KARACHI: Pakistan State Oil (PSO) has posted over twofold surge in earnings, as the profit for the nine months ended March 31, 2017 clocked in at Rs14.156 billion as compared to Rs4.59 billion during the same period of the last year, a bourse filing said on Monday.
The earnings per share (EPS) for the quarter stood at Rs52.10 as compared to Rs16.91 during the same period of the last year.
Mubashir Anis in a report issued by Elixir Securities said the company also announced a cash dividend of Rs10/share along with the quarterly results, “as the company had skipped biannual payouts on account of liquidity constraints in the previous quarter”.
Net sales during the period under review stood at Rs629.497 billion, up 28.9 percent as against Rs488.567 billion during the same period of the last year. “Earnings accretion came mainly on the back of increasing petroleum products (POL) volumes during the period.”
For the quarter ended March 31, 2017, PSO posted a net profit of Rs4.14 billion, translating into the EPS of Rs15.24 as compared to the loss of Rs2.13 billion during the corresponding quarter of the last year.
The company posted a gross profit of Rs9.2 billion in the quarter and recorded a higher gross margin of 4.2 percent as compared to 3.8 percent in the previous quarter.
“Higher gross margins are attributable to rising ex-refinery prices, which resulted in inventory gains recognised by the company,” Waleed Rahmani said in a report issued by Arif Habib Limited.
Engro Fertilizers earnings down 22.2pc
Engro Fertilizers Limited has posted a 22.2 percent decline in earnings, as the profit for the quarter ended March 31, 2017 clocked in at Rs1.637 billion as compared to Rs2.12 billion during the same period of the last year.The EPS for the quarter stood at Rs1.23 as compared to the EPS of Rs1.59 during the same period of the last year. The company did not announce any payouts along with the corporate announcement.
Tahir Abbas at Arif Habib Limited in his comments attributed the decline in earnings to 15 percent decline in sales revenue, which stood at Rs10.063 billion as compared to Rs11.879 billion last year.
“Sales dropped mainly due weaker urea and DAP offtake, which declined seven percent and 38 percent YoY, respectively.”
Faizan Ahmed in a report issued by JS Global said that operating profit of the company declined 22.9 percent during the quarter under review, mainly due to depressed urea market and decline in prices as compared to the same period of the last year.
Nishat Mills posts decline in profit
Nishat Mills Limited (NML) has posted a 15 percent decline in earnings, as the profits for the nine-months ended March 31, 2017, clocked in at Rs5.91 billion as compared to Rs6.96 billion during the same period of the last year.
The EPS for the quarter stood at Rs13.82 as compared to Rs16.25 during the same period of the last year. The company did not announce any payouts along with the corporate results.
Sales revenue for the period stood at Rs56.41 billion, up 6.8 percent as against Rs52.82 billion last year.
“The higher sales were owed to incorporation of drawback on local taxes and levies,” Arsalan Hanif said in a report issued by Arif Habib Limited.
For the quarter ended March 31, 2017, NML posted a net profit of Rs2.129 billion, translating into the EPS of Rs4.99 as compared to the profit of Rs2.974 billion and the EPS of Rs7.22 during the corresponding quarter of the last year.
Ahmed Lakhani in a report issued by JS Global said the gross margins clocked in at 11.8 percent, declining from 14.5 percent last year.
“We believe declining margins are due to higher cotton prices, adverse currency fluctuations in GBP and EUR and higher fuel costs, amid rising crude oil prices.”
Lucky Cement profit up 10.5 percent
Lucky Cement (LUCK) has reported net profit of Rs13.05 billion for the nine months ended March 31, 2017, showing a growth of 10.5 percent as compared to Rs11.809 billion during the same period of the last year.
The EPS increased to Rs37.27 as compared to Rs34.11 reported during the same period of the last year.
