Lotte Chemicals posts Rs 164 million loss after tax

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.