KARACHI: Nestle Pakistan’s profit after tax (PAT) clocked in at Rs2.27 billion (earnings per share: Rs50.15) for 1QCY19, declining by 32.84pc year-on-year over PAT at Rs3.38bn and EPS at Rs74.57. Net sales stood down to Rs29.14bn, from Rs32.86bn.

PIBT records Rs996m loss

Pakistan International Bulk Terminal Ltd (PIBTL) declared loss of Rs995.9m for 9MFY19 (LPS: Rs0.58) as against loss of Rs3.55bn (LPS: Rs2.34) in same period last year.

Turnover-net rose to Rs6.11bn, from Rs1.02bn. The results were hit by the exchange loss amounting to Rs1.20bn, down from Rs545m.

Cherat Cement earns Rs2.25bn

Cherat Cement reported PAT at Rs2.25bn (EPS: Rs12.74) for 9MFY19, up from Rs1.80bn and EPS at Rs10.16 in same months last year. Turnover stood about the same at Rs11.6bn and Rs11.15bn.

Directors stated that despite decline in cement despatches, turnover of the company remained at almost the same level as last year. However, increase in fuel prices and devaluation of the rupee led to an increase in the cost of production.

While sales prices also rose during this period, they could not offset the increased cost of production leading to a decline in sales margin.

Net sales decreased to Rs5.73bn, from Rs8.65bn.

TRG bleeds Rs3.02bn

TRG Pakistan recorded consolidated net loss of Rs3.02bn with LPS at Rs1.66 for 9MFY19, as against Rs4.58bn and LPS at Rs3.66 in same period last year.

Nets sales soared 43.5pc to Rs51.3bn, from Rs35.8bn.

Crescent Steel bottom line turns red

Crescent Steel and Allied Products recorded total comprehensive loss for 9MFY19 at Rs349.9m and loss per share (LPS) Rs4.07, as against PAT of Rs61.6m and EPS Rs1.46 in corresponding period previous year.

Loads Ltd earnings dip

Loads Ltd posted 9MFY19 PAT at Rs27.47 million, plunging from Rs200.42m during nine months of 2017-18. This translated into EPS of Rs0.2, down from Rs1.33.

Sales grew to Rs4.54bn, from Rs3.46bn. Earnings were hit by financial charges which shot up to Rs173.95m, from Rs58.05m while taxation rose to Rs103.12m, from Rs56.82m.

Soneri Bank PAT jumps

Soneri Bank recorded PAT of Rs723m for 1QCY19, jumping from Rs660m in same quarter last year. EPS improved to Rs0.6561, from Rs0.5987.

Meezan Bank to raise Tier-2 capital

Meezan Bank Ltd has approved to raise capital through issuance of Tier 2 Sukuk up to Rs6bn to the general public by way of public offering and/or to eligible institutional and other investors via private placement, the bank stated in a notice to the bourse.

Chinese group withdraws offer in FFL

Fauji Fertiliser Company, Fauji Fertiliser Bin Qasim and Fauji Foods Ltd (FFL) disclosed that on April 29, Inner Mongolia Yili Industrial Group Co published a notice to withdraw its intention to acquire up to 51pc shares and/or control of FFL, as the acquirer and sellers are currently unable to reach an agreement on the proposed sale and transfer of shares, as well as the time period to make an offer has lapsed.

Published in Dawn, April 30th, 2019