K-Electric, the primary electric power supplier for Karachi, reported a significant reduction in net profits due to an increased tax burden during the first half of the fiscal year 2019/2020.
(more…)Tag: financial results
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HBL announces 287 percent surge in half year profit
KARACHI: Habib Bank Limited (HBL) on Friday declared massive increase of 287 percent in half-year profit tax for the period ended June 30, 2020.
The bank, one of the largest bank in Pakistan, declared Rs15.188 billion profit after tax for the period January 01 to June 30, 2020 as compared with Rs3.927 billion in the same period of the last fiscal year.
The bank also declared earning per share of Rs10.32 for the period under review as compared with EPS Rs2.53 declared in the same period of the last year.
The net mark-up income/interest income of the bank surged by 32 percent to Rs63.075 billion during first half for the period ended June 30, 2020. The bank declared Rs47.7 net interest income in the same period of the last year.
The bank also paid income tax amounting Rs10.64 billion during January – June 2020 as compared with Rs5.96 billion in the corresponding period of the last fiscal year.
The HBL declared Rs11.08 billion net profit for the quarter April – June 2020 as compared with Rs749 million declared in the same quarter of the last year.
Net interest income of the bank increased to massive Rs10.86 billion during the quarter under review as compared with Rs1.3 billion in the corresponding period of the last year.
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Honda Cars declares 82 percent decline in annual profit
KARACHI: Honda Atlas Cars (Pakistan) Limited has posted 82 percent decline in annual profit for the period ended March 31, 2020, said a notification on Tuesday.
The car manufacturing company declared Rs682 million profit after tax for the year ended March 31, 2020 as compared with Rs3.85 billion in the preceding year.
The sales of the company fell by 42 percent to Rs55 billion for the year ended March 31, 2020 as compared with Rs95.13 billion in the preceding year.
The administrative expenses were flat at Rs738.75 million for the year. Operating expenses were also reduced to Rs1.045 billion for the year under review.
The company declared Rs4.77 as earning per share for the year ended March 31, 2020 as against Rs26.97 EPS declared in the preceding year.
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PIA declares Rs56 billion after tax annual loss
KARACHI: The national flag carrier, Pakistan International Airline, has declared after tax loss of Rs56 billion for the year 2019, according to financial results submitted to Pakistan Stock Exchange (PSX) on Monday.
The national flag carrier managed to reduce the annual loss by Rs10.66 billion from last year’s loss of Rs66.66 billion.
The net revenue of the airline increased by around 40 percent to Rs164.64 billion in 2019 as compared with Rs118 billion in the preceding year.
The cost of services including, cost of fuel, increased to Rs152 billion in 2019 as compared with Rs132.79 billion in the preceding year.
The airline manage to post gross profit of Rs12.65 billion for the year 2019 as compared with around Rs15 billion loss in the previous year.
The distribution costs of the airline increased to Rs7.33 billion from Rs6.3 billion. Administrative expenses of the airline also increased to Rs11.3 billion from Rs10.47 billion.
The airline incurred losses to the tune of Rs11.69 billion due to depreciation of rupee. The exchange loss was Rs15 billion in the last year.
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Meezan Bank maintains deposit base at Rs928 billion
KARACHI: The Board of Directors of Meezan Bank in its meeting, held on May 05, 2020 approved the financial statements of the Bank for the quarter ended on March 31, 2020.
The meeting was presided by Riyadh S.A. A. Edrees – Chairman of the Board; Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.
The bank maintained its deposit base at Rs 928 billion with market share of more than 6 percent in the banking industry. Meezan Bank is the 6th largest bank in Pakistan with a network of 774 branches in 231 cities, complimented with a comprehensive array of digital services, including Internet Banking, Mobile App and other Alternate Distribution Channels for delivery of seamless Shariah-compliant banking services to its customers across Pakistan and around the globe.
