KARACHI, Jan 28: As the results reporting season started in right earnest, some of the big ticket corporates came up with financial figures and payouts on Monday.

Lotte Pakistan and National Refinery had released results on Friday and Saturday, respectively (market closed on both days). The Attock Group companies, holding Board meetings in Dubai sent in results earlier in the day on Monday.

Attock Petroleum; Attock Cement and Pakistan Oilfields posted earnings and payouts that displayed profit and dividends, either of which were in line with market expectations.

But most analysts admitted that the numbers did not hold anything that could surprise the market. Among the little traded scrips, International Steel and Mitchell’s' Fruit farms also pushed forward their earning numbers.

Yet, one of the most eagerly waited result, that of, Lucky Cement was unveiled on Monday.

The cement sector, which had outperformed the market in 2012, was banking on the two biggest companies, D.G. Khan Cement and the Lucky Cement. Here is the synopsis of results released on Monday.

Lucky Cement "outperformed its competition", claimed the company in a press release. The profit for the half year 2012-13 surged 42.15 per cent to Rs4.29 billion, resulting in earning per share (eps) at Rs13.27, compared to profit at Rs3.02 billion and eps at Rs9.33 in the corresponding period of last year. The company’s net sales improved by 13.90pc to Rs17.511 billion against Rs15.374 billion of the corresponding period last year.

The local sales volume grew by 5.5pc to 1.77 million tons as compared to 1.68 million tons in same period last year. The combined sales revenue of Lucky Cement increased 13.9pc, which was attributed to 21.3pc growth in domestic sales and 3.7pc growth in exports. The financing cost decreased by 61pc.

“To enhance the quality of cement and for capturing new export markets, Lucky Cement plans to replace its existing Chinese origin cement grinding mills located at the Karachi plant with renowned European vertical mills,” the company stated in its release and added that the replacement would reduce cost of production due to more energy efficient operations.

The company is also upgrading its packing machines at the Pezu plant with new European origin Ventomatic Packing Plants. Lucky Cement also completed the acquisition of ICI Pakistan along with its group consortium.

Lucky Cement now holds 56.86pc of equity in ICI Pakistan Limited.

Muhammad Sarfraz Abbasi at Summit Capital commented that three key factors brought out good performance by the company: higher sales because of the higher prices; higher other income and decline in financial charges.

Topline Research noted that the revenue per ton of the company rose by 17pc to Rs6,284 as against Rs5,362 during the same period previous year. While the cost per ton inched up by 8pc.

Attock Petroleum The PAT declined 3 per cent to Rs2.16bn, translating into eps at Rs31.18 for 1HFY13 as against earnings of Rs2.22bn (EPS of Rs32.08) in the corresponding period last year.

However to the market’s surprise, the company did not announce any cash payout with the result, while there was consensus forecast of a cash payout between Rs17.5 to Rs20 per share. "We believe, potential acquisition of Chevron petroleum marketing affiliates in both Pakistan and Egypt (for which the company is conducting due diligence) is the reason for the no payout", analysts at Topline Securities said.

Pakistan Oilfields The company posted PAT of Rs5.7billion (eps: Rs23.94) in 1HFY13 compared to Rs6.2bn (EPS: Rs26.08) same period last year, depicting a decline of 8.2 per cent. In 2QFY13, PAT of the company surged by 14pc YoY to PKR3.1bn. The result was inline with most analysts’ expectations. POL announced interim cash dividend at Rs20 per share, which was higher than forecasts.

The decline in profitability during 1HFY13 was attributed to notable decline in hydrocarbon production, significantly higher exploration charges (4.4x YoY higher) plus lower dividend income from NRL and APL. Net sales of the company stood reduced by 5pc YoY to PKR7.1bn in 1HFY13 on account of lower oil and gas production during the period.

Attock Refinery The Refinery announced 1HFY13 EPS of Rs37.62, up by impressive 38pc from EPS of Rs27.2 in 1HFY12. The company also announced interim cash dividend of Rs2.5 per share with the results.

Growth in earnings primarily stemmed from better refinery operations, thanks to higher GRMs (Gross Refining Margins) compared to last year. Nauman Khan, analysts said that it was interesting to note that out of EPS of Rs37.62 during 1HFY13, refinery operations contributed EPS of Rs25.4 versus earnings contribution of Rs14.18 per share during the same period last year, up by massive 79pc.

National Refinery The company announced 1HFY13 EPS at Rs19.6 compared to Rs19.8 in the same period last year, reflecting slippage of 1pc. Gross margins were realized at 3.3pc, against 3.6pc during corresponding period previous year. Gross profit fell by 3pc to Rs2.8bn. Reduced margins in its lube business stood out as the primary culprit behind decline in earnings. Earnings from the business segment recorded profit of Rs1.3bn as against of Rs1.7bn during the corresponding period last year, down 25pc. The decline of 9pc in other income to Rs1.1bn as against Rs1.2bn also left negative impact on the bottomline.

Lotte Pakistan Lot PTA announced loss of Rs184mn (loss per share Rs0.12) in 2012 compared to profits of Rs4.2bn (Rs2.76 per share) last year. Decline in earnings was primarily attributed to shrinking margins to average $80 per ton in 2012 as against $216 per ton in the same period last year. Subdued international cotton prices, lack of textile demand from developed economies and increasing PTA capacities were the main culprits that pulled down the margins.