KARACHI: Lucky Cement Ltd has reported its profit after tax (PAT) of Rs6.55 billion for the half year ended Dec 31, 2017, 7 per cent lower than Rs7.04bn in the corresponding period of the previous year.
The company’s gross sales revenue increased by 5.2pc to Rs32.85bn compared to Rs31.24bn recorded in the same period last year. “The increase in gross sales revenue was mainly attributable to higher federal excise duty and sales tax”, the company said in a statement.
The local cement sales volume of the company during the half year registered a growth of 16.9%pc (north 15.6pc and south 18.5pc) to reach 3.21 million tonnes versus 2.75m tonnes reported during the same period last year. Local clinker sales volume declined by 74.9pc to 0.06m tonnes during the current half year as against to 0.24m tonnes in the same period last year. Consequently, an overall local sales growth of 9.7pc was registered to reach 3.27m tonnes compared to 2.98m tonnes during the same period last year. Export sales volume registered a decline of 35.1pc to 0.49pc tonnes versus to 0.75m tonnes reported last year.
On a consolidated basis, Lucky Cement reported a net profit of Rs7.91bn for the half year under review, 2.6pc lower against the same period last year.
It reported satisfactory completion of brownfield expansion with the installation of a new production line at the Karachi Plant and a cement grinding unit in Iraq in December 2017.
