Karachi : Lotte Pakistan PTA Limited Board of Directors meeting Tuesday said it incurred loss after taxation of Rs 445 million in the quarter and six months ended 30 June 2012 compared to profit after taxation of Rs 1209 million in Q2 last year.
Board which approved un-audited condensed interim financial statements of Company for the quarter and six months ended 30 June 2012, said distribution and selling expenses for quarter were lower than corresponding quarter last year due to lower export sales. Administration expenses for quarter were also lower than corresponding quarter last year due to strict internal control and monitoring.
Other operating expenses were lower than corresponding quarter last year mainly due to reversal of provision for Workers’ Profit Participation and Workers’ Welfare Funds due to operating loss. Finance income was significantly lower than Q2 2011 mainly due to reduction in average cash surplus levels on back of lower cash generation. Finance costs were lower than Q2 2011 mainly due to partial payment of parent company loan and consequent reduction in interest charges, Company said in communication to Karachi Stock Exchange. Work on co-generation power project was completed during the quarter and it was successfully commissioned in July 2012.