Laugfs comes out with 1H results sans quarterly

Releasing first half results in one go instead of quarterlies, Laugfs Gas Plc yesterday reported a 5% increase in its bottom line to Rs. 403 million in the six months ended on 30 September 2011 whilst Group’s top line grew by 29% to Rs. 4.4 billion.

Consolidated gross profit for the first half of 2011/12 financial year was Rs. 736.7 million, up by 4% whilst pre-tax profit amounted to Rs. 484.4 million, reflecting a 5% improvement over the corresponding period of last financial year.

A 117% increase in other income and gains (mainly interest and dividend) to Rs. 190 million has bolstered profits of Laugfs Gas.

In FY2011, the last period for which accounts were released until yesterday’s first half results, Group revenue was Rs. 7.3 billion and profit attributable to equity holders was Rs. 852.7 million and a pre-tax profit of Rs. 1.04 billion.

At Company level, revenue also grew by 29% to Rs. 4 billion in the first half of FY12 but gross profit declined by 8% to Rs. 484 million. Other income and gains amounted to Rs. 269.5 million, up by 210% over the first half of last year.

Pre-tax profit had grown by 11% to Rs. 430 million and after tax profit grew similarly to Rs. 352 million. Selling and distribution costs had risen by 39% to Rs. 210 million and administrative expenses jumped by 268% to Rs. 112 million.

Business segment wise, trading of LPG had brought in Rs. 352 million net profit, up from Rs. 309 million a year earlier; whilst services had brought in Rs. 148 million, higher in comparison to Rs. 83 million in the first half of FY11.

Leisure and Hospitality continues to be loss making (Rs. 5.6 million, down from Rs. 8.3 million), whilst property development and energy were negative as well.