LOTCHEM posts PAT of Rs4.7b during 9MCY19

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Zubair Yaqoob

Karachi

Lotte Chemical Pakistan Limited (LOTCHEM) held an analyst briefing on Thursday to discuss its financial performance and future outlook. During 9MCY19, the company posted a profit after tax (PAT) of PKR 4.7bn (EPS: PKR 3.13), up by 39% YoY compared to PKR 3.4bn (EPS: PKR 2.25) during 9MFY18. Whereas, during 3QCY19, the earnings of the company went down by 18% YoY to PKR 1.7bn (EPS: PKR 1.11). As per the company management, total local demand had touched 800K tons during CY18 which is down to 700K tons in 2019.
The higher demand led to highest ever production in CY18. However, during 9MCY19 it went down to 365K tons compared with 386K tons during 8MCY19. The company expects the production for CY20 to remain 490K tons.