KARACHI: Following the meeting of the Board of Directors, Lucky Core Industries Limited announced its financial results for the quarter and six months ended December 31, 2022.During the period...
KARACHI: Following the meeting of the Board of Directors, Lucky Core Industries Limited (LCIL) announced its financial results for the quarter and six months ended December 31, 2022.
During the period under review, the Company entered into a Share Purchase Agreement with Morinaga Milk Industry Co. Ltd Japan (Morinaga Milk), for a partial divestment of approximately 26.5% of the issued and paid up capital of Nutrico Morinaga Private Limited (NMPL). Accordingly, as per IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, the same has been classified as discontinued operations in the financial statements for the half year ended December 31, 2022.
On a consolidated basis (including the results of the Company’s subsidiaries: Lucky Core PowerGen Limited (PowerGen) (formerly ICI Pakistan PowerGen Limited), Net Turnover for the six months period from continuing operations under review rose by 6% to PKR 49,582 million compared to the same period last year (SPLY).
Operating Result from continuing operations for the six month period under review is 21% lower at PKR 5,359 million in comparison to the SPLY.
Including the impact of discontinued operations, Net Turnover for the six months would have been 22 percent above the SPLY whereas the Operating Result would have been lower by percent from the SPLY.
Profit after Tax (PAT) for the six months period under review for both continuing and discontinued operations at PKR 3,274 million is 46% lower than the SPLY. EPS attributable to the owners of the holding company for both continuing and discontinued operations at PKR 32.76 is 48 percent lower than the SPLY.