Karachi April 15 2023: Lotchem report profitability of PKR 2.5 billion in first quarter ended March 2023 when compared to profitability of PKR 2.6 billion during the same period last year.
Company announced final dividend of PKR 2 per share along with the result.
Company reported gross profit of PKR 4.4 billion in first quarter ended March 2023 when compared with gross profit of PKR 4.0 billion due to higher PTA prices and rupee depreciation.
Distribution and selling expenses decreased to PKR 36 million while Administrative and general expenses were 21.3 percent higher than the corresponding period last year due to overall impact of inflation.
LOTTE Chemical Corporation, South Korea (“LCC Korea”) the majority (75%) shareholder of LOTTE Chemical Pakistan Ltd (“the Company”) has entered into Share Purchase Agreement with Lucky Core Industries on January 26 2023, for sale of all its shares held by the LCC Korea. LCC Korea is selling its Pakistan business as part of its long-term strategy, LCC Korea is optimizing portfolios over many assets, with the strategic divestment options for the Company also under consideration.
Lotte Chemical Pakistan Limited was incorporated in Pakistan on 30 May 1998 under the Companies Ordinance, 1984 (repealed with enactment of the Companies Act, 2017). The principal activity of the Company is to manufacture and sale of Pure Terephthalic Acid (PTA).
