MUSLIM COMMERCIAL BANK

The bank has released financial results for the 3rd quarter and also declared 25 per cent interim dividend. In April the bank had also announced 10 per cent Bonus issue. For the nine-months period of year 2002 the bank has posted Rs 1,239.18 million profit after tax as compared to a profit of Rs 673.55 million for the corresponding period of last year— an increase of nearly 84 per cent. Deposits increased from Rs 154 billion to Rs 175 billion. Total net assets went up from Rs 6,887 million to Rs 9,478 million.

METROPOLITAN BANK

The bank has released financial results for the 3rd quarter of current year. Despite posting a profit after tax of Rs 311.5 million for the nine-months period, the Board of Directors preferred not to declare any dividend. The bank has posted Rs 257.3 million for the corresponding period of last year. There was improvement in both mark-up and non mark-up income. However, higher administrative expenses and tax provision eroded this benefit to a large extent. Mark-up income went up from Rs 478.7 million to Rs 605.3 million. Non mark-up income grew from Rs 342.5 million to Rs 371.8 million. Administrative expenses went from Rs 274.9 million to Rs 360.7 million. Tax provision hiked from Rs 289 million to Rs 304 million.

PAKISTAN STATE OIL COMPANY

The company has released financial results for the first quarter and posted over one billion rupee profit after tax. During the period the company sold 2.6 million tonnes of POL products. This translated into sales of Rs 48 billion, 12 per cent higher than the sales for the corresponding period of last year. The performance was mainly due to improved operating efficiency, focus on higher margin products, broadening of product range and higher profit margins. During the period POL industry registered a modest growth of one per cent, essentially the same witnessed during the second half of year 2001-2002.

PAKISTAN INTERNATIONAL AIRLINES

The company has earned an operating profit of Rs 853 million for the 3rd quarter, July-September period. The results for the nine-months period show a profit before tax of Rs 1.4 billion. The business environment improved in the 3rd quarter as passenger and cargo capacity floated increased by 8.7 per cent and 13.8 per cent respectively over the previous quarter. Likewise capacity utilization registered 21 per cent and 23.5 per cent increase respectively. Seat factor and cargo load factor were 73 per cent and 65 per cent respectively. It is expected that with the improvement in profit the company will be able to implement aircraft replacement and addition.

PACKAGES

The company has released its quarterly results for July-September period of year 2002. For the nine-months period of year 2002 the company has posted about Rs 631.4 million as compared to a profit of Rs 431.5 million for the corresponding period of last year. The factors contributing to higher profit were: higher sales and other income and reduction in financial charges. Sales went up from Rs 3,911 million to Rs 4,026 million. Other income hiked from Rs 344.4 million to Rs 522.8 million. Financial charges came down from Rs 202.3 million to Rs 132.8 million. A point to be noted is that despite registering an EPS of Rs 13.28 during the nine-months of 2002 the Board of Directors did not prefer to pay any dividend to shareholders.

WAH NOBEL CHEMICALS

The company has posted Rs 25.66 million profit after tax for the year ending June 30, 2002, as compared to a profit of Rs 36.43 million for the previous year. However, this reduction was mainly due to tax liability because profit before tax at Rs 39.22 million for the year 2002 was higher than the profit of Rs 35.42 million for the previous year. The dividend payout also came down from 50 per cent for the year 2001 to 27.5 per cent for the year under review. The interesting point is that 50 per cent dividend last year resulted in an outflow of Rs 18.75 million and a payout at 27.5 per cent translated into Rs 20.625 million for the year 2002.

PIONEER CABLES

The year ending June 30, 2002, has further added to accumulated losses of the company. Though there was an increase in sales, hike in cost of goods sold and a provision of over Rs 7 million against doubtful debt resulted in a loss before tax of Rs 17.687 million for the year 2002, as against a profit of Rs 0.227 million for the previous year. Sales went up from Rs 359 million to Rs 394.7 million, whereas cost of goods hiked from Rs 338 million to Rs 388.7 million.