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WEEKLY
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| Rupee depreciation lifts PICT profit |
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Wednesday, September 02, 2009
By our correspondent
KARACHI: Pakistan International Container Terminal (PICT) on Tuesday announced a 76 per cent increase in profit for financial year 2008-09, helped by a substantial depreciation of the rupee.
Profit surged to Rs935.689 million in fiscal 2009 compared to Rs529.260m recorded in the previous year despite a sluggish trade activity in the slowing economy.
“The numbers reflect depreciation of the rupee against the dollar. The story will be different if you see the results in dollars,” said Haleem Siddiqui, Chairman PICT. “Because of depreciation, the company also suffered on foreign (currency denominated) loans.”
However, he said the PICT did not see a decrease in the volume of cargo, which passed through its terminal. “We had to reduce terminal tariff to achieve that.”
The PICT, which operates berths 6 to 9 on the west wharf of the Karachi Port, is the only Pakistani company in the business of container handling.
While details of the full-year results are not out yet, the nine-month (July 2008 to March 2009) figures show PICT has handled higher volumes.
Between July-March 2008-09, it saw 355,467 TEUs (twenty feet equivalent container units) being loaded and unloaded on ships, a 3pc growth over the quantity handled in the same period of previous year.
Until March 31, it had to book an exchange loss of Rs405 million as a result of rupee depreciation.
PICT’s Board of Directors has recommended a 20pc bonus share in proportion of one ordinary share for every five shares held.
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ISSN 1563-9479 
