STOCK WATCH

 

 

By SHABBIR H. KAZMI
Updated Aug 28, 2004

 

The market remained directionless during most of the week except the day when half yearly financial results of PPL were announced. The announcement had a positive impact on the price of the scrip and some activity was also witnessed in the shares of other volume leaders. Banking scrips, which have been pick of the investors for some time got further boost after the issue of circular by the central bank regarding enhanced minimum paid-up capital requirement for commercial banks.

 

 

 

 

PACKAGES

The company has posted Rs 434.6 million profit after tax for the first half ending June 30, 2004 as compared to Rs 346 million profit for the corresponding period of last year. EPS improved from Rs 7.28 to Rs 9.14. The improvement in bottom line can be attributed to a number of factors that include increase in sales and other income and decrease in financial and other charges. Net sales grew from Rs 2,703 million to Rs 3,060 million. Gross profit improved from Rs 623 million to Rs 681 million. Other income went up from Rs 205.6 million to Rs 264.2 million. Financial and other charges came down from Rs 112.7 million to Rs 110.4 million. Cost of goods went up from Rs 2,080 million to Rs 2,379 million. Operating expenses grew from Rs 249 million to Rs 264 million.

BANK ALHABIB

The bank has posted Rs 247 million profit after tax for the first half ending June 30, 2004 as compared to Rs 364 million profit for the corresponding period last year. As a result EPS came down from Rs 2.69 to Rs 1.83. The erosion in bottom line can be attributed mainly to the decline in non mark-up/interest income and hike in administrative expenses. Net mark-up/return/interest income went up from Rs 584.5 million to Rs 675.5 million. As against this non mark-up/interest income came down from Rs 544 million to Rs 453 million. Administrative expenses went up from Rs 473 million to Rs 624 million. Two factors, reduction in mark-up/interest expensed and provision against non-performing loans and advances, helped in containing further erosion in bottom line. Mark-up/interest expensed declined from Rs 719 million to Rs 399 million. Provision against non-performing loans and advances was also contained at Rs 8.4 million for the period under review as against Rs 51.5 million for the corresponding period of last year.

PARKE DAVIS & COMPANY

The company has posted Rs 152.5 million profit after tax for the first half ending June 30, 2004 as compared to Rs 126.9 million profit for the corresponding period of last year. The improvement in bottom line can be attributed to increase in sales, decrease in operating expenses and quantum jump in other income. Net sales went up from Rs 566.6 million to Rs 594.5 million. Gross profit improved from Rs 261 million to Rs 269 million. Operating expenses came down from Rs 112.7 million to Rs 102.3 million. Other income went up from Rs 10.8 million to about Rs 29 million.

HIGHNOON LABORATORIES

The company has posted Rs 16.4 million profit after tax for the first half ending June 30, 2004 as compared to Rs 14 million profit for the corresponding period of last year. This led to improvement of EPS from Rs 1.39 to Rs 1.61. The improvement in bottom line can be attributed mainly to increase in sales and decrease in financial and other charges. Net sales grew from Rs 417.8 million to Rs 469.7 million. As a result gross profit improved from Rs 158.2 million to Rs 170.6 million. Financial and other charges came down from Rs 19.5 million to Rs 12.6 million. However, the benefit of overall improvement was partly eroded by the increase in operating expenses, going up from Rs 117.4 million to Rs 130.9 million.

 

 

KSB PUMPS COMPANY

The company has posted Rs 26.4 million profit after tax for the first half ending June 30, 2004 as compared to Rs 12.5 million profit for the corresponding period of last year. This improvement in bottom line can be mainly attributed to hike in other income, going up from Rs 7.9 million to Rs 21.7 million. Other factors contributing to growth in profit were: increase in gross profit and decrease in financial and other charges. Gross profit went up from approximately Rs 84 million to Rs 88 million. Financial and other charges came down from Rs 7.8 million to Rs 5.2 million.

SHELL GAS PAKISTAN

The Board of Director of company have recommended a final dividend of 40%, which makes total pay out of 100% for the financial year ended June 30, 2004. The Board preferred to maintain last year's pay out despite profit after tax going up from Rs 42 million to Rs 67 million. With the growth in sales, gross profit improved from Rs 147 million to Rs 185 million. Other income went up from Rs 25 million to Rs 34 million. However, the benefit of higher profit was partly eroded due to increase in administrative, selling and general expenses going up from Rs 93 million to Rs 106 million.

Company High  Low Closing Week's Turnover

B.O.Punjab

68.05

66.00

67.75

105,596,000

National Bank

72.75

70.55

71.30

73,680,600

Oil&Gas Dev.

66.10

65.25

65.80

64,504,700

Askari Bank

82.15

78.70

82.15

51,785,300

P.T.C.L.A

42.25

41.90

41.90

26,016,500

M.C.B.

54.40

53.00

54.40

24,080,000

Hub Power

31.45

31.05

31.20

17,104,500

Union Bank

34.40

33.15

34.40

4,358,500

PICIC Bank

36.10

35.50

35.50

3,877,500

Bank AL-Habib

43.50

40.35

42.00

183,000