Lotte turns to profits

Earnings of Lotte Chemicals Pakistan Limited (LOTCHEM), a retail favorite company at the stocks, turned to profits, amid an increase in sales.In its financial results statement released to the Pakistan Stock Exchange (PSX) on Tuesday, Lotte declared its net profits at Rs117.81 million for the quarter ended September 30 as compared to the net losses of Rs268.08 million during the same period of the last year.  The company announced earnings per share (EPS) of eight paisas against the losses per share (LPS) of 18 paisas last year.  During the period under review, LOTCHEM’s sales increased 19 percent to Rs8.78 billion as compared to Rs7.35 billion during the corresponding period of the last year.

However, the cost of sales increased to Rs8.53 billion against Rs7.60 billion. Thus, gross profits were registered at Rs250.21 million against the losses of Rs249.16 million last year.  Other income of the company increased to Rs44.04 million, up 104 percent against Rs21.55 million during the same period of the last year.