26th Jan 2018 12:55
LCK/CS/2017-18/ January 26, 2018
The General Manager Pakistan Stock Exchange Limited Karachi | The Deputy Chief Securities & Exchange Commission of Pakistan Islamabad | The London Stock Exchange 10 Paternoster Square, London |
Dear Sir(s)
FINANCIAL RESULTS FOR THE HALF YEAR ENDED DECEMBER 31, 2017
This is to inform you that the Board of Directors of our Company in their meeting held on Friday, January 26, 2018 at 10:30 a.m., at 6-A, Muhammad Ali Housing Society, A. Aziz Hashim Tabba Street, Karachi-75350 recommended the following:
(I) Cash Dividend Nil
(ii) Bonus Issue Nil
(iii) Right Issue Nil
(iv) Interim Dividend Nil
The financial results of the Company consisting of Balance Sheet, Profit and Loss Account and Directors' Report are annexed.
We will be sending you the required copies of printed financial statements in due course of time.
Yours truly
for LUCKY CEMENT LIMITED
IRFAN CHAWALA
Director Finance / CFO
Unconsolidated Condensed Interim Balance Sheet | ||||
As at December 31, 2017 |
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| |
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|
|
|
|
| December 31, |
| June 30, |
|
| 2017 |
| 2017 |
|
| (Un-audited) |
| (Audited) |
|
| (PKR in '000') | ||
ASSETS |
|
|
| |
NON-CURRENT ASSETS |
|
|
| |
| Fixed assets |
|
|
|
| Property, plant and equipment | 40,345,905 |
| 37,488,137 |
| Intangible assets | 59,117 |
| 79,657 |
|
| 40,405,022 |
| 37,567,794 |
|
|
|
|
|
| Long-term investments | 14,726,094 |
| 13,313,520 |
| Long-term loans and advances | 87,213 |
| 84,951 |
| Long-term deposits | 3,175 |
| 3,175 |
|
| 55,221,504 |
| 50,969,440 |
CURRENT ASSETS |
|
|
| |
| Stores and spares | 7,228,441 |
| 5,894,079 |
| Stock-in-trade | 1,894,698 |
| 2,509,273 |
| Trade debts | 2,097,810 |
| 1,582,689 |
| Loans and advances | 556,654 |
| 619,161 |
| Trade deposits and short term prepayments | 72,362 |
| 39,774 |
| Accrued return | 170,526 |
| 165,289 |
| Other receivables | 1,564,282 |
| 1,235,019 |
| Tax refunds due from the Government | 538,812 |
| 538,812 |
| Short term investment | 39,647 |
| 45,452 |
| Cash and bank balances | 32,285,248 |
| 33,738,377 |
|
| 46,448,480 |
| 46,367,925 |
|
|
|
|
|
TOTAL ASSETS | 101,669,984 |
| 97,337,365 | |
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
| |
SHARE CAPITAL AND RESERVES |
|
|
| |
Authorized capital | 5,000,000 |
| 5,000,000 | |
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|
|
|
|
Issued, subscribed and paid-up capital | 3,233,750 |
| 3,233,750 | |
Reserves | 77,596,055 |
| 76,551,231 | |
|
| 80,829,805 |
| 79,784,981 |
NON-CURRENT LIABILITIES |
|
|
| |
| Long-term deposits | 90,715 |
| 84,630 |
| Deferred liabilities | 7,293,910 |
| 7,124,127 |
|
| 7,384,625 |
| 7,208,757 |
CURRENT LIABILITIES |
|
|
| |
| Trade and other payables | 12,370,524 |
| 9,269,882 |
| Taxation - net | 1,085,030 |
| 1,073,745 |
|
| 13,455,554 |
| 10,343,627 |
|
|
|
|
|
|
| 20,840,179 |
| 17,552,384 |
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|
|
|
|
TOTAL EQUITY AND LIABILITIES | 101,669,984 |
| 97,337,365 | |
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|
Unconsolidated Condensed Interim Profit and Loss Account | |||||||||
For the half year ended December 31, 2017 | |||||||||
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| Half Year Ended |
| Quarter Ended | ||||
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|
| December 31, | December 31, | December 31, | December 31, | |||
|
|
| 2017 |
| 2016 |
| 2017 |
| 2016 |
