Lucky Cement net profit falls, Pakistan

Lucky Cement net profit falls, Pakistan
11 August 2010

Lucky Cement Limited’s net profit dropped to Rs 3.13 billion in financial year 2009-10 against PKR4.56bn in the previous year.

Company’s earning per share also decreased to Rs 9.7 in the year under review, against Rs 14.21 in the previous year, company announced at Karachi Stock Exchange (KSE) on Tuesday.

Despite a drop in the earnings, Lucky Cement announced full and final dividend of Rs 4 per share. The company witnessed a decrease of six percent in turnover to stand at Rs 29bn from Rs 31bn in FY09. 

In the fourth quarter of the year under review, company’s sales stood at Rs 7.75bn, eight per cent lower compared to Rs 8.4bn in same period last year.

While company posted a net profit of Rs 577mn in quarter under review, down 62 percent, compared to Rs 1.52mn in same quarter of previous year. 

Analysts said that lower local retention prices due to hefty competition among producers, along with decrease in international prices, primarily contributed in lower earnings.
Published under Cement News