LAKKI MARWAT: Lucky Cement has announced to set up a $200 million worth fully integrated green field cement manufacturing plant with the capacity of 2.3 million tons in Punjab.
According to an official statement, the decision was taken during a meeting of Board of Directors of Lucky Cement. As pet the decision, the construction work is expected to start in the first quarter of calendar year 2016 and the plant will become operational in the second quarter of calendar year 2018. It said that the Company also reported progress on its key foreign and local projects including fully integrated cement manufacturing plant in the Democratic Republic of Congo, 1 X 660 MW, super critical, coal based power project, 50 MW Wind Farm, electricity supply to PESCO and WHR (waste heat recovery) at PEZU power plant.
The press release said that Lucky Cement continued to take initiatives to align its business operations with corporate social responsibility roadmap through various support projects for significant improvements in the areas of health, education and environment.
Meanwhile, Lucky Cement Limited has reported net profit of Rs2.968 billion during the first quarter ended September 30th, 2015 which is 11.2pc higher than the same period last year. Consequently, the earnings per share (EPS) for the 1st quarter increased to Rs9.18 compared to Rs8.25 reported during the same period last year. The Company’s net sales revenue declined by 1.2pc to Rs 10.34 billion compared to Rs 10.47 billion reported during the same period last year.
The decrease in net sales revenue was primarily attributable to 2.7pc decrease in sales volume which was partially offset by 1.5pc increase in net retention due to improved sales mix.
The local sales volume of the Company during the first quarter registered a growth of 11pc with 1.07 million tons compared to 0.97 million tons reported during the same period last year, whereas export sales volume registered a decline of 23.2pc with 0.49 million tons compared to 0.64 million tons during the same period last year.
On a consolidated basis, Lucky Cement reported net profit of Rs 3.297 billion for the first quarter ended September 30th, 2015 which is 13.81pc higher compared to same period last year. Consequently, consolidated EPS during the first quarter increased to Rs10.20 compared to Rs8.96 reported during the same period last year.
