STOCK WATCH

 

 

By SHABBIR H. KAZMI
Updated Sep 04, 2004

 

The market remained directionless throughout the week and it is expected to continue to perform like this over the next few weeks. However, some of the analysts are of the view that market is highly over bought and needs massive correction. Keeping in view all time high Badla volume only the weak holders are expected to feel the brunt. Heaving trading in some of the scrips belonging to sugar sector shows that market manipulators have once again become active and investors must not be carried away by the hype.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MUSLIM COMMERCIAL BANK

The bank has posted Rs 1,289 million profit after tax for the first half of year 2004 as compared to Rs 1.211 million profit for the corresponding period of last year. Total income came down from Rs 8,070 million to Rs 6,446 million, mainly due to decline in mark-up received as well as other fee-based income. Profit paid on deposits, borrowings etc. was contained at Rs 1,036 million as against Rs 1,655 million expensed. Operational expenditure declined from Rs 5,960 million to Rs 4,756 million. A 15% interim dividend was declared at the time of release of results for the quarter ended March 31, 2004 and no dividend was announced at the time of release of half yearly accounts.

NATIONAL BANK OF PAKISTAN

The bank has posted Rs 1,218 million profit after tax for April-June 2004 quarter as compared to Rs 1,370 million for the corresponding period of last year. This decline can be attributed to mark-up as well as non mark-up income. Mark-up income came down from Rs 3,767 million to Rs 2,996 million. Non mark-up income declined from Rs 4,880 million to Rs 4,534 million. However, the management succeeded in bringing down non mark-up expenses from Rs 2,593 million to Rs 2,286 million. As a result of decline in profit, EPS declined from Rs 2.78 to Rs 2.47. However, it may be worth noting that EPS for the first half of current year comes to Rs 4.45 as compared to Rs 3.92 for the corresponding period of last year. It is also worth noting that the Board of Directors did not approve distribution of any interim dividend.

NATIONAL REFINERY

The Board of Directors of refinery has approved distribution of 100% final dividend for the year ended June 30, 2004. A 25% interim dividend had been paid earlier. This brings the total dividend pay out to 125% for the year under review as compared to 100% dividend paid for the last year. The refinery has posted Rs 1,850 million profit after tax for the year 2004 as compared to Rs 1,352 million profit for the corresponding period of last year. EPS improved from Rs 20.29 to Rs 27.75. The improvement in bottom line can be attributed to increase in sales, leading to improved gross profit, and higher other income. Net sales grew from Rs 36,077 million to Rs 40,400 million. Other income went up from Rs 300 million to Rs 629 million. However, increase in operating expenses partly eroded the benefit of higher profit. Operating expenses went up from Rs 508 million to Rs 803 million.

ATTOCK CEMENT PAKISTAN

The company has posted Rs 208 million profit after tax for the year ended June 30, 2004 as compared to Rs 132 million profit for last year. The Board of Directors also approved distribution of 12.5% dividend as against a payout of 10% for last year. The increase in profit can be attributed to growth in net sales, going up from Rs 1,443 million to Rs 1,882 million. While other income came down, financial and other charges went up. Operating expenses also went up from Rs 80 million to Rs 147 million. With the increase in net profit EPS improved from Rs 1.83 for the previous year to Rs 3.88 for the year under review.

PAK SUZUKI MOTOR COMPANY

The company has posted lower profit for first half of 2004 as compare to profit earned during the corresponding period of last year. The decline in profit can be attributed to hike in cost of goods sold. Sales grew from Rs 8,611 million to Rs 11,571 million. As against this cost of goods sold went up from Rs 7,296 million to Rs 10,328 million. As a result gross profit declined from Rs 1,315 million to Rs 1,242 million. Increase in selling and administrative expenses and decrease in other income further eroded profit. However, reduction in financial and other charges contained further deterioration of bottom line.

SAUDI PAK LEASING

The Board of Directors approved distribution of 10% final dividend and issue of 15% Bonus Shares at the time of review of financial accounts for the year ended June 30, 2004. The company has posted Rs 62 million profit after tax for the year 2004 as compared to Rs 30 million last year. Improvement in profit, despite lower income, can only be attributed to decline in financial charges. Total income came down from Rs 355 million to Rs 310 million. Management succeeded in bringing down financial and other charges from Rs 229 million to Rs 145 million. As a result EPS improved from Rs 1.37 to Rs 2.82.

Company High  Low Closing Week's Turnover

National Bank

71.35

70.40

70.75

61,080,500

Oil&Gas Dev.

65.20

64.75

64.90

47,530,900

Fauji Fert Bin

22.00

21.25

21.25

37,767,000

P.T.C.L.A

41.75

41.35

41.75

35,156,500

Hub Power

31.05

30.95

31.05

21,545,000

M.C.B.

52.90

51.50

51.50

20,791,300

Sui South Gas

29.50

29.15

29.15

11,698,500

Pak Oilfields

211.75

209.50

210.90

8,832,700

P.S.O.

257.90

255.70

255.70

7,127,300

Fauji Fert

110.35

108.95

108.95

4,325,300