SEATTLE, Washington: Amazon.com, Inc. has announced net loss of $2 billion for the second quarter against the net income of $7.8 billion in the second quarter of 2021.
(more…)Tag: financial results
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Bank Alfalah posts 25% increase in half year profit
KARACHI: Bank Alfalah has declared 25 increase in net profit for the half year ended June 30, 2022.
According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared profit after tax at Rs8.70 billion for the half year ended June 30, 2022 as compared with Rs6.93 billion in the same half of the last year.
READ MORE: Pakistan Tobacco’s profit falls on high taxes
The bank also announced earnings per share at Rs4.9 for the half year (January – June) 2022 as compared with Rs3.90 EPS in the same half of the last year.
The board of directors of Bank Alfalah met on July 28, 2022 and recommended an interim cash dividend for the half year ended June 30, 2022 at the rate of Rs2.50 per share i.e. 25 per cent.
Analysts at Insight Research said that the result remained below from expectations of rs2.8 per share, primarily due to higher both provisions charge and effective tax rate during the quarter.
READ MORE: Habib Bank posts 33% decline in half year profit
Net Interest Income remained in line with estimates to clocked in at Rs17.8 billion (up by 53 per cent/25 per cent YoY/QoQ), which is attributable to repricing of assets as bank’s investment book is fully geared up for current monetary policy settings.
READ MORE: FFBL declares Rs1.7 billion in 2QCY22
Non-markup income improved significantly in 2QCY22 to reached Rs6.5 billion (up 57 per cent/49 per cent YoY/QoQ) mainly due to massive foreign exchange income, which is clocked in at Rs3.4 billion amid better market share in remittances/trade and volatility in FX market. Whereas, fee income remained in-line with the estimates.
On the provision front, bank posted a net charge of Rs3.6 billion vs. expectation of Rs0.8 billion, as bank raised its general provisioning due concern on the economic slowdown.
Effective tax rate (ETR) remained above from estimates of 54 per cent to clock in at 59.2 per cent.
READ MORE: Hyundai announces second quarter financial results
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Pakistan Tobacco’s profit falls on high taxes
KARACHI: Pakistan Tobacco Company (PTC), the largest cigarette manufacturer in the country, has declared a 10 per cent decline in half year profit ended on June 30, 2022 mainly attributed to about 100 per cent increase in payment of taxes.
According to the financial results submitted to the Pakistan Stock Exchange (PSX), the company declared profit after tax (PAT) at Rs8.51 billion for the half year ended on June 30, 2022 as compared with Rs9.45 billion in the same half of the last year.
READ MORE: Habib Bank posts 33% decline in half year profit
The company declared profit before income tax at Rs15.71 billion for the half year ended on June 30, 2022 as compared with Rs13.12 billion in the same half of the last year.
The sharp decline in net profit may be attributed may be attributed to significant rise in the payment of taxes. The company paid an amount of Rs7.20 billion as taxes during the half year ended June 30, 2022 as compared with Rs3.68 billion in the same half of the last year, showing an increase of 95.7 per cent.
READ MORE: FFBL declares Rs1.7 billion in 2QCY22
The PTC declared basic and diluted earnings per share (EPS) at Rs33.32 for the half year ended on June 30, 2022 as compared with EPS of Rs36.98 in the same half of the last year, showing a decrease of 9.9 per cent.
The total gross turnover of the company increased to Rs113.45 billion for the first half (January – June) 2022 as compared with Rs99.85 billion in the same half of the last year, showing an increase of 13.62 per cent.
The total net turnover of the company increased to Rs45.01 billion for the first half (January – June) 2022 as compared with Rs37.14 billion in the same half of the last year, showing an increase of 21.2 per cent.
READ MORE: Hyundai announces second quarter financial results
The company declared the total gross profit at Rs21.18 billion for the half year ended on June 30, 2022 as compared with Rs17.85 billion in the same half of the last year, showing an increase of 18.66 per cent.
The operating profit of the company increased to Rs15.09 billion during the half year under review as compared with Rs12.77 billion in the same half of the last year, showing an increase of 18.17 per cent.
