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KARACHI, April 23: There was a heavy downpour of corporate results on Tuesday. PTCL, Engro, PICIC Commercial Bank, Sui Southern, Fauji Cement and PNSC were some of the interesting entities that unveiled quarterly numbers. Following is a brief review of how they fared during the reporting period.
PTCL: For the nine months (July-March 2001-02), Pakistan Telecommunication Company Limited posted pre-tax profit of Rs20.88 billion, reflecting 11 per cent growth over pre-tax profit of Rs18.82 billion in the corresponding period of the previous year. After tax profit was up 6.4 per cent to Rs13.09 million, from Rs12.30 million. The numbers stood close to expectations of some star analysts, including Mohammed Sohail, head of research at InvestCap, who had forecast net earnings at Rs13.5 million.
Revenue grew by 5.7 per cent to Rs47.94 billion, from Rs45.25 billion, which Saad Hashemy, head of research at IP Securities, said could be due to increased international incoming voice traffic, new service lines, growing popularity of pre-paid calling cards and lower financial charges. An interim dividend was not announced on Tuesday and none was expected as the company historically distributes profit at the end of the year.
ENGRO: The fertilizer producer posted after tax profit of Rs140.2 million for the Q1 ended March 31, 2002, reflecting a sharp fall from after tax profit of Rs340.2 million in the corresponding period of 2001. Sales slipped to Rs1.46 billion, from Rs1.70 billion. Directors attributed decline in earnings mainly to lower urea sales volume, higher income tax charge arising from expiry of the eight-year tax holiday and the loss of Rs32 million incurred in the NPK business. During the period, the board elected S. Naseem Ahmed as new chairman in place of Nisar A. Memon, who resigned to take up the job of federal minister for information.
PICIC COMMERCIAL BANK: In about a year since PICIC’s acquisition of what formerly was the Gulf Commercial Bank Limited, in February 2001, the bank has shown strong growth and profitability. For quarter to end March, the bank reported 29 per cent improvement in pre-tax profit to Rs74.1 million, from Rs57.5 million in the same quarter of 2001. In just one year, deposits of the bank almost doubled to Rs10.68 billion at March 31, 2002, from Rs5.54 billion at the same date last year.
Advances increased by 59 per cent to Rs6.71 billion, from Rs4.22 billion and trade related business shot up by 138 per cent to Rs6.13 billion, from Rs2.58 billion. Important features of directors’ report were that the bank had maintained the growth momentum in deposits, which had increased 11 per cent since December 31. The bank’s management had continued efforts towards reduction of classified advances, which stood almost halved to Rs484.2 million at end-March 2002, from Rs881.1 million at the same time last year. Also, a unique feature of the bank was to extend Talimi Loans to students of various universities and institutes. Loans in the range of Rs50,000 to Rs0.15 million were disbursed to 200 students of 22 top class universities/institutions.
SUI SOUTHERN GAS COMPANY: SSGC reported 5.3 per cent increase in after tax profit to Rs957.5 million for the nine months to end-March 2002, from Rs909.7 million in the comparable period of earlier year. For Q3, the gas utility posted 2.8 per cent improvement in net earnings to Rs291.7 million, from Rs284.5 million in same quarter of last year. Analysts were anticipating improved results on the back of favourable gas tariffs and reduction in cost of borrowings. Net sales grew 7.7 per cent for Q3 and by 19.5 per cent for nine months to Rs20.80 billion, from Rs17.37 billion in the three quarters of 2001.
FAUJI CEMENT: The beleaguered cement company produced net loss of Rs44.9 million for the quarter ended March 31, which went to widen its accumulated deficit to Rs2.094 billion. The company is plagued by the huge financial charges of Rs129.9 million, which wiped out all of the operating profit of Rs84.5 million.
PNSC: The national flag carrier posted net profit for the Q3 ended March 31, at Rs182.1 million (before taxation and minority interest). For the nine months (July- March 2001-02), the shipping company reported profit of Rs470.8 million.
