Lotte Chemical records loss of Rs236.5m

KARACHI: Lotte Chemical Pakistan - the country’s sole manufacturer of Pure Terephthalic Acid (PTA), an essential raw material used in the polyester industry - reported a net loss of Rs236.5 million or Rs0.16 per share in the six-month period ending June 30, 2015, according to a notice sent to the Karachi Stock Exchange on Friday.

The Pakistani subsidiary of South Korean conglomerate, Lotte, however, managed to cut its losses during the review period when compared with Rs623 million or Rs0.41 per share it reported in losses in the first half of 2014.

The company’s sales were down by more than a quarter, 26.31% to be exact, to Rs18.2 billion in the first six months of 2015 compared to Rs24.8 billion of the corresponding period last year. However, the company reported a net profit of Rs69 million or Rs0.05 per share in the quarter ending June 30, 2015.

Published in The Express Tribune, August 22^nd, 2015.

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