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 |
| Sales | 14,671 | 11,712 | 25% |
| Gross Profit | 2,263 | (113) | 2103% |
| Distribution expense | (29) | (25) | 17% |
| Admin Expense | (115) | (106) | 8% |
| Other Operating Income -Net | 78 | 338 | -77% |
| Finance Cost | (98) | 10 | -1080% |
| Profit Before Tax | 2,295 | 83 | 2665% |
| Tax | (656) | (26) | 2423% |
| Profit After Tax | 1,639 | 58 | 2726% |
| Earning per Share | 1.08 | 0.04 |
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