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Lucky Cement posts Rs 1.103bn profit after tax

KARACHI: Lucky Cement earned Rs 1.103 billion profit after tax in first quarter of current financial year against Rs 963 million in the same quarter of last year, showing 14 percent growth.

According to announcement at Karachi Stock Exchange (KSE) on Friday, company’s earnings per share increased from Rs 2.98 per share to Rs 3.41 per share in the quarter under review.

During July-September, gross sales jumped to Rs 7.038 billion over Rs 6.860 billion in the corresponding period of previous year.

During the quarter, cost of sales in term of absolute value increased by 13 percent whereas cost of per ton of cement decreased by almost nine percent as compared to same period of last year.

Energy cost comprising of heat and power was the major cost component accounted for 61.12 percent of total cost of production was decreased by 11.53 percent during the said quarter.

The finance cost of the company during the period was Rs 154 million as compared to Rs 320 million in the same period of last year due to early repayment of long term loans carrying high markups. Distribution costs were increased to Rs 680 million as compared to Rs 367 million mainly because of increase in export volumes coupled with increase of inland and ocean freights. staff report

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