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Habib Bank posts 33% decline in half year profit
KARACHI: Habib Bank Limited (HBL), one of the largest banks in Pakistan, has posted 33 per cent decline in profit for the half year ended June 30, 2022.
According to financial results submitted to the Pakistan Stock Exchange (PSX), the bank declared profit after tax at Rs12.11 billion for the half year ended June 30, 2022 as compared with Rs18.03 billion in the same half of the last year.
READ MORE: FFBL declares Rs1.7 billion in 2QCY22
The sharp decline in net profit may be attributed to significant rise in payment of taxes. The bank paid an amount of Rs22.48 billion as taxes during the half year ended June 30, 2022 as compared with Rs13.17 billion in the same half of the last year, showing an increase of 71 per cent.
The HBL issued the condensed interim consolidated profit and loss account (unaudited) for the six months ended June 30, 2022. It declared basic and diluted earnings per share at Rs8.10 for the half year ended June 30, 2022 as compared with EPS of Rs12.04 in the same half of the last year.
READ MORE: Hyundai announces second quarter financial results
Net mark-up income of the bank increased to Rs73.89 billion for the first half (January – June) 2022 as compared with Rs64.86 billion in the same half of the last year.
Total non-mark up income of the bank also increased to Rs23.67 billion for the half year under review as compared with Rs17.61 billion in the same half of the last fiscal year.
READ MORE: PTCL declares 39% growth in half year net profit
This brings the total income of the HBL at Rs97.57 billion for the half year ended June 30, 2022 as compared with Rs82.47 billion in the same half of the last year.
The operating expenses of the bank increased to Rs59.05 billion during the half year under review as compared with Rs46.85 billion in the same half of the last year.
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FFBL declares Rs1.7 billion in 2QCY22
KARACHI: Fauji Fertilizers Bin Qasim Limited (FFBL) on Tuesday declared Rs1.7 billion profit after tax (PAT) for the quarter ended June 30, 2022.
The company announced financial results for its 2QCY22 results, where it posted unconsolidated PAT of Rs1.7 billion (EPS: 1.38), down 32 per cent YoY.
This takes cumulative 1HCY22 PAT to Rs3.4 billion (earnings per share (EPS): Rs2.64) vs PAT of Rs3.8 billion (EPS: Rs3.0) in same period last year.
READ MORE: Hyundai announces second quarter financial results
The result is above our expectation due to higher other income and higher volumetric sales.
Company posted topline of Rs46.1 billion vs Rs16.9 billion in same period last year (SPLY), depicting an increase of 173 per cent. The primary reason for higher sales is attributable to higher realized Diammonium phosphate (DAP) prices and 50 per cent increase in DAP volumetric sales.
On QoQ basis, topline recorded a growth of 86 per cent, on the back of higher volumetric sale and fertilizer prices.
READ MORE: PTCL declares 39% growth in half year net profit
Gross margins clocked in at 19 per cent during 2QCY22, down the 270 basis points (bps) on QoQ basis, attributable to higher phosacid prices (up by 9 per cent QoQ).
Finance cost witnessed a jump of 49 per cent/ 28 per cent on YoY/QoQ basis, amid rising financing cost.
Other income clocked in at Rs3.2 billion, up by 31 per cent/ 191 per cent YoY/QoQ. The increase is mainly attributable to dividend from PMP.
Other expenses for 2QCY22, clocked in at Rs2.9 billion, vs Rs0.94 billion in 1QCY22. The significant jump in other charges is due to exchange loss on account of trade payables.
READ MORE: Pakistan banks register record profit in 1Q2022
Effective tax rate for the quarter clocked in at 71 per cent, attributable to imposition of super tax and poverty alleviation tax announced in federal budget. As per management, company has recorded super tax of Rs2.7 billion in June, 2022.
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Hyundai announces second quarter financial results
SEOUL, South Korea: Hyundai Motor Company on Thursday announced its financial results for Q2 (second quarter) of 2022.
The company’s revenue and operating profit from April to June rose 18.7 percent and 58 percent year-over-year to KRW 36 trillion and 2.98 trillion, respectively.