The bank’s net spread grew by 66 percent primarily due to higher volume of average earning assets and higher underlying Policy Rate while the Bank’s non-funded income grew by 64 percent mainly due to higher foreign exchange income and gain on sale of securities of Rs 680 million.
Administrative and other operating expenses increased to Rs 7.1 billion from Rs 5.5 billion in corresponding period last year primarily due to costs associated with opening of 98 new branches since March 2019.
The bank’s financing portfolio decreased slightly from December 2019 mainly due to overall slowdown in economic activity and repayment of seasonal financing. Recognizing stresses in certain sectors of the economy due to the COVID -19 outbreak, an additional General Provision of Rs 1 billion was approved by the Board against any potential non-performing financings, bringing the Bank’s non-performing financings coverage ratio to 147 percent – the highest in the banking industry while its infection ratio, at less than 2 percent is one of the lowest in the industry.
The bank has taken several initiatives to safeguard the health of its employees, their families and its customers during the current pandemic, including activation of Business Continuity Plans, deployment of almost 70 percent Head Office staff to work from alternate sites or from the safety of their homes and mandatory use of face masks at all times in all its premises so as to minimize the risk of exposure to the disease.
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Engro Corp declares Rs5.94 billion after tax quarterly profit
KARACHI: Engro Corporation has declared profit after tax at Rs5.94 billion for the quarter ended March 31, 2020. The after tax profit fell by nine percent when compared with Rs6.56 billion in the same quarter last year.
Engro’s consolidated revenue grew by 11 percent in comparison to the prior period, mainly driven by energy projects in Thar coming online during July 2019 and offset by lower turnover of Fertilizers and Petrochemicals businesses.
Profit attributable to the owners was recorded at Rs3,317 million compared to Rs4,010 million for the prior period.
On a standalone basis, the Company posted a profit after tax of Rs780 million against Rs3.832 billion for the same period last year, translating into an earning per share of Rs1.35 per share.
This decrease is primarily attributed to delays in receipts of dividends from subsidiaries as their Annual General Meetings (AGMs) have been postponed on account of the COVID-19 lockdown.
This is, therefore, a temporary timing difference between quarters and not reflective of underlying performance of the Company.
The company announced an interim cash dividend of Rs6 per share for the first quarter. Like in the past, the Board has endeavored to maximize dividends on a quarterly basis, however, the future dividends for the year would be based upon prevailing situation and earnings for the year.
The portfolio of Engro Corporation is resilient in these difficult times and the Company remains confident that despite challenging circumstances, it will be able to maintain a healthy performance in upcoming quarters.
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Philip Morris declares Rs2 billion after tax loss
KARACHI: Philip Morris Pakistan, the leading cigarette manufacturer in the country, has declared after tax loss of around Rs2 billion for year ended December 31, 2019.
The losses have been mainly attributed to Rs2.44 billion operating losses, the company said on Monday.
Philip Morris Pakistan is a Pakistani tobacco manufacturing company, which is a subsidiary of Philip Morris International, has declared loss after tax of Rs1.98 billion for the year 2019 as compared with profit of Rs543 million in the preceding year.
The company declared loss per share of Rs32.15 for the year under review as compared with earnings per share of Rs1.68 in the year 2018.
The company recorded an operating loss before tax of Rs2.44 billion for the year ended December 31, 2019 compared with an operating profit before tax of Rs640 million in 2018.
The operating loss before tax was mainly due to management decision to reorganize its operational footprint by closing its factory in Kotri, which was essential to ensure long term sustainability of the business in Pakistan considering the unpredictable fiscal environment.
The company further said that excluding the one off impairment / employees separation costs which was a result of the closure of the Kotri factor and GLT Voluntary Separation Scheme, the company would have recorded an operating profit before tax of Rs357 million for the year ended December 31, 2019 instead of operating loss before tax.
The company declared net turnover of Rs13.33 billion for the year as compared with Rs16.199 billion in the year 2018.
The company declared gross profit of Rs4.19 billion in the year 2019 as compared with Rs6.02 billion in the preceding year.
