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EPCL endures 27% decline in earnings owing to higher...

October 15, 2019 (MLN): The Board of Directors of Engro Polymers and Chemical Limited held its meeting today, to discuss and present the financial results for the nine months ended on September 30, 2019.

As per the document issued to Pakistan Stock Exchange, the company has posted net earnings of Rs. 2.8 billion for the said period, which signifies a decline of 27% over the same period of last year.

Various analysts have proposed that the cause behind this deterioration in profits pertains to adoption of IFRS16 by the company in the second quarter of FY19.

While the increase in the prices of PVC helped lift topline income by 9%, the hike in gas tariffs pushed cost of sales up by 11%.

The non-core income of the company surged by 14% owing to returns from various short term investments as well as foreign exchange. On the other hand, finance costs swelled by 165% due to higher interest rates.

The company also announced an Interim Cash Dividend for the said period at Rs. 0.6 per share i.e. 6%.

Consolidated Profit and Loss Account for the nine months ended September, 30 2019 ('000 Rupees)

 

Sep-19

Sep-18

% Change

Net revenue

27,834,222

25,523,707

9.05%

Cost of sales

(21,586,567)

(19,427,062)

11.12%

Gross profit

6,247,655

6,096,645

2.48%

Distribution and marketing expenses

(244,718)

(292,084)

-16.22%

Administrative expenses

(603,041)

(535,516)

12.61%

Other operating expenses

(1,106,104)

(470,237)

135.22%

Other income

710,679

620,266

14.58%

Operating profit

5,004,471

5,419,074

-7.65%

Finance cost

(1,199,902)

(451,501)

165.76%

Profit before taxation

3,804,569

4,967,573

-23.41%

Taxation

(990,086)

(1,102,137)

-10.17%

Profit for the period

2,814,483

3,865,436

-27.19%

Earnings per share - basic and diluted (Rupees)

3.10

5.03

-38.37%

 

 

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Talks with IMF to start today

October 15, 2019 (MLN): The technical team of International Monetary Fund (IMF) has arrived in Pakistan and is set to commence talks from today.

The technical team will stay in Pakistan for two weeks, where the team will review the measures taken by the government.

Furthermore, the two side will also discuss taxation system particularly with regards to corporate tax.

In addition, the team of Federal Board of Revenue (FBR) will give briefing on income tax and sales tax.

The talks aim to determine the ways to increase tax collection by Rs 700 billion, particularly through income tax and sales tax.

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Earning Review: HBL’s earnings wither by 10% in 9MFY19

October 15, 2019 (MLN): Habib Bank Limited has announced its financial results for the nine months ended on September 30, 2019, as per which, it has posted net profits of Rs. 8.8 billion (EPS: Rs. 5.89), i.e. around 10.9% lower than the same period of last year.

While the markup interest income of the bank depicted positive growth due to higher yields, the non-markup interest income slumped by 4.3% on account of losses associated with hedging instruments and sale of securities.

The operating expenses of the bank surged by 22% as a result of ongoing business transformation.

An interim Cash Dividend for the quarter ended on September 30, 2019 was also announced at Rs. 1.25 per share, i.e. 12.5%. This is in addition to the interim Cash Dividend already paid at Rs. 2.5 per share i.e. 25%.

Consolidated Profit and Loss Account for the nine months ended September 30,2019 (Rupees '000)

 

Sep-19

Sep-18

% Change

Mark-up/return/profit/interest earned

182,631,441

117,074,265

56.00%

Mark-up/return/profit/interest expensed

108,573,082

56,962,724

90.60%

Net mark-up/return/profit/interest income

74,058,359

60,111,541

23.20%

Non mark-up/interest income

   

Fee, commission and brokerage income

15,456,596

12,739,687

21.33%

Dividend income

367,646

636,969

-42.28%

Share of profits of associates and joint venture

2,212,652

2,324,938

-4.83%

Foreign Exchange Income

302,575

444,090

-31.87%

(Loss) / income from derivatives

(657,532)

(361,337)

81.97%

(Loss) / gain on securities

(2,411,531)

357,300

 

Other income

506,627

354,547

42.89%

Total non-mark-up /interest income

15,777,033

16,496,194

-4.36%

Total Income

89,835,392

76,607,735

17.27%

Non mark-up/interest expenses

   

Operating expenses

(68,969,691)

(56,266,809)

22.58%

Other charges

(404,057)

(465,994)

-13.29%

Workers' Welfare Fund

(393,094)

(330,051)

19.10%

Total non-mark-up/interest expenses

(69,766,842)

(57,062,854)

22.26%

Profit/(loss) before taxation

20,068,550

19,544,881

2.68%

Provision and write offs-net

(1,783,344)

(1,863,380)

 

Taxation

(9,460,517)

(7,771,355)

21.74%

Profit/(loss) after taxation

8,824,689

9,910,146

-10.95%

Earnings per share - basic and diluted (Rupees)

5.89

6.57

-10.35%

 

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NRL’s quarterly losses decline by 36%

October 15, 2019 (MLN): National Refinery Limited (NRL) has announced its financial earnings for the quarter ended on September 2019, wherein the company posted a significant decline in its losses to Rs 678.7 million against Rs 1 billion incurred in same period last quarter.  

This translated in to loss per share which clocked in at Rs8.49, marking a decline of 36.3% from Rs 13.33 in corresponding period last year.

The decline in losses largely came on the back of lower cost of sales along with the rise in other income by 12.63% YoY. In addition, finance cost also dropped by a substantial amount of Rs 97 million, which further helped in declining company’s net losses.

Furthermore, the company also witnessed 39%YoY decline its operating losses which provided comfort to the earnings.  

Profit and Loss Account for the quarter ended September 30th 2019 ('000 Rupees)

 

Sep-19

Sep-18

% Change

Gross sales

 52,332,426

 53,227,258

-1.68%

Trade discounts, taxes, duties, levies and price differentials

 (13,064,811)

 (11,968,195)

9.16%

Net sales

 39,267,615

 41,259,063

-4.83%

Cost of sales

 (39,455,909)

 (41,780,504)

-5.56%

Gross profit/(loss)

 (188,294)

 (521,441)

-63.89%

Distribution cost

 (196,882)

 (190,553)

3.32%

Administrative expenses

 (234,402)

 (227,412)

3.07%

Other income

 101,773

 90,359

12.63%

Other operating expenses

 (5,036)

 (4,122)

22.17%

Operating profit/(loss)

 (522,841)

 (853,169)

-38.72%

Finance cost

 (370,870)

 (467,937)

-20.74%

Profit/(loss) before taxation

 (893,711)

 (1,321,106)

-32.35%

Taxation

 214,946

 254,938

-15.69%

Profit/(loss) after taxation

 (678,765)

 (1,066,168)

-36.34%

Earnings per share - basic and diluted (rupees)

 (8.49)

 (13.33)

-36.31%

 

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MCB Bank to sell MCB Financial Services Ltd via...

October 15, 2019 (MLN): MCB Bank Limited, in a notification to PSX, has informed that it shall dispose of its wholly owned subsidiary, MCB Financial Services Limited to ISE Tower REIT Management Company Limited and its nominee, namely Infortech (Private) Limited, as a co purchaser.

The aforesaid transaction will take place through ‘Share Purchase Agreement’, dated October 15, 2019 for a total consideration of Rs. 89,459,258, the notification stated.

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