During the month of August due to accumulation of rain water in the areas adjoining the
factory, the Company had to shut down its plant for eight days, which adversely impacted
the production and sales of the Company. In addition to this the cost of production has
increased tremendously, due to 56% increase in electricity tariff by LESCO this coupled with
the acute power shortages, has resulted in decreased profitability of the Company for the
During the period under review your Company has posted net sales of Rs. 875.537 million
against the sales of Rs. 1,070.153 million for the corresponding period of last year,
representing a decrease of 18%. The gross profit has decreased by 31% over the
corresponding period of last year and amounts to Rs. 207.930 million. The profit before tax
for the period under review is Rs. 89.964 million as compared to profit before tax of Rs.
166.304 million for the corresponding period of last year. Profit after tax has decreased to Rs.
55.771 million as compared to Rs. 122.048 million for the last year denoting a decrease of
54%. As a consequence the Earnings per share (EPS) for the period stands at Rs. 1.55 as
compared to Rs. 3.39 for the corresponding period of last year.
The ICL management is looking forward to complete various BMR projects during the
current financial year. The coal-fired hot air furnace for Calcium Chloride Plant has arrived at
site and the commissioning shall be completed by the end of December 2013.
The Financial Close of the Ion Exchange Membrane (IEM) Plant phase I has now been
achieved. The IEM Plant shall arrive at site by the end of March 2014 and the commissioning
shall be completed by the end of September 2014. New plant is cost efficient and shall
improve the Company's profitability in time to come.