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Standard Chartered Pakistan announces 42.5% growth in after tax profit
KARACHI: Standard Chartered Bank Pakistan has declared massive growth of 42.5 percent in after tax profit for the year ended December 31, 2019.
The bank declared Rs16.017 billion profit after tax for the year 2019 as compared with Rs11.239 billion in the last year.
The bank also declared earnings per share at Rs4.14 as compared with Rs2.9 billion in the last year.
The profit before tax was recorded at Rs27.199 billion for the year 2019.
The bank in its annual report said that a record performance in 2019 by the bank enabled it to deliver a profit before tax of Rs27.2 billion. “This is 47 percent higher than the corresponding period last year and the highest profit since incorporation.”
Overall revenue growth was 37 percent, whereas client revenue increased by 31 percent year on year with positive contributions from transaction banking, financial markets and retail products.
Operating expenses increased by only 2 percent year on year on account of spending mainly on the bank’s products, services and people to grow the franchise.
All businesses have positive momentum in client income with strong growth in underlying drivers.
Momentum in advances (net) continues with 29 percent growth since the start of the year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios.
With diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by 10 percent, whereas current and saving accounts grew by 8 percent since the start of this year and are now 93 percent of the deposits base.
The optimal funding structure of the balance sheet continues to support the Bank’s performance. During 2019, the bank contributed around Rs18.6 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.
The bank continues to invest in its digital capabilities and infrastructure to enhance our clients’ banking experience through the introduction of innovative solutions.
“We have made steady progress in further strengthening our control and compliance environment by focusing on our people, culture and systems. We are fully committed to sustained growth by consistently focusing on our clients and product suite along with a prudent approach to building the balance sheet while bringing the best in class services to our customers.”
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NBP announces 21% decline in after tax profit
KARACHI: National Bank of Pakistan (NBP) on Friday announced 21 percent decline in its annual profit for period ended December 31, 2019. The bank declared Rs15.8 billion after tax profit for the year 2019 as cmopared with Rs20.01 billion in the last year.
According to unconsolidated profit and loss account, the bank declared basic earnings per share at Rs7.43 for the year 2019 as it was Rs9.41 EPS in 2018.
The net interest income of the bank rose by 18.53 percent to Rs71.9 billion for the period ended December 31, 2019 as compared with Rs60.66 billion a year ago. Non-mark up income of the bank was flat at Rs36.19 bllion when comared with Rs36.246 billion a year ago.
The operating expenses of the NBP increased by 18.02 percent to Rs65.725 billion when compared with Rs55.687 billion.
The provisioning for write-offs increased by 26.1 percent to Rs14.25 billion in 2019 as compared with Rs11.3 billion a year ago.
The tax payment of the bank also increased by 26.22 percent to Rs12.193 billion for the year ended December 31, 2019 as compared with Rs9.66 billion in 2018.
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Pakistan Stock Exchange declares 132% surge in net profit for first half
KARACHI: The net profit of Pakistan Stock Exchange (PSX) has surged by 132 percent during six-month period ended December 31, 2019.
The stock exchange announced its half year results for the period ended December 31, 2019 on Wednesday.
The net profit of the market increased to Rs120.5 million during July – December 2019 as compared with Rs51.88 million in the corresponding period of the last year.
It declared basic and diluted earnings per share at Re0.15 for the first half under review as compared with EPS of Re0.06 in the same half of the last year.
Revenue under licensing fee increased to Rs201 million during July – December 2019 as compared with Rs169.87 million in the same period of the last year.
Mark-up/interest income of the market increased to Rs78.66 million as compared with Rs62.82 million in the same period of the last year.
Administrative expenses of the stock market slightly reduced to Rs559.21 million in first half of the current fiscal year as compared with Rs578 million in the corresponding half of the last fiscal year.
The PSX received Rs185.83 million as income from share of profit from associates during six months period ended December 31, 2019.