Corporate results: Lotte posts first quarterly profit in 15 months

Net profit for nine months stands at Rs112 million.

KARACHI: Lotte Chemical Pakistan reported a turnaround in its performance, posting its first quarterly profit in the last five quarters in the latest financial results released by the company on Monday.

Lotte posted a profit of Rs112 million or Rs0.07 per share in the first nine months of calendar year 2013, turning around from a loss of Rs422 million or Rs0.28 per share in the corresponding period of 2012.

It reported a profit of Rs535 million or Rs0.35 per share for the third quarter of 2013, as the company recorded quarterly profits after five quarters, Shajar Capital said in a report.

Improved earnings in the quarter came on the back of better gross margins and higher other income, it said.

The company’s revenues for the nine-month period increased to Rs42 billion, up 5% from Rs40 billion in the previous year. Cost of sales, however, increased by a similar margin of 5% to Rs42.5 billion against Rs40 billion in the previous year.

The company’s margins during the July-September quarter ranged within the average of $80 to $85, the same range variance it had last year, however gross profit during the quarter came on the back of time differential in booking the profit compared to last year, according to Shajar Capital.

On a nine month basis, the company posted a loss of Rs269 million, up 14% from Rs236 million in the previous year.

Published in The Express Tribune, October 29^th, 2013.

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