KARACHI, April 25: With the current reporting season in full bloom, several companies commanding investor interest announced their results on Wednesday.
Those included: Pak Suzuki Motor Co; ICI Pakistan; Hub Power Company; Pakistan Petroleum; Nishat Mills and others. Following is the synopsis of some of the results:
PAK SUZUKI MOTOR CO: The company announced net profit for the Jan-Mar, 2007 quarter at Rs741.1 million representing earning per share (eps) at Rs13.71, up from Rs730 million and eps at Rs13.52 in the same time last year. Turnover rose to Rs12.1 billion, from Rs9.7 billion.
The company announced that the board which met on Wednesday had also approved plan to amalgamate the business and undertaking of Suzuki Motorcycles Pakistan Limited with the business undertaking of Pak Suzuki Motor Company effective Jan 1, 2007, subject to approval of the shareholders of both companies and the High Court of Sindh.
As a result of amalgamation, Pak Suzuki Motor Company shall issue and allot its one share against every twenty-one shares in Suzuki Motorcycles Pakistan Limited.
A similar declaration was made by the directors of Suzuki Motorcycles Pakistan in a separate meeting, which also announced company’s 2007 results, posting loss of Rs12.2 million, compared with profit after tax amounting to Rs8.4 million in the same quarter of last year.
ICI PAKISTAN: Profit after tax (PAT) showed growth of 19 per cent to Rs320.6 million for the Q12007 ended March 31, 2007, from Rs269.5 million in the corresponding period of the previous year. Earning per share (eps) increased to Rs2.31, from Rs1.94.
Net sales and commission income rose by 15 per cent to Rs5.1 billion, from Rs4.4 billion and gross profit increased to Rs945 million from Rs893 million.
The notice to the shareholders at the KSE stated that the company had already announced an expansion of its Soda Ash Plant capacity by another 65,000 tons per annum which was expected to be completed by Q2, 2009, at cost of around Rs1.36 billion.
The company also stated that in line with ICI Pakistan’s strategy to improve efficiencies and reduce costs the Board had recommended further investment of up to Rs600 million in its 100 per cent owned subsidiary, ICI Pakistan PowerGen Limited.
An ExGM would soon be convened for seeking members’ approval for the proposed further investment of Rs600 million.
HUBCO: Hub Power Company Limited announced net profit at Rs775 million for the Q32007, resulting in eps at Rs0.87, compared with net profit at Rs793 million and eps at Rs0.69 in the similar quarter last year.
Net profit for the three-quarters ended March 31, 2007 stood at Rs2,023 million, against Rs2,060 million in the similar period of last year. Eps amounted to Rs1.75 and Rs1.78.
Turnover for the nine months stood at Rs30 billion, against Rs16.1 billion. The company announcement stated that the board had not declared any interim dividend at the meeting on Wednesday.
PAKISTAN PETROLEUM LIMITED: PAT increased to Rs13.1 billion for the nine months ended March 31, 2007, from Rs9.6 billion in the similar three quarters of the previous year. Those translated into eps at Rs19.1 and Rs14.0. Net sales for the period under review amounted to Rs28.0 billion, up from Rs23.2 billion in the similar period of last year.
NISHAT MILLS: PAT for the nine months ended March 31, 2007 amounted to Rs1.2 billion compared to Rs1.1 billion in the same time last year. Eps improved to Rs7.31, from Rs7.09. Sales for the period under review rose to Rs13.0 billion, from Rs12.3 billion. The company skipped a payout.
