Lucky Cement full-year profit rises 47%

Pakistan-based producer Lucky Cement reported a 47 per cent increase in full-year profit and is optimistic on the outlook for domestic consumption but cautions that challenges remain.

Net income rose to a record PKR10bn (US$95m) in the 12 months ended 30 June from PKR6.78bn a year earlier. Gross sales rose 63 per cent to PKR63.9bn.  The rise in profit is being attributed to an 11 per cent increase in cement prices which climbed to PKR458/50kg bag.

 “The consumption of cement in the country is expected to grow due to the government allocation of funds toward development,” Lucky Cement said in a statement. “Anticipated increase in utility cost, weakening of the Pakistani rupee against the US dollar and the recent interest rate hike by the central bank are some of the key challenges.”