KARACHI: Lotte Chemical Pakistan has announced a net profit of Rs962.86 million, translating into the earnings per share (EPS) of 64 paisas for the quarter ended June 30, 2021, compared with the profit of Rs20.2 million and the EPS of one paisa in the same quarter last year.

“Lotte’s earnings are slightly lower than our expectations, owing to higher costs, resulting in lower margins and exchange loss exceeding our estimates,” Ahmed Rauf at Sherman Securities said.

The company’s net revenue increased 2.7x to Rs16.25 billion during the second quarter of CY21 on the back of higher international PTA prices, up 64 per cent and better volumetric sales.

The other income increased 11.4 per cent during the quarter to Rs309 million as against Rs277.39 million last year. Despite a lower interest rate regime, the company’s finance cost surged multiple times to Rs299.45 million during the quarter under review, compared with Rs78.9 million last year.

For the half-year ended June 30, 2021, Lotte announced a net profit of Rs2.6 billion, translating into the EPS of Rs1.72 as against the net loss of Rs83.37 million and the loss per share (LPS) of 6 paisas in the corresponding period last year.

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