall in profits for 1st quarter

KARACHI: Lucky Cement Limited reported a net profit of Rs 3.02 billion for the first quarter ended September 30, 2017, which is 6.8 per cent lower as compared to the same period last year. Consequently, the earnings per share (EPS) for the quarter was recorded at Rs 9.33 compared to Rs 10.01 reported during the same period last year. The company also declared a cash dividend of Rs 5 per share upon fresh review of company’s financial situation.

The company’s net sales revenue increased by 6.0 per cent to Rs 11.20 billion compared to Rs 10.57 billion reported during the same period last year. The increase in net sales revenue was mainly attributable to increase in sales volumes.

The local sales volume of the company during the first quarter registered a growth of 14.3 per cent to 1.54 million tons compared to 1.34 million tons reported during the same period last year, whereas export sales volume registered a decline of 25.3 per cent to 0.27 million tons compared to 0.36 million tons reported last year.

On a consolidated basis, Lucky Cement reported a net profit of Rs 3.85 billion for the first quarter ended September 30, 2017, which is 1.8 per cent higher as compared to the same period last year. Consequently, consolidated EPS attributable to the company during the quarter increased to Rs 11.90 compared to Rs 11.69 reported during the same period last year.

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Lucky Cement also reported progress on its key local and international projects i.e. brownfield expansion (installation of new production line) at Karachi plant, fully integrated greenfield cement manufacturing plant in Punjab province, investment in automobile manufacturing plant under license from KIA Motors Corporation, brown field expansion in cement grinding unit in Republic of Iraq, 1 X 660 MW, supercritical coal-based power project at Port Qasim.

Lucky Cement’s Board also passed certain Special Resolutions, of which significant were with respect to increase of its equity investments in Kia Lucky Motors and announcement of new equity investment share in wind power project of 50 MW by the name of Yunus Wind Power Limited. In addition, the Company also made a material information disclosure of its intent to evaluate possible equity investment in another project (i.e. other than Yunus Wind Power) of 50 MW Wind farm together with other Group Companies.

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