Karachi, Lotte Chemicals Pakistan Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on August 05, 2022.
The agenda of the meeting was discussion of profit and loss account for Quarter ended June 30, 2022 which portrayed a profit of Rs. 2,786,488 with earnings per share 1.84 basic and diluted respectively.
Further, 40% payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from August 17, 2022 to August 19, 2022 (both days inclusive).
Lotte Chemical Pakistan Ltd is a supplier of purified terephthalic acid, an essential raw material used in the polyester industry. Lotte, the South Korean conglomerate, acquired the majority shareholdings in Pakistan PTA Limited (PPTA) in September 2009. Subsequently, the name of the Company was changed to Lotte Chemical Pakistan Ltd.
The plant at Port Qasim, Karachi was built in 1998. It produces Purified Terephthalic Acid (PTA), an essential raw material for Pakistan’s textile and PET packaging industries and forms the backbone of the polyester chain, including Polyester Staple Fibre, Filament Yarn and PET (bottle grade) resin.
The shares of the company are quoted on the Pakistan Stock Exchange Official Site with the total number of shares that are 1,514,207,200. The Earnings per share of the Company is 1.40 in 2020 which was 3.54 in 2019. Their Profit after tax was 2,125,105,000 in 2020 which was 5,360,370,000 in 2019.