Faizan Ahmed in a report issued by JS Global said earnings accretion came mainly on the back of 1.5 percent growth in revenues of the company, driven by increasing cement dispatches and 43.4 percent increase in other income.
The earnings came in line with the market expectations; however, the company did not announce any payout along with the corporate results.
For the quarter ended March 31, 2017, Lucky Cement announced a net profit of Rs4.315 billion, translating into the EPS of Rs12.15 as compared to the profit of Rs4.156 billion and the EPS of Rs11.94 during the corresponding period of the last year.
“Gross profit margins declined to 45 percent from 49 percent last year with major culprit being coal prices, which increased 75 percent,” Karim Punjani in a report issued by Elixir Securities said.
Lucky Cement remains optimistic about its domestic sales volumetric growth for the current financial year.
“Domestic sales are anticipated to maintain the current upward momentum during the last quarter, as well, as witnessed during the nine months under review on the back of private and public sector construction projects and mega infrastructure development projects under the China-Pakistan Economic Corridor (CPEC) initiative.
The company's strong and debt-free financial position and free cash flow generating ability would continue to support investment in projects and avenues, which can bring in further operational efficiencies and enhance shareholders' value,” says a director’s review on the company’s financial performance.
Indus Motor earnings surge
Indus Motor Company has posted a 15.8 percent surge in earnings, as the profit for the nine months ended March 31, 2017 clocked in at Rs10.244 billion as compared to Rs8.847 billion during the same period of the last year.
The EPS for the quarter stood at Rs130.34 as compared to Rs112.56 during the same period of the last year.
The company also announced an interim cash dividend of Rs30/share, which is in addition to the interim dividend of Rs50/share already paid to the shareholders.
Net sales stood at Rs84.343 billion as against Rs79.68 billion during the same period of the last year.
Misha Zahid in a report issued by Arif Habib Limited attributed revenue growth to the resolution of mechanical faults at the plant, launch of new vehicles and New Year phenomena.
For the quarter ended March 31, 2017, Indus Motor announced a net profit of Rs4.169 billion, translating into the EPS of Rs53.05 as compared to the profit of Rs2.95 billion and the EPS of Rs37.56 during the corresponding quarter of the last year.
FFBL posts loss of Rs732.24mln
Fauji Fertilizer Bin Qasim (FFBL) has posted a loss of Rs732.24 million for the nine months ended March 31, 2017 as compared to the loss of Rs154.27 million during the same period of the last year.
The loss per share (LPS) for the period stood at 78 paisas as compared to the LPS of 17 paisas during the same period of the last year.
“This indicates depressed DAP margins currently being earned by the company,” Faizan Ahmed said in a report issued by JS Global. Net sales stood at Rs9.655 billion as against Rs4.875 billion during the same period of the last year.
For the quarter ended March 31, 2017, FFBL announced a net loss of Rs134.798 million, translating into the LPS of 14 paisas as compared to the loss of Rs513.72 million and the LPS of 55 paisas during the corresponding quarter of the last year.
Bank Al-Falah profit rises 12.76 percent
Bank Alfalah Limited (BAFL) has announced a net profit of Rs2.89 billion for the quarter ended March 31, 2017, which is 12.76 percent higher than the profit of Rs2.529 billion earned in the corresponding period of the last year.
“The earnings came in significantly higher than estimates, owing to positive surprises in net interest income, non-funded income and operating expenses,” Ibad-ur-Rehman said in a report issued by Elixir Securities.
The bank did not announce any payouts along with the corporate earnings. Net interest income (NII) of the bank inched up to Rs7.34 billion, owing to lower-than-estimated interest expense.
“In spite of pressure on yields on various asset classes, BAFL managed to slightly expand its NII, as decline in liabilities’ yields more than compensated for lower yields on assets, where the former was attributable to BAFL’s exclusive focus on increasing CASA deposits,” Rehman added.
Total non-interest income for the quarter stood at Rs2.79 billion as compared to Rs2.503 billion last year.
