Pakistani cement maker, Lucky Cement, reported pre-tax profit of PKR8.09 billion in 2H17. This was slightly down on the same period in 2016, despite a rise in gross sales revenues to PKR32.85 billion, as rising costs hit the company’s bottom line.
Costs rose to PKR14.37 billion from PKR11.78 billion in 2H16, while sales taxes and federal excise duty – which are deducted from the gross sales revenues – also rose substantially to PKR9.15 billion from PKR7.46 billion the year before.
Post after taxation stood at PKR6.55 billion, slightly down at PKR7.04 billion over the last six months of 2016.
Lucky Cement reported the start-up of a new production line at its Karachi plant, as well as a grinding unit in Iraq, in December 2017. The company also said it was evaluating brownfield expansion of its Pezu plant, in view of continued delays at its expansion plans in the north of the country.
Read the article online at: https://www.worldcement.com/indian-subcontinent/08022018/higher-costs-hit-lucky-cements-bottom-line/