STOCK WATCH

 

 

By SHABBIR H. KAZMI
Updated Aug 13, 2004

 

Market remained lackluster throughout the week and daily trading volume also remained low. Market behavior can be attributed to a number of factors. However, two factors: concerns due to rising interest rates and liquidity crunch kept participation of retail investors low. It is expected that once banks starts refunding amount pertaining to PPL shares applications, the money will come back to equities market.
NISHAT MILLS
The company has posted Rs 451 million profit after tax for nine-month period ending June 30, 2004 as

 

 

 

 

compared to Rs 305 million profit for the corresponding period of last year. The improvement in profit was despite the decline in sales. Sales came down from Rs 1,445 million to Rs 1,399 million. Operating expenses also went up from Rs 586 million to Rs 681 million. As a result operating profit also came down from Rs 859 million to Rs 718 million. However, increase in other income contained further erosion in profit. Other income went up from Rs 134.6 million to Rs 197.6 million. The improvement in bottom line can only be attributed to decline in financial and other charges, going down from Rs 524 million to Rs 321 million. EPS improved from Rs 2.86 to Rs 3.68.

INTERNATIONAL INDUSTRIES

The company has posted Rs 393 million profit after tax for the year ended June 30, 2004 as compared to Rs 189 million profit for last year. The Board of Directors has recommended distribution of 75% final dividend and issue of 25% Bonus Shares. An interim dividend of 25% was distributed earlier, making a total of 100% dividend payout for the year under review. Sales grew from Rs 3,232 million to Rs 4,293 million. As against this cost of goods sold went up from Rs 2,724 million to Rs 3,504 million. Operating profit went up from Rs 364 million to Rs 576 million. Financial charges declined from Rs 80 million to Rs 52 million. Reduction in financial charges helped in offsetting other losses. Other losses amounted to Rs 32 million for the period under review as against Rs 5.9 million other income for the corresponding period of last year.

BOC PAKISTAN

The company has posted Rs 284 million profit before tax for nine-month period ending June 30, 2004 as compared to Rs 264 million profit for the corresponding period of last year. Gross profit improved from Rs 442 million to Rs 475 million. However, due to higher provisioning for tax, profit after tax came down from Rs 222 million to Rs 215 million. Provision for tax went up from Rs 41.7 million to Rs 68.3 million. EPS also came down from Rs 8.88 to Rs 8.59.

NAKSHBANDI INDUSTRIES

The company has posted slightly less than Rs 9 million profit after tax for the nine-month period ending June 30, 2004 as compared to Rs 56 million loss for the corresponding period of last year. This reversal of fortune can be attributed to increase in sales, going up from Rs 897 million to Rs 1,416 million. Gross profit improved from Rs 85 million to Rs 173 million. The bottom line further improved due to decline in financial and other charges, going down from Rs 61 million to Rs 40.5 million. However, operating expenses went up from Rs 72.6 million to Rs 111.2 million. The company seems to be coming out of red.

D. M. TEXTILE MILLS

The company has released financial results for nine-month period ending June 30, 2004. During this period the company has posted Rs 4.7 million profit after tax as against Rs 5.4 million loss for the corresponding period of last year. The reversal of fortune can be attributed to increase in sales, going up from Rs 304 million to Rs 355 million. Cost of goods sold went up from Rs 286 million to Rs 327 million. Gross profit improved from Rs 18 million to Rs 28 million. Like many other textile companies, D. M. Textile Mills also seems to be a victim of out of proportion financial charges. As against operating profit of Rs 19 million, financial charges amounted to Rs 13.6 million for the period under review. Whereas for the corresponding period of last year financial charges were as high as Rs 14 million against operating profit of Rs 8 million.

KHINOOR SUGAR MILLS

The company has posted Rs 8.5 million profit after tax for nine-month period as compared to Rs 3.5 million profit for the corresponding period of last year. It is interesting to note that gross profit improved despite decline in sales. Sales came down from Rs 592 million to Rs 468 million. Gross profit improved from Rs 48.2 million to Rs 59.7 million. The profit would have been higher had operating expenses and financial and other charges not gone up. There was also a decline in other income. Operating expenses went up from Rs 28 million to Rs 30 million. Financial and other charges went up from Rs 20 million to Rs 21 million. Other income declined from Rs 6.4 million to Rs 3.7 million.

Company High  Low Closing Week's Turnover

Oil&Gas Dev.

65.35

64.30

65.30

106,522,200

National Bank

73.30

72.25

72.25

67,931,700

Sui North Gas

63.80

62.25

62.25

40,587,300

Hub Power

31.45

30.90

31.45

40,200,500

P.T.C.L.A

43.25

42.40

42.40

37,211,000

Sui South Gas

30.40

29.90

29.90

22,743,000

P.S.O.

258.35

257.00

257.50

11,376,500

Fauji Fert.

131.00

129.45

129.45

5,429,300

Engro Chem.

95.10

94.35

95.05

3,883,900

Bank Alfalah Lt

50.15

49.10

49.10

3,173,000