Lucky Cement posted a net profit of PKR2.968bn (US$28.2m) during the first quarter ended 30 September 2015, 11.2 per cent higher than the same period of last year.
Revenue declined by 1.2 per cent to PKR10.34bn versus PKR 10.47bn a year earlier. The reduction was attributed to a 2.7 per cent in sales volumes which was partially offset by 1.5 per cent increase in net retention due to improved sales mix.
Domestic sales increased by 11 per cent to 1.07Mt (0.97Mt a year earlier), while exports declined 23.2 per cent to 0.49Mt (0.64Mt).
On a consolidated basis, Lucky Cement reported net profit of PKR3.297bn for the 1QFY16, representing a 13/8 per cent increase YoY.
New Punjab plant
The Board of Directors of the company have also decided to set up a 2.3Mta integrated greenfield plant in the Punjab province. The expected project cost is US$200m and construction work is expected to start in the first quarter of calendar year 2016 and completion is scheduled for 2QCY18.