Lucky Cement first-quarter net doubles, Pakistan

Lucky Cement first-quarter net doubles, Pakistan
Published: 26 October 2011

Lucky Cement Ltd, Pakistan’s biggest cement producer, reported first-quarter profit more than doubled on higher domestic prices and a 31 per cent jump in sales.

Net income climbed to PKR1.5bn (US$17.3m), or 4.66 rupees a share, in the three months ended September 30 from PKR726.7m, or 2.25 rupees, a year earlier, the company said in a statement to the Karachi Stock Exchange today. Sales rose to PKR8.71bn.

Lucky, based in Karachi, raised the price of cement by 15 per cent during the quarter to counter an increase in coal prices and other input costs. Reconstruction following last year’s floods boosted domestic sales of cement in Pakistan by 13.6 per cent to 3.7Mt in the two months ended August 31, while exports fell 9.5 per cent to 1.5Mt, the All- Pakistan Cement Manufacturers Association said on  22 September.

The company’s domestic sales climbed 21 per cent to 819,000t, while overseas shipments declined 13 per cent.