SNGPL reports net loss of Rs2.49bln in 2015

KARACHI: Sui Northern Gas Pipeline Limited (SNGPL) reported a net loss of Rs2.49 billion for the year ended June 30, 2015 due to lower sales and exorbitant cost of the sales, according to a bourse filing on Thursday.

The loss is 37 percent lower from Rs3.96 billion in the previous year ended June 30, 2014. Accordingly, the loss per share remained at Rs3.93 as compared to Rs6.25 last year, the firm announced at Pakistan Stock Exchange.

The company sold gas worth Rs190.81 billion in the year under review, which was seven percent lower than Rs206.23 billion in the previous year.

The sales amount inflated to Rs212.52 billion with addition of additional revenue earned on account of differential margin. The inflated reviews in the previous year were at Rs220.76 billion, which were four percent higher than the year under review.

Such heavy sales, however, failed to help the firm to book profit due to exorbitant cost of gas sales at Rs210.37 billion, which was almost equivalent (ie 98.99 percent) to inflated sales revenue in the year.

The cost of gas sales in the previous year was 99.71 percent (or Rs220.12 billion) of the inflated sales revenue, according to the bourse filing.

The firm reported other income at Rs10.52 billion which was eight percent higher than Rs9.75 billion last year.

The comparatively higher other income and lower cost of gas sales in the year in comparison helped the firm book operating profit at Rs1.04 billion against operating loss at Rs388.70 million last year.

The finance cost declined 20 percent to Rs3.98 billion as compared to Rs5 billion last year.

Soneri Bank’s profit surges 40pc

Soneri Bank Limited's net profit surged 40 percent in the year ended December 31, 2015 mainly on the back of higher gains on sales of securities, according to a bourse filing on Thursday.

The bank earned a net profit of Rs2.21 billion in the year under review from Rs1.58 billion last year. This translated into earning per share at Rs2.01 as compared to Rs1.44 last year, the bank announced at Pakistan Stock Exchange.

The gains on sales of securities (net) rose threefold to Rs1.12 billion in the year against Rs364.86 million last year.

Board of directors that met under the chairmanship of Alauddin Feerasta have recommended a final cash dividend of Rs1.25/share, added a bank's statement.

"The increase in gross revenue was registered mainly on account of growth in earning assets, which increased bank net mark-up income.

Furthermore, the bank delivered well on its strategy to mobilise low-cost deposits and invest in high yielding bonds.

This provided the offset against pressure on spreads due to low rates," the handout added.

The bank has outperformed the market in deposit growth and also shown reinforcement in all core areas of its operations.

"Deposits grew by 13.46 percent over 2014 and net advances recorded a growth of 3.74 percent over 2014," it said.

"The bank also adequately meets the State Bank of Pakistan Basel III requirements and is well positioned to meet its growth plans," the statement said.