Lotte Chemical Q2 profit falls 97pc

KARACHI: Lotte Chemical Pakistan Limited profit declined 97 percent to Rs55 million for the quarter ended June 30, 2020, translating into an EPS of Rs0.04, a bourse filing said on Friday.

The company earned Rs1.764 million with the EPS of Rs1.17 in the corresponding period last year.

The company didn’t announce any cash dividend for the year ended June 30, 2020.

Brokerage Arif Habib Limited in a research note said: “During 2QCY20, net sales went down 74 percent YoY to Rs4,410 million.

The decline in sales was led by lower volumetric sales, amid lockdown in the country.

Moreover, due to volumetric decline coupled with 46 percent YoY decline in PTA margins, the company booked a gross loss of Rs96 million during 2QCY20, the brokerage house added.

Other income increased 7 percent YoY to Rs277 million during 2QCY20 given augmented short-term deposits, compared with the last year.

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