Lotte Pakistan PTA Limited’s board meeting and financial results for the quarter and six months ended 30 June 2011

Lotte Pakistan PTA Limited’s board meeting and financial results for the quarter and six months ended 30 June 2011

Karachi: We are pleased to advise you that our Board of Directors in its meeting held on 24 August 2011 at 11.00 am at Karachi, has approved the un-audited condensed interim financial statements of the Company for the quarter and six months ended 30 June 2011, showing the following results:

 

Amounts in Rs ‘000

Quarter ended

Six months ended

30 June 2011

30 June 2010

30 June 2011

30 June 2010

Revenue 14,709,911 11,473,268 30,661,038 20,796,168
Cost of sales (12,916,518) (9,538,350) (25,004,056) (17,511,307)
———- ———-  ———-  ———-
Gross Profit 1,793,393 1,934,918 5,656,982  3,284,861
Distribution and selling expenses (62,468) (31,660)  (93,611) (55,431)
Administrative expenses  (89,663) (65,532) (166,082)  (124,889)
Other operating expenses  (131,218) (118,578)  (410,493)  (160,202)
Other operating Income 10,343 5,215 16,830 5,814
———- ———- ———- ———-
(273,006)  (210,555) (653,356) (334,708)
———-  ———-  ———- ———-
Operating profit 1,520,387 1,724,363 5,003,626 2,950,153
Finance income 241,857 188,680 503,586 409,008
Finance cost (76,138) (107,661)  (122,046)  (129,212)
 ———-  ———- ———- ———-
Profit before taxation 1,686,106 1,805,382 5,385,166  3,229,949
Taxation  (476,369)  (549,990) (1,686,536)  (1,053,870)
 ———- ———- ———-  ———-
Profit after taxation 1,209,737 1,255,392 3,698,630 2,176,079
———- ———-   ———-   ———-

Amount in Rupees

Earnings per share – basic and

Diluted

 0.80 0.83 2.44 1.44

 

Gross profit for the quarter was lower than the same period last year due to lower PTA tariff and higher cost of electricity.

Distribution and selling expenses for the quarter were higher than the corresponding quarter last year mainly due to higher export sales on which outward freight and handling charges are borne by the Company. Administrative expenses were also higher than the corresponding quarter last year mainly due to higher marketing costs and overall impact of a high inflation rate and resultant increase in payroll and other costs. Finance income was higher than Q2 2010 mainly due to higher interest and other income earned on surplus cash generated from operations. Finance costs were lower than Q2 2010 mainly due to partial prepayment of the parent company loan and consequent reduction in interest charges thereon.

As a result of the above, the Company generated profit before taxation of Rs 1,686 million compared to Rs 1,805 million in Q2 last year.

 

For more information, contact:
Lotte Pakistan PTA Limited
FZ/1, P-4, Eastern Industrial Zone,
Port Qasim, PO Box 723,
Karachi – 74200,
Pakistan.
UAN: +92 021 111 782 111
Tel: +92 021 3472 6000
Fax: +92 021 3472 6001
Email: asif@lotte-ppta.com
Web: www.lotte-ppta.com

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