KARACHI: Lotte Chemical Pakistan Limited’s profit increased 38% to Rs412.29 million in the year that ended on December 31, 2017, mainly due to higher revenues, according to a notice sent to the Pakistan Stock Exchange (PSX) on Friday.
The company had recorded a profit of Rs323.83 million in the preceding year.
Lotte is a manufacturer and supplier of purified terephthalic acid (PTA) which is a basic raw material for Pakistan’s textile and polyethylene terephthalate (PET) packaging industries.
PTA is utilised to manufacture polyester staple fibre, polyester filament yarn and p-Toluic acid.
Earnings per share of the company rose to Rs0.27 in 2017 compared to Rs0.21 in the previous year. Its board of directors recommended a final cash dividend of Rs0.20 per share.
Lotte Chemical’s stock price surged 4.24%, or Rs0.37, to Rs9.06 at the PSX. It emerged as the day’s volume leader with 49.31 million shares.
The company’s revenues rose 6.5% to Rs37.03 billion compared to Rs34.78 billion in 2016. Cost of sales went up 5% to Rs35.83 billion from Rs34.08 billion. Finance cost swelled to Rs52.39 million from Rs9.53 million. Other income increased to Rs248.61 million from Rs213.57 million.
Published in The Express Tribune, February 3rd, 2018.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