September 06, 2007	Thursday	Sha'aban 23, 1428

KARACHI, Sept 5: The market is in the midst of reporting season. Most of the heavyweights have already announced their financial figures. In the wave of smaller, nondescript companies; a few could hold market interest.

On Tuesday, Hub Power Company (Hubco); Meezan Bank; National Foods; Central Forest Products; Noon Pakistan announced results.

HUBCO: The independent power producer posted profit after tax amounting to Rs2.65 billion for the year ended June 30, 2007, which was four per cent lower than PAT at Rs2.76 billion earned the previous year. The latest profit translated into earning per share (eps) at Rs2.29.

The board of directors recommended final cash dividend at 16pc (Rs1.60 per share), which was in addition to 12.5pc (Rs1.25 per share) interim dividend paid in April 2007.

Analysts said that the decrease in earnings was on the back of lower Capacity Purchase Payments (CPP) under the company’s pre-defined tariff structure and higher non pass through items reflected in the cost of sales, which rose by 70 per cent from last year.

MEEZAN BANK: For the half year ended June 30, 2007, the bank posted profit after tax at Rs431 million, showing 36 per cent growth over PAT at Rs317 million in the corresponding period of the previous year. Earnings per share (eps) stood at Rs1.14.

A press release issued by the company stated that the growth of profit before tax was 48 per cent at Rs601 million compared with Rs406 million in the same period last year. Consolidated profit before tax (profit after taking into account the results of subsidiary companies) rose from Rs512 to Rs876 million.

Deposits increased 72pc to Rs45bn, from Rs26bn. Financing and investment portfolio were higher by 27 and 67pc. The board of directors did not announce any interim cash or stock dividend at its meeting held on Tuesday.

NATIONAL FOODS: A corrected version of the company’s financial results for the half year ended June 30, 2007 was read out at the stock exchange on Tuesday. By virtue of that the previously released sheet contained a ‘typographical error’, mentioning profit before tax at Rs167 million instead of Rs191,722 million.

The favourable difference was an addition of Rs24 million to the latest accounts, marked as “claim recovery against raw material supply”. Profit after tax amounted to Rs129 million for FY07, translating into eps at Rs30.41.

CENTRAL FOREST PRODUCTS: The company reported after tax loss at Rs2 million for the year ended June 30, 2007, which added to the carry forward losses, raised the accumulated deficit to Rs49 million.

The company appears to be non-operative as there were no sales or cost of sales; the only sum of expenditure emanating from administrative expenses. There was of course no question of a payout.

Interestingly, the company writes across its head: “Largest manufacturer of wooden products in Pakistan”. Auditors report contains several qualifications and the company seems to have been bedevilled by lack of finances.