STOCK WATCH

 

 

By SHABBIR H. KAZMI
Updated Oct 26, 2002

 

This week the KSE-100 index breached the psychological barrier of 2,200 points and closed at 2,237. The market capitalization at about Rs 541 billion seems to be moving fast towards the all-time high record of Rs 610 billion, set in mid-nineties. If the interest in leading chips continues the KSE-100 index may go beyond 2,600 level, which is the aim of many market players.

 

ENGRO CHEMICAL PAKISTAN

Alongwith the financial results for the 3rd quarter the company has also announced second interim dividend of 20 per cent. The total interim dividend declared so far comes to 40 per cent. Sales increased by 12 per cent. There was a sizable increase in the sales of phosphatic and postasic fertilizers. The company posted Rs 854 million profit after during the nine-months period, up 21 per cent from the level of last year. Higher sales, reduced NPK fertilizer losses and higher dividend from a joint venture also contributed towards higher profit. The production of urea was up by an appreciable 18 per cent. Smooth plant operations and absence of a planned maintenance shutdown during the period enabled attainment of record production of 680,000 tonnes of urea. Another factor contributing to higher profitability was increase in sale of purchased fertilizer, up from 64,000 tonnes to 147,000 tonnes.

HUBCO

The company has released 1st quarter results without any announcement about interim dividend. During the quarter, the power plant was run at a low load factor of 13% generating 353 Gwh of electricity. Turnover for the quarter was Rs 3,879 million and operating costs were Rs 1,753 million. Gross profit for the quarter was Rs 2,126 million compared to Rs 2,124 million for the corresponding quarter of last year. Turnover and operating costs were lower compared to the previous period due to the lower load factor in the current period.

MILLAT TRACTORS

The company has released its financial results for the year ending June 30, 2002 posting lower profit as well as dividend payout compared to previous year. Sales came down from Rs 5,451.7 million to Rs 5,115.6 million. Cost of sales declined from Rs 4,830.3 million to Rs 4,582.2 million. Two factors which contributed to lower profit were: 1) decrease in other income and 2) increase in financial charges. Other income came down from Rs 63.7 million to Rs 27.6 million. Financial charges went up Rs 45.7 million to Rs 65 million. Profit after tax came down from 287.7 million to Rs 187.8 million. Resulting, the Board of Directors decided to approve 130 per cent dividend for the year 2002 for the shareholders. The company had paid 150 per cent dividend for the previous year.

PAKISTAN OILFIELDS

The reduction in profit after tax has resulted in lower dividend payout for the year ending June 30, 2002 as compared to previous year. The company has earned Rs 1,945.6 million profit after tax for the year 2002, as compared to a profit of Rs 2,373.7 million for the previous year. For the year 2001 the company had 230 per cent dividend and also issued bonus shares. Whereas for the year 2002, an interim dividend of 80 per cent was paid earlier and another 80 per cent was approved by the Board of Directors as final dividend, making the total payout at 160 per cent. The factors which can be attributed to reduction in profit are: 1) increase in cost of sales, 2) higher exploration cost and 3) a provision of Rs 350 million for contingencies related to guarantees given to a financial institution in respect of loans to a subsidiary company, Attock Industrial Products Limited.

FECTO CEMENT

The company has released its financial results for the year ending June 30, 2002. Despite reduction in sales, the company managed to post Rs 116.5 million gross profit, whereas as it had posted Rs 3.3 million gross loss for the previous year. The gross profit earned for the year 2002 is attributed to cost optimization. During the year 2002 sales were Rs 1,035.3 million as against a revenue of Rs 1,173.7 million for the previous year. Cost of sales came down from Rs 1,177 million for the previous year to Rs 918.8 million for the year under review. Operating expenses went up from Rs 76.96 million to Rs 83 million.

GATRON INDUSTRIES

The financial results for the year ending June 30, 2002 seems to be more or less identical for the previous year, including the dividend paid to the shareholders. Sales for the year 2002 at Rs 4,539 million were lower than the turnover for the previous year at Rs 4,925 million. Cost of goods sold came down from Rs 4,146 million to Rs 3,797.7 million. There was marginal reduction in administrative and selling expenses and financial charges. The company posted Rs 349 million profit after tax for the year 2002. out of this Rs 211 million was proposed to be distributed among the shareholders. An interim dividend of Rs 3 was paid earlier and Rs 2.50 was proposed to be paid as financial dividend.

MOVEMENT AT A GLANCE

SCRIP

HIGH
(Rs.)

LOW
(Rs.)

CLOSING 
PRICE

TURNOVER
 (SHARE)

P.T.C.L

21.00

20.00

21.00

188,115,500

Hub Power

25.50

24.70

25.50

187,868,000

P:S.O.

203.00

173.90

189.40

106,556,400

Sui North Gas

17.40

1 6.50

17.15

67,687,000

National Bank

25.25

23.85

25.25

61,640,000

Dewan Salman

16.20

15.15

16.20

42,340,500

I.C.I.

49.15

42.25

46.70

31,197,500

Ibrahim Fib.

18.75

18.40

18.60

4,563,500

Shell Pak

348.00

338.50

346.00

4,329,400

Sui South Gas

13.75

13.70

13.75

1,823,000