KARACHI: Lucky Cement Company Limited (LUCK) on unconsolidated basis posted profit after tax at Rs2.67 billion, representing earning per share at Rs8.25 for first quarter FY15.
The earnings were 5pc higher compared to Rs2.5bn and eps at Rs7.87 in corresponding quarter last year. Analyst Numair Ahmed at brokerage Arif Habib Limited stated that the “results were in line with our expectations.”
In 1QFY15, the company registered growth of 12pc YoY in its top-line mainly on account of 9.2pc YoY increase in total dispatches to 1,607,000 tonnes and 10pc improvement in average retention prices.
Other operating income of the company rose by a hefty 50pc YoY to Rs332m due mainly to higher income from electricity sale to PESCO and dividend income from associate companies.
Gross margins declined by 250bps YoY to 42.1pc in 1QFY15 mainly due to higher fuel and powers cost.
In other announcements, Lucky Cement said it expects the 5MW Waste Heat Recovery (WHR) to be completed at its Karachi plant by Jan 2015, while another 5MW WHR plant at its Pezu plant is expected to come on line in Sept 2015.
The company is also in the process of revised tariff negotiation with Nepra for the supply of surplus electricity from Pezu power plant to PESCO.
Analysts at Topline Securities observed that the on consolidated basis, Lucky Cement announced 1QFY15 earnings of Rs2.9bn (eps Rs8.96) as against Rs2.6bn (EPS Rs8.17) in similar period last year, up 9.7pc.
Attock Petroleum Limited
The company reported earnings of Rs1.26bn, translating into earnings per share at Rs15.17 for 1Q FY15, lower by 6pc YoY as compared to Rs1.34bn and eps at Rs 16.17 reported during 1Q FY14.
“Decrease in earnings is mainly due to higher inventory gains booked by the company during 1Q FY14”, commented Sharoz Hameed at brokerage Global Securities. On a QoQ basis, the company reported growth in earnings of 86pc as compared to Rs677m (eps: Rs8.17) recorded during 4Q FY14.
“Despite slightly lower petroleum prices during 1Q FY15, we expect the company to have booked an inventory gain due to better inventory management which helped improve gross margins,” analyst at Global reflected.
The company reported revenues of Rs55.4bn during 1Q FY15, higher by 17pc from Rs47.31bn reported during 1Q FY14. Increase in revenues was thought to be mainly due to higher volumetric sales, which increased from 0.48 million tonnes during 1Q FY14 to 0.55m tonnes recorded during 1Q FY15.
Pakistan National Shipping Corporation (PNSC)
The corporation recorded a growth of 2.7 per cent in gross profit at Rs3,381 million during financial year 2013-14 as against Rs3,291m achieved the previous year (2012-13).
The corporation achieved an increase of 7.9pc in profit-after-tax at Rs2,149m compared to Rs1,991m recorded last year.
This was disclosed by PNSC chairman Mohammad Siddique Memon, who presided over 36th annual general meeting of the corporation here on Wednesday.
He further informed that the PNSC achieved a turnover of Rs15,585m, showing a growth of 28.49pc over last year’s (2012-13) turnover of Rs12,129m.
The PNSC managed to reduce operational cost by up to 6.8pc during the year which created some financial space for the acquisition of one more modern Aframax crude oil tanker.
The objective of the PNSC, he said, has been to diversify and modernise its fleet and enhance haulage capacity to a maximum 40pc of sea-borne trade of the country which could rise up to 64m tonnes per annum by the year 2025.
In short-term plan, the objective of the PNSC is to enhance the scope of Contract of Affreightment (COA) with oil refineries and oil-marketing companies to a total of 18m tonnes of imported crude oil and oil products.
Furthermore, during next year the PNSC would be acquiring two modern and relatively younger second-hand Aframax tankers which will enhance its capacity to haulage POL products.
The chairman informed the AGM that the PNSC is striving to get the status of shipping agent for the haulage of coal for the upcoming coal-operated power projects in the country.
Published in Dawn, October 31st, 2014