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Lotte Pakistan profits dropped in 2011

February 01/2012

(tribune) -- The company saw its profit margins decline to such an extent that it posted a loss of Rs411 million in the final quarter, almost triple the losses estimated by analysts. Net profit fell 8% to Rs4.18 billion in 2011 compared with Rs4.53 billion in 2010, according to a notice sent to the Karachi Stock Exchange.

The companys overall gross margin declined by 5 percentage points to 12% against 17% last year.
Lotte Pakistan PTA is a supplier of purified terephthalic acid (PTA), an essential raw material used in the polyester industry.

Lotte Pakistan profits dropped in 2011
PTA is sold to the Polyethylene Terephthalate (PET) sector while the rest goes to polyester staple fibre and other sectors. PET is used in the plastics industry for the production of bottles and bed sheets.

Moreover, the company maintained its dividend payout of Rs0.50 per share. The companys stock price fell Rs0.82 - near its lower limit of the day - to close at Rs8.8 during trade at the Karachi Stock Exchange.

Net sales rose 36% to Rs57.6 billion in 2011 against Rs42.4 billion in the preceding year. Other income plummeted by 117% to Rs22.9 million in 2011, which was expected from lower cash balance.

Author:Anna Larionova
Tags:polyether, PET, bottles others.
Category:General News
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