Daily Corporate Roundup

March 5, 2019 (MLN): JS Bank declared a 40% expansion in its annual profit for the period ended December 2018 which are reported at Rs.639 million (EPS: Rs.0.34), having suffered a substantial fall of Rs.428 million from Rs.1.07 billion (EPS: Rs.0.79) recorded last year.

On the other hand, The United Insurance Company of Pakistan rejoiced a 33.2% rise in annual profits which stand at Rs.389.2 million (EPS: Rs.1.72). The profits recorded last year were Rs.292.3 million (EPS: Rs.1.29).

The improved earnings surfaced despite a fall in net insurance premium and due to a decline in overall expenses. Moreover, the company recorded profits from associate this year, while last year it had incurred losses.

In contrast, Premier Sugar Mills & Distillery reported 33% rise in annual losses for the period ended Sept 2018, which grew from a loss of Rs.147.2 million (Loss Per Share: Rs.39.25) last year, to a loss of Rs.195.7 million (Loss Per Share: Rs.52.2) this year.

This was due to an amplification in overall outflows (including finance cost), and a sharp fall in non-core income. Moreover, last year, the company got tax reversals while this year it became a provision of Rs.29.2 million.

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