Lucky Cement Limited continued to lead the cement industry and reported net profit of PKR 2.968 billion during the first quarter ended September 30th, 2015 which is 11.2% higher than the same period last year. Consequently, the earnings per share (EPS) for the 1st quarter increased to PKR 9.18 compared to PKR 8.25 reported during the same period last year.
The Company's net sales revenue declined by 1.2% to PKR 10.34 billion compared to PKR 10.47 billion reported during the same period last year. The decrease in net sales revenue was primarily attributable to 2.7% decrease in sales volume which was partially offset by 1.5% increase in net retention due to improved sales mix. The local sales volume of the Company during the first quarter registered a growth of 11% with 1.07 million tons compared to 0.97 million tons reported during the same period last year, whereas export sales volume registered a decline of 23.2% with 0.49 million tons compared to 0.64 million tons during the same period last year.
On a consolidated basis, Lucky Cement reported net profit of PKR 3.297 billion for the first quarter ended September 30th, 2015 which is 13.81% higher compared to same period last year. Consequently, consolidated EPS during the first quarter increased to PKR 10.20 compared to PKR 8.96 reported during the same period last year.
The Board of Directors of the Company have also decided to set up a 2.3 million tons capacity, fully integrated green field cement manufacturing plant in Punjab Province. The expected project cost is US $200 million and construction work is expected to start in the first quarter of calendar year 2016. It is expected that plant will become operational in the second quarter of calendar year 2018. The Company also reported progress on its key foreign and local projects ie, fully integrated cement manufacturing plant in the Democratic Republic of Congo, 1 X 660 MW, supercritical, coal based power project, 50 MW Wind Farm, electricity supply to PESCO and WHR at PEZU power plant.-PR
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