ZEALPAK CEMENT FACTORY

Contrary to the improved performance of other cement producing companies, Zealpak posted operating loss the year ending June 30, 2002. The sole reason being a massive decline in sales, a fall from Rs 711 million for the previous year to Rs 581 million for the year 2002. Loss after tax bulged from Rs 78 million for the year 2001 to Rs 115 million for the year under review. The company managed to bring down operating expenses. However, financial and other charges went up from Rs 78 million to Rs 98 million. Another adding to loss was substantial fall in other income, a decline from about Rs 10 million to less than one million rupee.

MEEZAN BANK

The bank has released its financial results for the quarter ending September 30, 2002. The earning per share for the quarter comes to Rs 0.71 as compared to that of Rs 0.02 for the corresponding period of last year. However, interestingly, the earning per share for the nine months of year 2002 improved only by two paisa. Net income from financing increased from Rs 74.9 million to Rs 80.5 million. Non-financing income registered colossal increase, from Rs 102.7 million to Rs 477 million. Net income after provisioning went up from Rs 51 million to Rs 144 million. This was mainly due to reversal provision against non-performing advances. However, the advantage of this reversal was completely eroded due to increase in administrative expenses, going up from Rs 51 million to Rs 126.4 million. Profit before tax for the nine months improved from Rs 180.6 million to Rs 213.4 million.

CRESBANK

The investment bank has released its quarterly results posting Rs 17 million profit before tax for the quarter as compared to a loss of about Rs 1,457 million for the corresponding period of last year. For the nine-months period the bank has posted Rs 228.6 million profit after tax as against a loss of over one billion rupee for the corresponding period of year 2001 indicating major recovery. The situation for the last year would have not been so grim had the bank not posted loss of nearly Rs 1,631 million on the sale of investment. Another factor contributing to improved profit of the bank was reduction in expenditure, coming down from Rs 857.6 million to Rs 516.2 million. Earnings per share improved from a negative Rs 20.19 for the previous year to positive Rs 4.57 for the year 2002.

PLATINUM COMMERCIAL BANK

The bank, recently takenover by Khadim Ali Shah Bukhari & Company, has released its financial results for the period ending September 30, 2002. It has posted Rs 33 million loss after tax for the quarter as compared to a profit of Rs 0.689 million for the corresponding period of last year. The loss for the nine-months period of 2002 comes to Rs 69.7 million as against a profit of Rs 22 million for the three quarters of year 2001. However, these figures cannot be compared because the bank did not make any provision against non-performing loans, whereas such provision amount to Rs 36.6 million for the nine-months period of year 2001.

SAUDI PAK COMMERCIAL BANK

The bank has released its third quarter financial results posting about Rs 12 million profit after tax as compared to a loss of about Rs 1.7 million for the corresponding period of last year. The bank completed its first year under the new management with a great success. During nine-months period deposits increased from Rs 4,816 million to Rs 8,213 million, a growth of 70.5 per cent. The bank also managed to improve the ratio of performing advance to total advance from 24 per cent to 57 per cent. Bank's income recorded a growth of 91 per cent as compared to the corresponding period of last year. Profit after tax up to the third quarter was Rs 48.6 million as against a loss of 66.4 million for the corresponding period of last year.

TELECARD

The company has released its quarterly results for the period ending September 30, 2002. It has posted Rs 53.7 million profit before tax for the quarter as compared to a profit of Rs 26.6 million for the corresponding period of previous year. The factors contributing to higher profit are: improved sales and other income and lower financial charges. The earning per share for the quarter comes to Rs 0.754 as compared to that of Rs 0.945 for the corresponding quarter of last year. One may wonder why the earning per share has come down despite nearly double the profit. It was simply because the company has doubled its paid up capital, from Rs 250 million to Rs 500 million.

MOVEMENT AT A GLANCE
SCRIP	HIGH (Rs.)	LOW (Rs.)	CLOSING  PRICE	TURNOVER  (SHARE)
Hub Power	26.75	25.40	26.40	342,093,000
P.T.C.L.A	21.70	20.95	21.60	229,447,500
P.S.O.	195.15	191.15	191.25	115,355,200
National Bank	26.55	24.80	25.40	74,606,000
Engro Chemical	74.55	71.25	72.60	69,501,800
M.C.B.	32.25	31.30	31.85	23,601,500
Fauji Fertilizer	58.40	56.75	57.15	12,946,400
Adamjee Insurance	47.00	45.60	45.65	11,609,500
Shell Pak	331.60	314.00	314.00	1,166,900
Union Bank	8.50	7.70	8.25	857,500