Lucky Cement 1HFY19 profit down

KARACHI: Lucky Cement on Thursday reported that its profit decreased 28 percent for the half year ended December 31, 2018.

The cement-maker, in a statement, said it earned Rs6.137 billion in the 1HFY19 with earning per share of (EPS) of Rs17.92, compared to Rs8.576 billion recorded in the same period a year ago (EPS: Rs24.47). The company did not announce any cash dividend. Lucky Cement said its finance cost increased 2.46 percent to Rs774 million compared to Rs314 million a year earlier.

Topline Securities in a report said for 2QFY19, Lucky reported consolidated earnings of Rs2.8 billion (EPS: Rs8.8), down 30 percent year-on-year, which was broadly in line with street consensus. The brokerage said net sales were up 19 percent year-on-year during the outgoing quarter, owing to 25 percent year-on-year higher revenues from its subsidiary ICI Pakistan. The report added that cement segment sales were up 12 percent year-on-year, mainly on the back of significant increase in exports, led by clinker sales to regional countries.

Local sales were down 7 percent year-on-year in 2QFY19, as construction activities were affected by slowdown in overall economy, the brokerage said.