United Bank’s profit falls 8.9 percent

KARACHI: Net income of United Bank Limited (UBL) fell 8.9 percent to Rs13.29 billion for the half-year ended June 30, 2017, translating into earnings per share (EPS) of Rs10.81, a bourse filing said on Thursday.

UBL posted a profit of Rs14.6 billion during the same period a year ago with an EPS of Rs11.82, said a notice to Pakistan Stock Exchange.  The company also announced an interim cash dividend of Rs3/share, which is in addition to the interim dividend of Rs3/share already paid to the shareholders.

“The decline in earnings is primarily on account of the super tax at 4 percent on the 2016 profitability, causing an impact of Rs1.50/share,” an analyst at Arif Habib Securities said. Bank’s net interest income for the half-year stood at Rs29.009 billion, up 0.79 percent as compared to income of Rs28.83 billion during the same period a year earlier.

The bank’s non-interest income witnessed a decline of 13 percent to Rs13.19 billion during the period ended June 30, 2017. Non-interest income amounted to Rs15.101 billion in the corresponding period of the last year.

For the quarter ended June 30, 2017, UBL posted a net profit of Rs5.714 billion, translating into EPS of Rs4.67, down 18 percent as against the profit of Rs7.039 billion and EPS of Rs5.68 during the same period of the last year.

“Despite capital gains increasing 93 percent during the quarter ended June 30, 2017, total non-markup income increased a mere three percent, as dividend income weakened 73 percent,” said Ovais Hussain, an analyst at by Elixir Securities.

Mari Petroleum posts profit of Rs9.136bln

 

Profit of Mari Petroleum Limited (Mari) rose 50 percent to Rs9.136 billion for the year ended June 30, 2017, translating into earnings per share (EPS) of Rs82.87, a bourse filing said on Thursday.

Mari posted a profit of Rs6.051 billion with an EPS of Rs54.89 a year earlier, said a notice to Pakistan Stock Exchange. 

The company also announced a final cash dividend of Rs2.2/share.

The company’s net sales turnover stood at Rs28.175 billion for FY2017 as against the sales of Rs21.71 billion in FY2016.

“The increase in revenue stemmed from unwinding of entitlement factor to 73.2 percent,” said Shahbaz Ashraf, an analyst at Arif Habib Limited.  

Mari’s board also approved acquisition of working interest in different blocks from Tullow Pakistan and MOL Pakistan as part of its campaign to expand its exploration portfolio for enhancing its reserves base through reserve-led growth strategy.

Pakistan Tobacco’s profit down 137 percent

Profit of Pakistan Tobacco Company (PTC) sharply fell more than 137 percent to Rs2.976 billion for half year ended June 30, 2017, translating into earnings per share (EPS) of 11.65, a bourse filing said on Thursday. 

PTC recorded a profit of Rs7.071 billion with an EPS of Rs27.68 for the same period a year earlier.

The company did not announce any payout along with the corporate earnings.

PTC’s revenue stood at Rs18.214 billion for the January-June period of 2017, down 36 percent over the same period a year ago.

The company registered Rs28.847 billion in sales revenue in the corresponding period a year earlier.

Pakistan Tobacco recorded net income of Rs1.46 billion for the quarter ended June 30, 2017, translating into EPS of Rs5.72.

The company registered profit of Rs4.258 billion and EPS of Rs16.67 during the same quarter of the last year.