Lucky cement 1HFY12 profits double
1/30/2012 2:55:16 PM
KARACHI: The Board of Directors’ of Lucky Cement Limited (LUCK) has just announced 1HFY12 financial performance of the company on Monday.
In line with the expectations, the company has reported more than double profit in 1HFY12 as its earnings increased by a massive 107 percent YoY to Profit After Tax (PAT) of Rs 3.02 billion translating it into an EPS of Rs 9.33 as against the PAT of Rs 1.46 billion in the corresponding period last year.
According to Sarfaraz Abbasi, research analysts at Summit Capital, “The main reason behind the substantial boost in earnings can be attributed to 28 percent YoY jump in monetary sales to Rs 15.37 billion in 1HFY12 as against the sales of Rs 12.03 billion in same period last year. “
The stunning boost in monetary sales was mainly because of augment in the volumetric sales and higher retention prices. Volumetric sales grew by 2 percent YoY to 2.87 million tons as against the 2.81 million in the same period last year, whereas price of the cement were also seen 25 percent YoY higher to Rs 423/bag as against Rs 339/bag during the same period last year., he added.
Consequently, gross profit posted a gigantic upsurge of 47 percent YoY to Rs 5.82 billion in 1HFY12 over Rs 3.97 billion in 1HFY11.
During the 1HFY12 operating costs remained flat as there were recorded at Rs 1.98 billion as against operating costs of Rs 1.97 billion in 1HFY11 primarily because of decline in distribution cost by a 4 percent YoY to Rs 1.72 billion. Conversely, financial charges declined by 42 percent YoY to Rs 170 million in 1HFY12 as against Rs 294 million in the same period last year because of lower long term debt.
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