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Tag: financial results

  • Meezan Bank announces 70% growth in annual profit

    Meezan Bank announces 70% growth in annual profit

    KARACHI: Meezan Bank Limited on Wednesday declared 70 percent growth in its annual net profit for the period December 31, 2019.

    It is financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax to Rs15.23 billion for the year 2019 as compared with Rs8.96 billion in the previous year.

    The bank also declared earning per share (EPS) to Rs11.84 for the year under review as compared with Rs6.97 in the previous year.

    Total income of the bank for the year 2019 recorded growth of 57 percent to Rs55.86 billion during the year as compared with Rs35.63 billion in the previous year.

    The operating expenses of the banks recorded 29 percent growth to Rs24.83 billion during 2019 as compared with Rs19.29 billion in the previous year.

    The provisioning and write offs of the banks increased sharply by 257 percent to Rs4.186 billion in 2019 as compared with Rs1.17 billion in the last year.

    The bank announced Rs26.15 billion as profit before tax in 2019 as compared with Rs14.79 billion in the last year. Contribution towards income tax of the bank increased to Rs11 billion in 2019 as compared with Rs5.83 billion in the previous year.

  • PIA declares 17% loss for six-month period

    PIA declares 17% loss for six-month period

    KARACHI: Pakistan International Airlines (PIA) has announced 17 percent loss for six months period ended June 30, 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the national flag carrier recorded losses of Rs37.89 billion for the six months period ended June 30, 2019 as compared with Rs32.411 billion in the corresponding period of the last year.

    Operation losses of the company fell by 60 percent for the period to Rs7.12 billion as compared with the operation losses of Rs17.53 billion for the six months period ended June 30, 2018.

    The company absorbed losses of Rs14.59 billion due to depreciation in rupee value during the six months period ended June 30, 2019 as compared with Rs5.83 billion in the corresponding period of the last fiscal year.

    The financial costs of the airline increased to Rs15.85 billion during the period under review as compared with Rs8.8 billion in the same period of the last year.

    The administrative expenses of the company were flat at Rs3.49 billion for the six months period ended June 30, 2019 as compared with Rs3.25 billion in the same period of the last fiscal year.

  • PTCL declares 14.5% decline in annual net profit

    PTCL declares 14.5% decline in annual net profit

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) has declared 14.5 percent decline in net profit for the year 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the company announced net profit of Rs6.347 billion for the calendar year ended December 31, 2019 as compared with Rs7.422 billion profit in the preceding year.

    The earnings per share for the year of the company also came at Rs1.24 as compared with the EPS of Rs1.46 declared in the last year.

    A final cash dividend for the year ended December 31, 2019 was at Re0.50 per share i.e. 5 percent. This is in addition to the interim dividend already paid at Re0.5 per share i.e. 5 percent.

    The gross profit of PTCL was recorded at Rs16.98 billion for the year 2019 as compared with Rs53.53 billion in the previous year.

    Administrative and general expenses of the company was at Rs6.76 billion in 2019 as compared with Rs6.257 billion in the preceding year.

    PTCL declared operating profit at Rs4.94 billion as compared with Rs6.51 billion.

    The profit before tax was recorded at Rs9.33 billion for the year 2019 as compared with Rs10.757 billion in the preceding year.

  • Allied Bank declares 10% growth in annual net profit

    Allied Bank declares 10% growth in annual net profit

    KARACHI: Allied Bank Limited has declared 10 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Friday, the bank declared Rs14.11 billion after tax profit as compared with Rs12.88 billion profit in the preceding year.

    The bank also announced Rs12.32 as earning per share for the year as compared with EPS of 11.25 declared in the last year.

    The net interest income of the bank registered 29.24 percent increase to Rs41.5 billion in calendar year 2019 as compared with Rs32.11 billion in the preceding year.

    However, total non-markup income slightly fell to Rs10.89 billion in 2019 as compared with Rs11.29 billion in the last year.

    Therefore, the total income of the bank rose to Rs53.4billion in 2019 as compared with Rs43.4 billion in the preceding year.

    Operating expenses of the bank were increased at Rs28.18 billion in 2019 as compared with Rs24.52 billion in preceding year.

    The bank contributed income tax to the tune of Rs10.13 billion in the calendar year 2019 as compared with Rs8.13 billion in the preceding year, posting a significant increase of 25 percent.

  • MCB Bank declares 14% growth in annual net profit

    MCB Bank declares 14% growth in annual net profit

    KARACHI: MCB Bank Limited has declared 14 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Tuesday, the bank declared Rs24 billion after tax profit as compared with Rs21 billion profit in the preceding year.

    The bank also announced Rs20.23 as earning per share for the year as compared with EPS of 18.02 declared in the last year.

    The net interest income of the bank registered 23 percent increase to Rs56.61 billion in calendar year 2019 as compared with Rs46 billion in the preceding year.

    However, total non-markup income slightly fell to Rs16.6 billion in 2019 as compared with Rs17.19 billion in the last year.

    Therefore, the total income of the bank rose to Rs76.29 billion in 2019 as compared with Rs63.2 billion in the preceding year.

    Operating expenses of the bank were remained flat at Rs32.6 billion in 2019 as compared with Rs32.1 billion in preceding year.

    The bank contributed income tax to the tune of Rs16.12 billion in the calendar year 2019 as compared with Rs10.7 billion in the preceding year, posting a significant increase of 51 percent.

  • Colgate-Palmolive Pakistan declares 36% growth in net income

    Colgate-Palmolive Pakistan declares 36% growth in net income

    KARACHI: Colgate-Palmolive (Pakistan) Limited has announced 36 percent growth in net income to Rs2.3 billion for six months period ended December 31, 2019.