READ MORE: Honda unveils all-new Civic Type R
During the three-month period, Hyundai Motor posted operating profit margin of 8.3 percent, and net profit, including non-controlling interest, increased 55.6 percent to KRW 3.08 trillion.
Hyundai sold 976,350 units around the globe in the second quarter, a 5.3 percent decrease from the year earlier. Sales in markets outside of Korea were down by 4.4 percent to 794,052 units, and sales in Korea decreased 9.2 percent to 182,298 units. The decrease in sales volume mainly stemmed from the ongoing global chip and component shortage and geopolitical issues.
READ MORE: Pakistan reintroduces capital value tax on motor vehicles
A robust sales mix of SUV and Genesis luxury models, reduced incentives from a lower level of inventory, and a favorable foreign exchange environment helped lift revenue in the second quarter, despite the slowdown in sales volume amid an adverse economic environment.
Hyundai’s EV model sales surged 49 percent from a year earlier to 53,126 units in the second quarter, accounting for 5.4 percent of its total sales volume.
The company maintains its financial guidance that was set in January for 13~14 percent of consolidated revenue growth and 5.5~6.5 percent annual consolidated operating profit margin.
Hyundai Motor’s board today approved a plan to pay an interim dividend of KRW 1,000 per common share.
READ MORE: Chevrolet unveils all-electric 2024 Blazer EV
Hyundai to optimize business operations with electrification leadership around the world
Hyundai Motor expects a gradual recovery from the global chip and component shortage. However, the company also anticipates external uncertainties to continue, including the supply chain disruption caused by the resurgence of a COVID-19 variant and fluctuation in raw material costs due to geopolitical issues.
In addition, the company expects currency rate volatility as well as increasing marketing costs due to fiercer competition among automakers as a burden for the rest of this year.
In order to cope with the uncertainties, the company will focus on the recovery of sales through an optimized production-sales plan in global operations that will enhance its product mix with SUVs and luxury models to secure robust profitability.
In addition, Hyundai will continue to strengthen its global leadership position in electric vehicles with its new IONIQ 6 battery electric vehicle, which will launch in the third quarter.
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PTCL declares 39% growth in half year net profit
KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Monday declared 39 per cent growth in its net profit for the half year ended June 30, 2022.
According to half yearly financial results submitted to Pakistan Stock Exchange (PSX), the after tax profit of the country grew to Rs5.2 billion during the period January 01, 2022 to June 30, 2022 as compared with Rs3.74 billion in the same period of the last year.
READ MORE: PTCL registers eight-year high revenue growth
The announcement of financial results was made at the board of directors meeting held on July 18, 2022 at PTCL headquarters in Islamabad.
The board has not approved cash dividend, bonus shares, right shares or another entitlement.
The revenue of the company during the half year under review increased to around Rs40 billion as compared with Rs38.19 billion in the same half of the last year.
The cost of service also increased to Rs31.52 billion as compared with Rs29.50 billion.
READ MORE: PTCL Group wins GDEIB award in five categories
Therefore, the gross profit of the company eased to Rs8.46 billion for the half year ended June 30, 2022 as compared with Rs8.69 billion in the same half last year.
Administrative expenses of the company increased to Rs3.89 billion for the period as compared with Rs3.53 billion.
Operating profit of PTCL fell to Rs1.89 billion during the half year under review as compared with Rs2.80 billion in the same half of the last year.
However, under the head of other income, PTCL recorded massive growth to Rs6.03 billion during the period January 01, 2022 to June 30, 2022 when compared with Rs2.6 billion in the same period of the last year.
READ MORE: PTCL registers 7.3% revenue growth for nine months
This translated the profit before tax to Rs7.74 billion for the half year January – June 2022 as compared with Rs5.26 billion in the same period of the last year.
The company made provision of Rs2.55 billion income tax for the half year as compared with Rs1.52 billion in the same half of the last year.
The consolidated results of PTCL revealed a net loss of Rs3.05 billion for the half year ended June 30, 2022 as compared with the profit of Rs2.93 billion in the same period of the last year.
