Lotte Chemical Pakistan Limited (LOTCHEM) disclosed its 1QCY2021 financial result with net profit of PKR 1.69 billion (up by 2,726%YoY). No dividend was announced with the result. The financial result is above the analyst expectations.
The company’s profitability increased by due to 20% YoY decline in gas prices owing to removal of GIDC and stability in PK-US$ exchange rate. Moreover, the PTA-PX Margins remained above the break even level during the quarter. LOTCHEM posted sales of PKR 14.67mn in 1Q2021, making an increase of 25%YoY.
Net Other income declined by 77%YoY during the quarter owing to other expenses.
Finance cost increased during the quarter.
|(PKR in Million)||Mar’21||Mar’20||% YoY|
|Other Operating Income -Net||78||338||-77%|
|Profit Before Tax||2,295||83||2665%|
|Profit After Tax||1,639||58||2726%|
|Earning per Share||1.08||0.04|
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