Lucky Cement has announced its results for the first quarter of fiscal year 2009 with 32 per cent growth.
The company posted profits of PKR963m with earnings per share (EPS) of PKR2.98 versus profits of PKR731m and EPS of PKR2.26 in 1QFY 2008.
Gross profit increased by 136 per cent to PKR2.3bn versus Rs1bn in 1QFY 2008.
Moreover, gross profit margins of the company in 1QFY-08 went up to 41 per cent from 27 per cent last year, due to better cement prices in the local market as well as high rupee based export sales amid rupee depreciation.
In 1QFY 2009 the company’s distribution and administrative expenses took a significant jump to Rs416m from Rs216m if compared to last fiscal year, up by 92 per cent. The alarming increase has been in other charges which have gone up by almost nine times. This has been due to the foreign exchange losses they have been incurring on their cross currency swap arrangements.
In 1QFY 2009, local cement dispatches of the company fell by 22pc to 624,000t while exports continued with their upward momentum to reach 612,000t, up by eight per cent.