Pakistan: Lucky Cement 1QFY2017 profits up 16%

In its financial statement for the first quarter of the financial year starting in July, Lucky Cement has declared profits of PKR4.04bn (US$38.6m), the Express Tribune reports.

This represents an increase of 16 per cent compared to the same period last year. Revenues were five per cent higher at PKR19.8bn, but much of the gain was driven by non-cement subsidiaries.

Considering the cement business in isolation, Lucky’s revenues were PKR10.6bn, up two per cent, on sales of 1.7Mt. Domestic shipments increased by 25 per cent to 1.3Mt, while exports declined by 27 per cent to 0.4Mt.

The financial statement also announced that Lucky Cement would use locally-sourced coal to fuel the 660MW power plant it is building at Port Qasim. The firm had originally said that it would import coal for the plant.