Lotte PPTA announces profit

Karachi –– Lotte Pakistan PTA Limited (Lotte PPTA) on April 26, 2011 announced this year’s first quarter profit of Rs2.488 billion, up 170 percent over the same period of previous year.

The profit for January-March 2011 was helped by better price of purified terephthalic acid (PTA) and relatively a lesser rise in price of its main ingredient of paraxylene, the results showed.

Distribution and administrative expenses slightly increased because of general uptrend in inflation but the margins – difference between sales and cost of goods sold – were high enough to easily offset that. In a statement issued along with the results to Karachi Stock Exchange (KSE), the company said that it was seriously considering investing $500 million for setting up a new PTA plant of 800,000 tons to 1 million ton capacity.

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