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Honda Cars declares 40% surge in annual profit
KARACHI: Honda Atlas Cars (Pakistan) Limited announced a sharp growth in profit by 40 per cent to Rs2.51 billion for the year ended March 31, 2022.
According to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday, the annual profit after tax of the company was Rs1.79 billion in the preceding year.
The sales of the company increased to Rs108 billion for the year ended March 31, 2022 as compared with Rs67.36 billion in the preceding year. Meanwhile, cost of sales recorded at Rs102.47 billion for the year under review as compared with Rs63.58 billion in the preceding year.
READ MORE: Lucky Cement announces Rs26.53 billion 9M profit
The gross profit of Honda Atlas Cars (Pakistan) Limited also recorded a sharp increase to Rs5.58 billion for the year ended March 31, 2022 as compared with 3.7 billion in the preceding year.
A significant increase has been seen in administrative expenses for the year under review. The administrative expenses of the company increased to Rs1.06 billion for the year ended March 31, 2022 as compared with Rs824 million in the last year.
READ MORE: BankIslami registers 34% profit after tax during 1Q22
The company declared a final cash dividend Rs7 per share (70 per cent) was recommended for the year ended March 31, 2022 as compared with Rs4.52 per share (45.2 per cent) declared last year.
Honda Cars has not declared any bonus or right shares for the year ended March 31, 2022.
READ MORE: Pak Suzuki Motor declares Rs2.68 billion annual profit
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Pakistan banks register record profit in 1Q2022
KARACHI: Pakistan banks have posted a record profit of Rs81 billion during first quarter of the calendar year 2022, analysts said at Topline Securities.
The profitability of the listed banks surged by 28 per cent on year on year (YoY) basis and 19 per cent on Quarter on Quarter (QoQ) basis.
READ MORE: MCB Bank finalizing Easypaisa acquisition
Net Interest Income (NII) of the banks drove sector’s profitability growing by 21 per cent YoY to Rs220 billion due to rising asset yields. Markup interest earned on earnings assets was up 48 per cent YoY to Rs564 billion whereas markup interest expense on interest bearing deposits and liabilities were up 72 per cent YoY to Rs344 billion.
The analysts expect NII of the sector to remain strong in the second quarter of 2022 and third quarter of 2022 as well as asset reprising is likely to complete by third quarter of 2022 given recent hike in Kibor and T-Bill/PIB rates.
READ MORE: Pak Kuwait Investment, Enertech sign $750 million pact
Sharp drop in provisioning expense also supported sector’s profitability as it declined by 80 per cent to Rs1.6 billion in first quarter of 2022 led by macro recovery and improved asset quality.
With sector’s coverage ratio close to 100 per cent, risk to abrupt increase in provision charge going ahead is minimal.
Non-interest expense of the sector was also up 19 per cent YoY with major contributions coming from Habib Bank (+27 per cent to Rs31 billion), National Bank of Pakistan (+16 per cent to Rs17 billion), and Bank Al-Habib (+25 per cent to Rs11.9 billion).
READ MORE: National Saving Schemes facilitation portal launched
In terms of NII growth, MEBL, Bank Alfalah (BAFL) and SCBPL posted growth of 42 per cent, 38 per cent, and 36 per cent respectively on YoY basis.
In first quarter of 2022, Standard Chartered Bank (SCBPL) and Meezan Bank (MEBL) posted highest earnings growth of 119 per cent and 51 per cent YoY, respectively. On other hand, Soneri Bank (SNBL) and Bank of Khyber (BOK) registered YoY earnings decline of 31 per cent and 11 per cent.
The analysts said they had taken all listed banks that have announced their results.
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Rupee devaluation severely affects KE’s profitability
KARACHI: The net profitability of K-Electric declined by 84 per cent to settle at Rs1.5 billion in relation to last year’s Rs 9.44 billion mainly sharp devaluation in Pakistan Rupee (PKR).
A statement issued on Monday stated driven by continued and targeted investments of Rs 36.99 Billion across the power value chain, key operational indicators showed positive growth over comparative period.
However, despite showing consistent improvement in reduction of transmission and distribution losses of 1.5 per cent, and driving an increase in the units sent out by 2.8 per cent, KE’s net profitability declined by 84 per cent to settle at Rs 1.5 billion in relation to last year’s Rs 9.44 billion.