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|
| (PKR in '000') |
| (PKR in '000') | ||||
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|
|
|
|
|
|
|
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|
Gross sales |
| 32,852,077 |
| 31,242,508 |
| 17,156,894 |
| 17,193,514 | |
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|
|
|
|
|
|
|
Less: | Sales tax and federal excise duty | 9,149,825 |
| 7,460,182 |
| 4,857,234 |
| 4,123,836 | |
| Rebates and commission | 448,424 |
| 340,652 |
| 249,613 |
| 194,819 | |
|
|
| 9,598,249 |
| 7,800,834 |
| 5,106,847 |
| 4,318,655 |
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Net sales |
| 23,253,828 |
| 23,441,674 |
| 12,050,047 |
| 12,874,859 | |
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|
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|
|
|
|
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|
Cost of sales |
| (14,368,087) |
| (11,775,513) |
| (7,277,550) |
| (6,559,451) | |
|
|
|
|
|
|
|
|
|
|
Gross profit |
| 8,885,741 |
| 11,666,161 |
| 4,772,497 |
| 6,315,408 | |
|
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|
|
|
|
|
|
|
|
Distribution cost |
| (813,183) |
| (1,037,958) |
| (443,832) |
| (547,843) | |
Administrative expenses | (556,503) |
| (514,055) |
| (275,235) |
| (267,048) | ||
Other expenses |
| (616,749) |
| (1,156,569) |
| (322,494) |
| (742,706) | |
Other income |
| 1,195,338 |
| 948,857 |
| 662,942 |
| 497,512 | |
|
|
|
|
|
|
|
|
|
|
Profit before taxation | 8,094,644 |
| 9,906,436 |
| 4,393,878 |
| 5,255,323 | ||
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Taxation |
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|
|
|
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|
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| |
| -current |
| (1,486,683) |
| (2,773,574) |
| (553,578) |
| (1,465,115) |
| -deferred |
| (60,828) |
| (95,446) |
| (310,450) |
| 10,047 |
|
|
| (1,547,511) |
| (2,869,020) |
| (864,028) |
| (1,455,068) |
|
|
|
|
|
|
|
|
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|
Profit after taxation | 6,547,133 |
| 7,037,416 |
| 3,529,850 |
| 3,800,255 | ||
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Other comprehensive income: |
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Other comprehensive income / (loss) which may be reclassified to |
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| ||||||
profit and loss account in subsequent periods
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| |||
| Unrealized loss on remeasurement of available for sale investment | (5,805) |
| - |
| (690) |
| - | |
| Deferred tax thereon | 871 |
| - |
| 104 |
| - | |
|
|
| (4,934) |
| - |
| (586) |
| - |
|
|
|
|
|
|
|
|
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|
Total comprehensive income for the period | 6,542,199 |
| 7,037,416 |
| 3,529,264 |
| 3,800,255 | ||
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| (Rupees) |
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| (Rupees) |
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Earnings per share - basic and diluted | 20.25 |
| 21.76 |
| 10.92 |
| 11.75 | ||
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Condensed Interim Consolidated Balance Sheet | |||||||
As at December 31, 2017 |
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|
|
|
|
| December 31, |
| June 30, |
|
|
|
|
| 2017 |
| 2017 |
|
|
|
|
| (Un-audited) |
| (Audited) |
|
|
|
|
| (PKR in '000') |
|
|
|
ASSETS |
|
|
|
|
|
| |
NON-CURRENT ASSETS |
|
|
|
|
| ||
| Fixed assets |
|
|
|
|
| |
