Results of PSO, PTCL, CTTL announced

Posted on 02.23.07 by StockPK Team @ 12:00 pm    

Despite comparatively lower net income the Pakistan State Oil (PSO) registered at the completion of first half of the current fiscal year ended on December 31, 2006, Board of Management of PSO managed to announce first interim cash dividend at Rs6 per share, on Thursday, translating into a cash payout of Rs1.029 billion to its shareholders.

Net income of the Company for the first half recorded a decline of 66 per cent to Rs1.14 billion (EPS Rs6.6) from last year earnings of Rs3.4 billion (EPS Rs19.7). While, sales revenue of the Company reached at Rs169.2 billion from Rs130 billion - a growth of 30 per cent. Despite higher sales, bottom line earnings declined due to heavy inventory losses and 20 per cent margin reduction when compared to similar period of the last year. Other income surged to Rs963 million versus that of Rs574 million last year.

The profitability of oil marketing companies in the first half of the year was adversely affected by a number of factors, ie inventory losses due to almost 20 per cent lower prices of oil in the international market; lower margins regime since March 2006 and very high financing cost due to huge outstanding receivables from the Government of Pakistan. Concerted efforts are continuously being made for the recoveries from the government to lower the impact on profitability and cash flow, Board noted.

Board observed that during the review period (July-December 2006) the industry off-takes of Black Oil were 3,515 thousand tonnes versus 1,998 KTs sales in the corresponding period last year, ie an increase of 76 per cent. The off-takes of White Oil, however, were lower by two per cent, ie 4,637 thousand tonnes versus 4,725 thousand tonnes last year. The overall off-take of all fuel products was 20 per cent higher than the last year.

PTCL: Pakistan Telecommunication Company Ltd (PTCL) announced no payouts to its shareholders at the completion of first half of fiscal year 2006-07.

Board of directors of the company, after reviewing the financial results for the period ended on December 31, 2006, at a meeting held on Thursday, declared net income of Rs8.37 billion (EPS of Rs1.64) versus Rs10.83 billion (EPS of Rs2.12) recorded last year - depicting a decline of 23 per cent.

Due to the growing LDI business of its competitors, revenues of the company at Rs32.74 billion declined by six per cent while operating cost of the company increased by 14 per cent to stand at Rs22.6 billion versus Rs19.7 billion previously. Resultantly, operating margins reduced by 120bps to 31 per cent from 43 per cent in first half of the fiscal year 2006.

Non-operating income of the company, nevertheless, showed positive growth of around 51 per cent as it stood at Rs2.88 billion as compared to Rs1.91 billion previously.

CTTL: Callmate Telips Telecom Ltd (CTTL) announced no disbursement to its shareholders at the completion of its financial year ended on June 30, 2006, despite it recorded 28 per cent higher net income than the last year. Board considered the audited accounts together with the audit report for the year. According to that the profit after tax enhanced by 28 per cent to Rs603.488 million from Rs432.278 million registered in last financial year 2005.

Source: The News