Pakistan: Lucky Cement's net profit rose by 11.2% year-on-year to US$28.2m during the first quarter of its 2016 fiscal year, which ended on 30 September 2015. On a consolidated basis, its net profit rose by 13.8% to US$31.3m.

The company's net sales revenue declined by 1.2% to US$98.1m during the quarter. This was primarily attributed to a 2.7% decrease in sales volume, which was partially offset by a 1.5% increase in net retention due to an improved sales mix. Lucky Cement's domestic sales volume grew by 11% to 1.07Mt, whereas export sales volumes fell by 23.2% to 490,000t.

The Board of Directors have also decided to set up a 2.3Mt/yr capacity greenfield cement manufacturing plant in Punjab. The expected project cost is US$200m and construction work is expected to start in the first quarter of the 2016 calendar year. It is expected that plant will become operational in the second quarter of the 2018 calendar year. Lucky Cement also reported progress on its key foreign and local projects; namely an integrated cement plant in the Democratic Republic of Congo; a 660MW, supercritical, coal-based power project; a 50MW wind farm, electricity supply to the Peshawar Electric Supply Company (PESCO); and a waste heat recovery unit at its Pezu power plant.