Lotte Chemical net profit surges to Rs4.43bn

Published February 15, 2019
The company posts earnings per share of Rs2.93 up 985 per cent from the same period last year. — Photo courtesy of Lotte Chemical
The company posts earnings per share of Rs2.93 up 985 per cent from the same period last year. — Photo courtesy of Lotte Chemical

KARACHI: Lotte Chemical reported profit after tax of Rs4.43 billion during the year ending December, 2018 translating into earnings per share of Rs2.93 up 985 per cent from the same period last year.

The improvement in bottom-line came as a result of significant improvement in gross profits clocking in at Rs7.38bn following a 55pc jump in revenues which reached to Rs57.4bn from Rs37.03bn recorded during the same period last year.

MTL revenues decline 17.5pc: Millat Tractors Ltd (MTL) net profit declined by 40.5 per cent reaching Rs1.8 billion from Rs3.06bn during the same period last year. The company recorded earnings per share of Rs41.11.

The decline in MTL’s profitability is mainly attributable to a 17.5pc dip in revenues reaching Rs15.39bn from Rs18.66bn same period last year whereas company’s gross profit for the period fell by 33pc during the period under review.

Cherat Cement profit dips 24pc: The Cherat Cement Company announced financial results for the year ending December, 2018 declaring earnings per share of Rs5.82.

The cement manufacturer reported profit after tax at Rs1.02 billion after reporting a 7.29pc dip in top-line revenues clocking in at Rs7.03bn.

Published in Dawn, February 15th, 2019

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