Fauji Fertiliser’s quarterly profit rises 3 percent

KARACHI/LAHORE: Fauji Fertilizer Ltd on Wednesday said its profit rose three percent during the quarter ended March 31, 2018 on higher sales.

The company in a statement to the Pakistan Stock Exchange (PSX) said its net profit increased to Rs2.26 billion from Rs2.19 billion in the same period of the preceding year.

The net sales also rose to Rs20.55 billion during the period compared to Rs1.9 billion in the same period last year, it added.

The company also announced an interim dividend of Rs1.75/share. Its earnings per share remained at Rs1.78 compared to Rs1.72 in the same period last year.

An analyst at Taurus Securities said an increase in total fertiliser off-takes, 61 percent year-on-year and a likely improvement in retention prices of urea and DAP resulted in massive growth in net sales

“Despite improvement in retention prices, gross margins of the company dipped by 3.34 percent to settle at 20 percent which could be attributed to continuation of discounts on retail prices,” the analyst said. Other income of the company remained subdued as it went down 25 percent year-on-year owing to lower subsidy income, and absence of dividend income from AKBL and FCCL.

“In spite of significant growth in operating profit and lower finance cost, bottom-line inched upwards due to decline in other income and higher effective tax rate,” the analyst said.

Allied Bank’s Q1 profit grows 4 percent

Allied Bank net profit rose 4 percent to Rs3.84 billion for the quarter ended March 31, 2018 due to rise in fee, commission and brokerage income.

Bank’s net profit increased to Rs3.84 billion compared to Rs3.67 billion in the same period last year, it said in a bourse filing. The bank also announced an interim dividend of Rs2/share.

Banks fee, commission and brokerage house income rose to Rs1.306 billion in the quarter from Rs1.28 billion of same period last year.

The bank reported earnings per share of Rs3.36 against Rs3.21 in the same period last year.

Analysts said on a quarter-on-quarter basis, the bank’s NII remained flat, “with marked reduction in interest income and interest expenses, attributable to PIB

“The bank performed exceptionally in curbing operating cost by 18 percent quarter-on-quarter and mobilising robust recoveries on the advances front, which also supported the bottom-line,” an analyst said.

Pak Suzuki Motor’s quarterly profit slips 30 percent

Pak Suzuki Ltd on Wednesday said its profit fell 31 percent during the quarter ended March 31, 2018 because of higher distribution cost and administrative expenses.

Net profit fell to Rs904 million from Rs1.3 billion in the same period of the preceding year.

The net sales increased Rs31.51 billion during the period compared to Rs23.89 billion in the same period last year, the company said in a statement to Pakistan Stock Exchange.

An analyst said that the company's net revenues (up 32 percent YoY) continued to depict robust momentum as per expectations due to 18 percent year-on-year growth in volumes and higher percentage of pricier cars in the product mix.

The company reported earnings per share of Rs10.99/share compared to Rs15.88/share in the same period last year.

Kot Addu July-March profit down 3 percent

Kot Addu Ltd on Wednesday said its profit fell three percent during the nine months ended March 31, 2018 as higher financing cost bite.

The company in a statement to Pakistan Stock Exchange said net profit fell to Rs6.6 billion from Rs6.7 billion in the same period of the preceding year. The net sales increased to Rs61.6 billion during the period compared to Rs54.2 billion in the same period last year, it added.

An analyst from BIPL Securities said the result was lower than the market expectations, attributable to increase in cost of sales on the back of higher than expected expenses.

The finance cost also increased by 47 percent on year-on-year basis on increased payables amid rising circular debt.

Financing cost rose to Rs4.69 billion from Rs3.05 billion of the same period last year.

The company also reported earnings per share of Rs7.50/share compared to Rs7.68/share in the same period last year.

Maple Leaf Cement’s 9-month profit falls 15 percent

Maple Leaf Cement Factory Ltd on Wednesday said its profit fell 15 percent during the

nine months ended March 31, 2018 on

higher finance cost. The company in a statement to Pakistan Stock Exchange said net profit decreases to Rs3.3 billion from Rs3.9 billion in the same period of the preceding year.

The net sales increased to Rs19.3 billion during the period compared to Rs18.2 billion in the same period last year, it added.

Financing cost rose to Rs5.93 million from Rs1.96 million of the same period last year. The company also reported earnings per share of Rs6.01/share compared to Rs7.49/share in the same period last year.

MCB Bank's profit declines 22.3pc in Jan-March

Net profit of MCB Bank Limited fell 22.3 percent to Rs4.78 billion in the quarter ended March 31, 2018, translating into earnings per share (EPS) of Rs4.03, a bourse filing said on Wednesday.

The decline was primarily on account of one off charge of pension-related expense amounting to Rs2.03 billion, in compliance with the Supreme Court’s order, raising minimum pension to Rs8,000/ month, a notice to the Pakistan Stock Exchange said.

MCB’s gross profit was Rs7.31 billion showing a decline of 22.9 percent compared to the corresponding months last year.

Net mark-up income of the bank increased by 12.97 percent to Rs11.00 billion in the first quarter, the notice said. To supplement its net interest margins, the bank remained focused on increasing its low cost deposit base and ventured in higher yielding assets.

MCB Bank continued to enjoy one of the highest CASA mixes in the banking industry of 92.68 percent with current deposits increasing by five percent and savings deposits by three percent over December 2017. The concentration level of the current accounts stands improved to 39 percent of the total deposit size in the January-March period this year.

The bank’s non-mark-up income front declined by 17.02 percent to Rs4.3 billion, whereas administrative expense base recorded an increase of 16.78 percent, the notice added.

On the provision against advances front, the bank continued with its recovery trajectory and posted a reversal of Rs314 million with Rs416 million reversals in provision against investments.

The total asset base of the bank on a standalone basis was reported at Rs1.29 trillion reflecting a decrease of 2.55 percent over December 2017. On the liabilities side, the deposit base of the Bank registered a significant increase of Rs36.54 billion (+3.77 percent) over December 2017.