Lucky Cement full-year profit rises 47%

Lucky Cement full-year profit rises 47%
18 September 2013

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.”

Published under Cement News