| Property, plant and equipment |
| 65,228,726 |
| 59,601,233 |
| |
| Intangible assets |
| 8,070,585 |
| 7,388,387 |
| |
|
|
|
| 73,299,311 |
| 66,989,620 |
|
|
|
|
|
|
|
|
|
| Long-term investments |
| 12,219,452 |
| 11,098,870 |
| |
| Long-term loans and advances |
| 517,056 |
| 467,373 |
| |
| Long-term deposits and prepayments |
| 65,382 |
| 44,972 |
| |
|
|
|
| 86,101,201 |
| 78,600,835 |
|
CURRENT ASSETS |
|
|
|
|
| ||
| Stores, spares and consumables |
| 8,366,901 |
| 7,041,171 |
| |
| Stock-in-trade |
| 8,504,262 |
| 8,423,173 |
| |
| Trade debts |
| 4,375,318 |
| 4,172,567 |
| |
| Loans and advances |
| 1,223,797 |
| 1,061,146 |
| |
| Trade deposits and short-term prepayments |
| 799,726 |
| 675,814 |
| |
| Other receivables |
| 3,185,862 |
| 2,881,844 |
| |
| Tax refunds due from the Government |
| 538,812 |
| 538,812 |
| |
| Taxation - receivable |
| 1,339,156 |
| 1,093,972 |
| |
| Accrued return |
| 177,577 |
| 181,355 |
| |
| Short term investments |
| 39,647 |
| 45,452 |
| |
| Cash and bank balances |
| 35,425,269 |
| 36,273,319 |
| |
|
|
|
| 63,976,327 |
| 62,388,625 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
| 150,077,528 |
| 140,989,460 |
| ||
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|
EQUITY AND LIABILITIES |
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| ||
SHARE CAPITAL AND RESERVES |
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| ||
|
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|
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|
Share capital |
| 3,233,750 |
| 3,233,750 |
| ||
Reserves |
|
| 86,512,723 |
| 83,736,475 |
| |
|
|
|
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|
|
|
|
| Attributable to the owners of the Holding Company |
| 89,746,473 |
| 86,970,225 |
| |
| Non-controlling interests |
| 10,503,020 |
| 9,235,325 |
| |
| Total equity |
| 100,249,493 |
| 96,205,550 |
| |
|
|
|
|
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|
|
NON-CURRENT LIABILITIES |
|
|
|
|
| ||
| Long-term finances |
| 10,268,416 |
| 8,825,140 |
| |
| Long-term deposits |
| 90,715 |
| 84,630 |
| |
| Liabilities against assets subject to finance lease |
| 73 |
| 798 |
| |
| Deferred liabilities |
| 9,836,107 |
| 9,864,932 |
| |
| Other long term liabilities |
| 2,996,911 |
| 2,752,510 |
| |
|
|
|
| 23,192,222 |
| 21,528,010 |
|
CURRENT LIABILITIES |
|
|
|
|
| ||
| Trade and other payables |
| 21,787,672 |
| 19,225,920 |
| |
| Provision for taxation |
| 1,129,971 |
| 1,073,745 |
| |
| Accrued return |
| 197,265 |
| 177,654 |
| |
| Short-term borrowings and running finance |
| 2,246,987 |
| 2,128,905 |
| |
| Current portion of liabilities against assets subject to finance lease | 1,652 |
| 2,009 |
| ||
| Current portion of long-term finance |
| 1,272,266 |
| 647,667 |
| |
|
|
|
| 26,635,813 |
| 23,255,900 |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
| 150,077,528 |
| 140,989,460 |
| ||
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|
Condensed Interim Consolidated Profit and Loss Account | |||||||||
For the half year ended December 31, 2017 (Un-audited) | |||||||||
|
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|
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|
|
|
|
|
|
|
|
| Half Year Ended |
| Quarter Ended | ||||
|
|
| December 31, |
| December 31, | December 31, |
| December 31, | |
|
|
| 2017 |
| 2016 |
| 2017 |
| 2016 |
|
|
| (PKR in '000') |
| (PKR in '000') | ||||
|
|
|
|
|
|
|
|
|
|
Turnover |
| 59,766,088 |
| 53,877,246 |
| 31,082,652 |
| 29,245,212 | |
|
|
|
|
|
|
|
|
|
|