“The impact of KE’s operational performance was set-off by negative impact of Pakistani rupees’ substantial devaluation in the international currency market resulting in exchange loss of Rs 4 billion in comparison to last year’s gain of Rs 1.2 billion along with an increase in financing cost by Rs 1.4 billion due to increase in effective rate of borrowing and Mid-term review (MTR) decision.”
As of March 31, 2022, KE’s net receivables from various Federal and Provincial government entities stood at Rs 53 billion on principal basis. Delays in reconciliation and release of legitimate payments from these entities are severely affecting the Company’s cashflow position and ability to further accelerate investment in key power infrastructure.
Further, on March 01, 2022, NEPRA issued its decision on KE’s MYT Mid-Term Review, wherein NEPRA made a downward adjustment of Rs 0.22/kWh on the utility’s determined tariff and disallowed an additional investment of Rs 138 billion by KE to improve on its services including power supply and reliability.
An important update for this quarter is the finalization and deployment of KE’s 900 MW RLNG-based power project, BQPS-III. The first Unit of 450 MW proceeded with its mandatory testing in March 2022 as well as synchronization with KE’s Grid, and is now in the final testing stages before commissioning.
KE has also upgraded its infrastructure in its service areas to keep pace with and facilitate the economic growth in the city’s peri and suburban regions. Aside from rehabilitation, the grids in Winder are being enhanced and the 66kV line upgraded to 132 kV along with commissioning new lines to improve transmission capacity and reliability in the region. Additionally, to improve on capacity and systemic reliability, 6 new power transformers have been integrated into the network to ensure reliable power supply to consumers across Karachi.
On the distribution front, the Company continued to make strides on its loss reduction efforts. Over 200,000 KG of illegal hooks (Kunda) have been eliminated from the system in the first 9 months of the current fiscal year, and a total of 800 Pole Mounted Transformers have been converted to Aerial Bundled Cables (ABC), with around 125,000 new connections installed. Furthermore, to focus on customer centricity, 17 additional ‘Customer Facilitation Centers’ have been deployed to facilitate our customer’s billing inquiries.
In line with Sustainable Development Goals (SDG7), KE has signed an MoU with Sindh Energy Department (SED) and the World Bank (WB) for the establishment of solar projects with 350MW capacity. This tri-partite collaboration is set to add another 700 GWh to KE’s total clean energy supply and off-set 300-350 kilotons per annum of carbon emissions. KE has also partnered with Akhuwat and donated Rs 7.5 million as interest free microfinance loans to households for the installation of solar photovoltaic (PV) systems within the service territory of the Company.
Aside from sustainable development, KE is heavily invested in empowering individuals and communities. After the success of the first cohort of the Roshni Baji Neighborhood Women Ambassador Programme, an expanded batch of 60 women were inducted in November 2021. They will be on field for nine months across Karachi’s most densely populated neighborhoods. By the end of March 2022, the Roshni Bajis held discussions on safety and legal connections with over 210,000 households, bridging the gap between the utility and a key demographic of women consumers in Karachi. Separately, 11 women from the first batch of the programme have been hired as KE female Meter Data Maintenance Officers (MDMO). This programme has received international recognition at the S&P Global Platts, under the Global Energy Award. This is also the first time for an energy company in Pakistan to receive the coveted award and recognition.
In line with KE’s commitment towards safety, the Company initiated a comprehensive plan to revalidate the safety parameters on its High-Tension and Low-Tension network with the goal to improve on network resilience and uphold public safety; with 99 per cent of project completion achieved. Furthermore, KE’s HSEQ department conducted extensive Behavior Safety Management sessions for field staff to inculcate a culture of safety across the company.
KE continues to engage with stakeholders on finalization and execution of the Power Purchase Agency Agreement (PPAA) and Interconnection Agreement (ICA) for supply of 2,050 MW to KE from the National Grid along with a Tariff Differential Subsidy Agreement (TDS) for timely release of subsidy which will streamline the process for the utility and relieve the pressure on the company’s financial viability.