KARACHI: The profit-after-tax (PAT) of Lucky Core Industries (LCI) surged by over 127 per cent to Rs2.5 billion for the three months ending Dec 31, 2023 from Rs1.1bn in the same quarter last year.

The net turnover rose to Rs31bn from Rs25bn in the same period last fiscal year. The sales and PAT in the first half of FY24 stood at Rs60bn and Rs5bn versus Rs49.5bn and Rs2.76bn, up by 21pc and 54pc, respectively.

In a stock filing on Thursday, LCI said the company’s business operations continued to face challenges as a consequence of inflationary pressures, higher tax incidence, rising interest rates and an uncertain demand outlook.

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.

LCI said a float glass manufacturing facility having a production capacity of up to 1,000 tonnes per day in partnership with Tariq Glass Industries Limited was intended to be set up in two phases each with a production capacity of 500 tonnes a day.

The first phase was expected to become commercially operational during FY25 but certain delays in the project timelines are anticipated owing to uncertain economic conditions.

LCI said the joint venture partners are fully committed to completing the project and actively evaluating strategies to expedite the project’s execution.

Published in Dawn, January 26th, 2024