Less: | Sales tax and excise duty |
| 10,554,415 |
| 8,764,985 |
| 5,592,056 |
| 4,831,489 |
| Rebates and commission |
| 2,457,306 |
| 2,055,827 |
| 1,319,084 |
| 1,172,703 |
|
|
| 13,011,721 |
| 10,820,812 |
| 6,911,140 |
| 6,004,192 |
|
|
|
|
|
|
|
|
|
|
Net sales |
| 46,754,367 |
| 43,056,434 |
| 24,171,512 |
| 23,241,020 | |
|
|
|
|
|
|
|
|
|
|
Cost of turnover |
| (33,587,614) |
| (27,895,931) |
| (17,093,671) |
| (15,052,169) | |
|
|
|
|
|
|
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|
Gross profit |
| 13,166,753 |
| 15,160,503 |
| 7,077,841 |
| 8,188,851 | |
|
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|
|
|
|
|
|
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|
Distribution cost |
| (2,152,288) |
| (2,131,651) |
| (1,140,194) |
| (1,118,560) | |
Administrative expenses |
| (1,442,077) |
| (1,038,256) |
| (821,054) |
| (533,053) | |
Finance costs |
| (314,595) |
| (364,151) |
| (149,498) |
| (170,908) | |
Other expenses |
| (1,111,190) |
| (1,323,374) |
| (712,471) |
| (837,143) | |
Other income |
| 2,196,681 |
| 1,740,984 |
| 972,943 |
| 867,068 | |
|
|
|
|
|
|
|
|
|
|
Profit before taxation |
| 10,343,284 |
| 12,044,055 |
| 5,227,567 |
| 6,396,255 | |
|
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|
|
|
|
|
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|
Taxation |
|
|
|
|
|
|
|
| |
| - current |
| (1,916,509) |
| (3,319,875) |
| (654,580) |
| (1,720,365) |
| - deferred |
| 150,104 |
| 15,991 |
| (163,839) |
| 22,145 |
|
|
| (1,766,405) |
| (3,303,884) |
| (818,419) |
| (1,698,220) |
|
|
|
|
|
|
|
|
|
|
Profit after taxation |
| 8,576,879 |
| 8,740,171 |
| 4,409,149 |
| 4,698,035 | |
|
|
|
|
|
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Attributable to: |
|
|
|
|
|
|
|
| |
Owners of the Holding Company |
| 7,914,236 |
| 8,122,743 |
| 4,067,067 |
| 4,342,348 | |
Non-controlling interests |
| 662,643 |
| 617,428 |
| 342,082 |
| 355,687 | |
|
|
|
|
|
|
|
|
|
|
|
|
| 8,576,879 |
| 8,740,171 |
| 4,409,149 |
| 4,698,035 |
|
|
|
|
|
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|
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|
Other comprehensive income for the period |
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| ||
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Items to be reclassified to profit and loss account |
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|
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| ||
in subsequent periods : |
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|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Foreign exchange differences on translation of foreign operations | 363,078 |
| (13,339) |
| 327,092 |
| (1,563) | |
| Unrealised loss on remeasurement of available-for-sale investment | (5,805) |
| - |
| (690) |
| - | |
| Deferred tax thereon |
| 871 |
| - |
| 104 |
| - |
|
|
| (4,934) |
| - |
| (586) |
| - |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period | 8,935,023 |
| 8,726,832 |
| 4,735,654 |
| 4,696,472 | ||
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
| |
Owners of the Holding Company |
| 8,272,380 |
| 8,109,404 |
| 4,393,572 |
| 4,340,785 | |
Non-controlling interests |
| 662,643 |
| 617,428 |
| 342,082 |
| 355,687 | |
|
|
|
|
|
|
|
|
|
|
|
|
| 8,935,023 |
| 8,726,832 |
| 4,735,654 |
| 4,696,472 |
|
|
|
|
|
|
|
|
|
|
|
|
| (PKR) |
|
|
| (PKR) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic and diluted | 24.47 |
| 25.12 |
| 12.58 |
| 13.43 | ||
|
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Related Shares:
Lucky Cem. S