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The management of Lotte Chemical Pakistan Ltd on Friday has announced company's 1Q2013 results. On a consolidated basis, the company posted loss after tax of Rs 164 million (LPS: Rs 0.11) in 1Q2013, as compared to earnings of Rs 151 million (EPS: Rs 0.1) in the same period last year. Meanwhile on a standalone basis the company reported a loss per share of Rs 0.08. The result is below our expectations (EPS: Rs 0.08) due to lower than expected revenue, analysts said.
In 1Q2013, Lotte's top-line dipped by three percent YoY on the back of a decline in PTA prices, while cost of sales was flat due to power cost savings through the co-generation power plant. Overall, on the back of lower PTA-Px margins, the company reported a gross loss of Rs 155 million. Further dent to earnings was due to 86 percent YoY decline in finance income owing to lower cash balance, they said.

Copyright Business Recorder, 2013

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