LCI posts a 37pc decrease in annual earnings

KARACHI: Lucky Core Industries Limited (LCI) reported a 37 per cent decrease in its annual earnings on Tuesday.In the consolidated financial statements sent to the Pakistan Stock Exchange, the company reported a net profit of Rs11.16 billion for the year that ended June 30, down from Rs17.77 billion during the same period last year.

The company also announced the final cash dividend of Rs33 a share, which is in addition to the interim cash dividend of Rs27 already paid. Earnings per share came in at Rs120.73, compared with earnings per share of Rs190.99 a year ago.

The company said its net turnover for the year rose to Rs120.64 billion, compared with Rs109.53 billion a year earlier. The cost of sales also increased to Rs93.63 billion from Rs87.27 billion.

Last year, the company had shown higher profits from discontinued operations. However, this year, there is no such transaction, thus, profit remained lower. According to analysts, LCI earnings remained higher than market expectations.