Lucky Cement first half earnings up

Lucky Cement after tax profits have increased by 111.8 per cent in the first six months of the current financial year on the back of higher turnover and gross profit compared with corresponding period of the previous financial year.  Atif Malik, an analyst at Jahangir Siddiqui Capital Markets, said healthy increase in the company’s profitability in the first half of the financial year 2006 was anticipated. The expectations such increase was mainly on the back of higher cement dispatches and better retention prices by the company during the period.

He said in second quarter of the current financial year, Lucky Cement brought online its third line, a new Unit III, at existing site Pezu, which boosted cement sales in the second quarter. Whereas increase in cement prices and stable international coal prices led to higher retention price by the company. In the first quarter, the company had 0already posted an earning per share of Rs 1.30 compared with Rs 0.96 in first three months of financial year 2005, a decent growth of around 35 per cent.