Lucky Cement records 107% increase in Profit for HY ending 31st December 2011
30th January, Karachi Lucky Cement Limited has outperformed its competition by recording 107% rise in its half yearly profit for the year 2011-12. It has declared a profit for the half year ending 31st December 2011, of Rs. 3.02 billion which is 107% higher than the corresponding period last year.
The earnings per share (EPS) for the corresponding period increased to Rs. 9.33 against an EPS of Rs. 4.52 of corresponding period last year. The company’s gross profit increased by 46.55% during the half year as its net sales revenue improved by 27.82% to Rs. 15.37 billion against Rs. 12.03 billion of last year.
The local sales volume during the half year under review registered a growth of 11% that rose to 1.68 million tons as compared to 1.51 million tons of same period last year. The finance cost of the company for the period under review was decreased to Rs. 170 million as compared to Rs.294 million during the same period last year.
The local sales revenue of company increased by 54% due to increase in sales volume and prices of cement in the domestic markets. The prices of cement were mainly increased on the back of increase in Production Cost. The export sales revenue also increased by 4% because of better prices achieved during the 1sthalf as compared to same period last year.
The project of alternative fuel comprises of used tyres as well as municipal and agriculture wastes for replacing coal in the pyro process has started trial operations in the month of December 2011 as per schedule. This project will further enhance the competitive edge of Lucky Cement by reducing its cost of production in time to come.