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Lucky cement profit up by 70 percent

KARACHI: Lucky Cement has posted Rs 1349 million profits in the half year ended December 31, 2007. This shows a 70 percent increase compared to Rs 791 million in the corresponding period of previous year.

It translated into earnings per share (eps) of Rs 5.12 in the period under review compared to Rs 3.01 in the same period of last year, a notice of Karachi Stock Exchange (KSE) stated on Monday. Company’s profit before tax also rose to Rs 1.043 billion in the said period compared to Rs 1.009 billion in the last year. During the year under review, company’s sales revenue increased by 29.07 percent mainly to quantitative growth. The prices of cement in domestic market remained under pressure, particularly in northern areas market.

However the overall average local sale prices of cement in the second quarter were marginally better off as compared to first quarter prices of this financial year. Company managed to maintain cost of production almost to the same level of corresponding period of last year because of efficient operation with economy of scales. staff report

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