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Lucky Cement profit rises to Rs12.43bn

Lucky Cement profit rises to Rs12.43bn

KARACHI: Lucky Cement Ltd’s net profit rose by 9.6 per cent to Rs12.43 billion for the year ended June 30, 2015 from Rs11.34bn a year earlier. Earnings per share (eps) increased to Rs38.44 from Rs35.08.

Net sales grew 3.9pc to Rs44.76bn from Rs43.08bn, mainly because of rise in volume, the company said.

The local sales increased 7pc to 4.42 million tonnes from 4.13m tonnes, but exports decreased 4.5pc to 2.37m tonnes from 2.48m tonnes. The board proposed final cash dividend of Rs9 per share.

On a consolidated basis, the company reported net profit of Rs13.757bn for the year under review, 15.68pc higher compared to last year. Consequently, consolidated eps increased to Rs42.54 from Rs36.78 last year.

In a press statement released on Tuesday, the company reported progress on its key foreign and local projects, including fully integrated cement manufacturing plant in Congo, and a 660MW coal-based power project, among others.

Analysts said the company results were in line with market expectations.

The consolidated 4QFY15 earnings amounted to Rs3.5bn (eps Rs10.7), up by 4.9pc as against Rs3.3bn (eps Rs10.2) in the same quarter last year.

Bottom-line growth in 4QFY15 was restricted to 4.9pc, mainly on the back of higher effective tax rate (up by 872bps year-on-year to 27.4pc) as a result of one-time super tax.

However, profit before tax increased by 16.7pc year-on-year to Rs5.1bn due to improvement in gross profit margin and decline in financial charges.

Published in Dawn, September 9th, 2015

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