Lucky Cement's profits up 9.3%

As a result of an increase in turnover, Lucky Cement's full  year profits increased by 9.3 per cent. The company reported earnings of PKR16.15bn (US$154.67m) compared to PKR14.78bn for the same period last year.

These results are in line with the market expectations. Net sales were recorded at PKR98.65bn, compared to PKR96.47bn last year, and cost of production fell from PKR56.43bn to PKR54.24bn. A gross profit of PKR27.9bn was recorded, an 8.6 per cent increase from PKR25.68bn in the previous year. A 6.6 per cent decrease in the cost of sales was witnessed, mainly attributable to a decrease in coal and fuel prices and positive contribution from waste heat recovery plants in Pezu and Karachi.

Lucky Cement achieved an overall growth of 2.1 per cent to 6.93Mt during FY16, in comparison to 6.79Mt sold in the preceding year. Local sales increased 20.5 per cent to 5.33Mt, but exports fell 32.2 per cent to 1.61Mt compared to 2.37Mt last year.