Lucky profits slide by 6pc, plans expansion
KARACHI: Lucky Cement Ltd announced on Thursday that the company has decided to increase the cement production capacity at its Pezu Plant by 2.6 million tonnes per annum.
The project cost was estimated at Rs17.5 billion based on current exchange rates with all the necessary approvals and no-objection certificate have been secured from the KP government.
Lucky would also embark on a greenfield clinker production facility with a capacity of 1.2m tonnes per annum in Samawah, Iraq as a joint venture with its existing local partner at a cost of $109m, subject to regulatory/statutory approvals. Both the projects aim to start commercial production from the last quarter of CY19.
The company also recorded 9MFY17 net profit at Rs9.80bn, lower by 6 per cent year-on-year. Earnings per share declined to Rs30.31, from Rs32.23 while gross sales increased by 7.1pc to Rs50.61bn against Rs47.29bn.
Hubco posts Rs2.98bn profit: Hub Power Company (Hubco) declared PAT at Rs2,981m (EPS: Rs2.58) for 3QFY18, up 16.5pc compared to Rs2,559m (EPS: PKR 2.21) in the same period last year.
In 9MFY18, earnings jumped by 8.5pc year-on-year to Rs8.28bn and EPS Rs7.15 from Rs7.62bn and Rs6.59 respectively. The board also announced a cash dividend at Rs1.60 per share, taking the nine month payout to Rs4.60 per share.
Net sales of Rs19,495m were recorded during 3QFY18, down 24.8pc due to 47.3pc lower despatches. However furnace oil prices were up by 10.7pc while the nine month figure dipped by 0.5pc to Rs73,786m as furnace oil prices were up by 18.4pc.
NCL quarterly profit soars by 158pc: Nishat Chunian Ltd (NCL) announced 3QFY18 PAT of Rs711m (EPS: Rs2.96), higher by 1.6 times whereas on a cumulative basis, the figure was down 14pc to Rs1.2bn (EPS: Rs5.01).
BMA Capital stated that the results were above expectation and primary reason for deviation was likely the exchange gain and larger than expected expansion in gross margins to 13.9pc from 10.1pc in the previous quarter.
Net sales of the company surged by 17pc to Rs8.9bn due to commencement of operations of refurbished spinning unit and higher realised yarn prices.
Published in Dawn, April 27th, 2018