Lotte Chemical turns to profit

KARACHI: Lotte Chemical Pakistan Limited turned to profit with earnings of Rs313 million in the quarter ended March 31, 2017 on the back of increased sales and reduced cost, according to a bourse filing on Wednesday.

The chemical manufacturer had booked a loss of Rs182 million in the same quarter of previous year.

It reported earnings per share of Rs0.21 in the January-March quarter compared to loss per share of Rs0.12 last year.

Stock price of the company fell 0.17%, or Rs0.02, to Rs11.59 with trading in 13.34 million shares at the Pakistan Stock Exchange.

Revenue rose 31% to Rs10.60 billion from Rs8.11 billion. Cost of sales dropped to 95.47% (Rs10.12 billion) of total sales from 102.09% (Rs8.28 billion).

Other income soared to Rs58 million from Rs18 million. On the flip side, finance cost rose to Rs9 million from Rs3 million.

Published in The Express Tribune, April 27^th, 2017.

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