KARACHI, April 20: Stock brokerage firms are posting fabulous profits for the nine months (July-March) 2005-06, which goes to show that the huge rise of 60 per cent in KSE-100 index year-on-year has passed down to the bottom line of companies that invested wisely. The same goes for mutual funds, insurance companies and others that have heavy stakes in the equity market.
The results season is in full swing. Listed brokerage firm, First National Equities Limited (FNEL), reported 78.6 per cent growth in after-tax profits for mine months (July-March 2005-06) at Rs367.2 million, from Rs205.6 million in the corresponding period of the previous year.
In a press release issued on Thursday, the firm mentioned that FNEL’s income from transactions in marketable securitises more than doubled to Rs512.7 million for the nine months under review, from Rs208.7 million in the comparable period of last year.
The firm’s operative revenue stood at Rs231.4m, showing growth of 31.1pc. Earning per share (eps) increased to Rs7.34 compared to Rs4.63 in the corresponding period of the last fiscal.