    According to financial results for the period submitted to the Pakistan Stock Exchange (PSX) on Thursday, the company declared comprehensive income for the period to Rs2.3 billion as against Rs1.69 billion in the same period of the last year.

    The company also declared earning per share at Rs39.97 for the six months period ended December 31, 2019 as compared with Rs29.61.

    Colgate-Palmolive (Pakistan) Limited is a multinational company and engaged in consumer goods industry.

    The net turnover of the company for the period under review increased Rs20.59 billion as compared with Rs17.36 billion.

    The gross profit of the company increased to Rs5.86 billion during six months as compared with Rs5.05 billion in the same period of the last year.

  • Atlas Honda reports 73% decline in after tax profit

    Atlas Honda reports 73% decline in after tax profit

    KARACHI: The manufacturer of Honda Cars in Pakistan has reported 73 percent decline in profit for the period (April-December) 2019.

    According to financial results of the company shared with Pakistan Stock Exchange (PSX) on Thursday the company declared profit after tax to the tune of Rs710 million during the period as compared with Rs2.68 billion in April – December 2018.

    The company also declared loss of Rs41.25 million for the quarter ended October – December 2019 as compared with profit of Rs601.59 million in the same quarter of the last year.

    According to financial results for the third quarter ended December 31, 2019, Honda Atlas Cars (Pakistan) Limited reported massive fall of 54 percent in its sales for the period.

    The car sales of the company fell to Rs9.86 billion during October – December 2019 as compared with Rs21.29 billion in the corresponding period of the last year.

    The domestic car industry is witnessing sharp slumps in sales due to various reasons including significant depreciation of Pak Rupee, increase in prices and high cost of manufacturing.

    The gross profit of the company also fell to Rs646.29 million during the quarter under review as compared with Rs1.63 billion in the same period of the last year.

  • NBP makes progress in regulatory compliance for US operations

    NBP makes progress in regulatory compliance for US operations

    KARACHI: National Bank of Pakistan (NBP) has made significant progress in compliance with regulatory matters in USA operations.

    In its financial report for quarter ended September 30, 2019, the bank said that in 2016 its New York branch entered into a written agreement with the Federal Reserve Bank of New York and New York State Department of Financial Services (US regulators).

    This agreement requires the bank to address certain compliance and risk management matters relating to anti-money laundering and the US bank secrecy law requirements.

    This agreement also requires implementation of the requisite system and controls and allocation of adequate resources to ensure full compliance with such requirements.

    The NBP’s management continues to address the matters highlighted in the written agreement and in the subsequent inspections, and get them independently validated.

    “NBP has made considerable progress and seeks to comply with all applicable laws and regulations.”

    The NBP said that heightened attention to compliance is expected across the bank’s international franchise which will also gain from the development and implementation of an integrated strategy.

    As per quartered ended September 30, 2019, the total assets of the bank amounted to Rs3,025.37 billion which is 8.1 percent higher than Rs2,798.57 billion as at December 31, 2018.

    This represents around 13.8 percent of the banking industry total assets.

    The bank’s market share in deposits, advances and investment is around 14 percent, 12 percent and 15 percent, respectively.

    Strength of the bank’s balance sheet is driven by the wide market outreach and branch banking network where the focus remains on low-cost deposit mobilization.

    The bank said that due to the challenging economic environment the non-performing loans (NPL) of the bank have increased by Rs19.3 billion. As of September 30, 2019 NPL totaled to Rs152.49 billion as against Rs133.36 billion at the end of year 2018.

    “This translates into loan infection ratio of 13.9 percent which is slightly higher than 12.6 percent as of December 31, 2018.”

  • PIA declares Rs67.32 billion annual loss

    PIA declares Rs67.32 billion annual loss

    KARACHI: Pakistan International Airlines (PIA) – the national flag carrier – has declared after tax loss of Rs67.32 billion for the year ended December 31, 2018.

    According to financial statement of the national flag carrier shared with the Pakistan Stock Exchange (PSX) on Friday, the annual loss of the company further ballooned by 32 percent to Rs67.32 billion for the year 2018 as compared with the loss of Rs51 billion in the preceding year.

    The net revenue of the airlines increased to Rs103.49 billion for the year under review as compared with Rs90.55 billion in the preceding year, registering an increase of 14.29 percent.

    The rupee depreciation has increased the cost of services as fuel cost for the year 2018 increased to Rs43.55 billion as compared with Rs31 billion in the year 2017.

    The operation losses of the airlines increased by 31.28 percent to Rs47 billion in the year 2018 when compared with Rs35.81 billion in the preceding year.

    The board of directors of PIA approved the financial results in a meeting held on Thursday November 21, 2019.

  • Honda Atlas Cars declares 50 percent drop in after tax profit

    Honda Atlas Cars declares 50 percent drop in after tax profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited on Thursday announced 50 percent drop in net profit for the quarter ended September 30, 2019.

    According to financial results of the company the profit after tax for the quarter (July – September) 2019 fell to Rs509.69 million as compared with the net profit of Rs1,030 million in the corresponding quarter of the last year.

    The sales of the company fell to Rs11.64 billion for the quarter under review as compared with Rs25.81 billion in the corresponding period of the last year, posting 55 percent decline.

    The gross profit of the company declined to Rs1.21 billion for the quarter ending September 30, 2019 as compared with Rs1.65 billion in the same period of the last year.

    The company declared profit of Rs1.1 billion for the half year (April – September) 2019 as compared Rs3.24 billion in the same half of the last year.

    The sales of the company during the half fell to Rs29.52 billion as compared with Rs49.67 billion in the same half of the last fiscal year.