Karachi: According to the un-audited financial statements approved by the Board of Directors on 21 August 2024, Lotte Chemical Pakistan Limited has reported a significant increase in net revenue for the six months ending 30 June 2024. The meeting, held in Karachi, outlined the company’s financial performance, showing a shift in its profitability compared to the previous year.

In the six-month period ending on 30 June 2024, Lotte Chemical Pakistan posted net revenue of Rs 64.38 billion, a substantial increase from Rs 38.54 billion recorded during the same period in 2023. The company's cost of sales also rose to Rs 60.39 billion, up from Rs 32.10 billion the previous year. This resulted in a gross profit of Rs 3.98 billion, compared to Rs 6.44 billion in 2023.

For the quarter ending 30 June 2024, the company's net revenue was Rs 32.10 billion, nearly double the Rs 16.43 billion from the corresponding quarter in 2023. However, gross profit for the quarter saw a slight increase from Rs 2.00 billion in 2023 to Rs 2.30 billion in 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company's operating profit for the first half of 2024 stood at Rs 3.26 billion, down from Rs 5.59 billion in the same period last year. Other income decreased to Rs 716.30 million, down from Rs 1.18 billion, and finance costs were reduced to Rs 429.09 million from Rs 895.12 million.

The profit before taxation for the six-month period was Rs 3.54 billion, a decrease from Rs 5.88 billion reported in 2023. After accounting for taxation of Rs 1.38 billion, the profit after taxation stood at Rs 2.17 billion, compared to Rs 2.85 billion in the previous year.

Earnings per share for the six months ended June 2024 were Rs 1.43, down from Rs 1.88 in 2023. For the quarter, earnings per share were Rs 0.84, an increase from Rs 0.21 in the same quarter the previous year.