KARACHI: The cement company unveiled results for the second quarter of financial year 2017-18, posting profit after tax at Rs896m, translating to earnings per share of Rs2.05.

The earnings reflected a decrease of 65 per cent from PAT at Rs2.59bn and EPS at Rs5.93 in the same period of last year. On a cumulative basis, net profit for 1HFY18 stood at Rs3.734bn and EPS at Rs8.52, down 17pc from PAT at Rs4.506bn and EPS at Rs10.28 in the 1HFY17.

Analysts blamed mainly the higher effective tax rate of 64.9pc in 2QFY18, owing to a reversal of tax credit booked in 1HFY18. Revenue grew 7pc in 1HFY18, due mainly to higher despatches.

EFU General earns Rs2.34bn: EFU General Insurance Ltd wrote a premium of Rs20bn (including Takaful contribution) for the year ended Dec 31, 2017.

It reported an after-tax profit of Rs2.344bn and EPS at Rs11.72, against PAT at Rs2.392bn and EPS at Rs11.96 the earlier year. The company paid a final cash dividend at Rs6.25 per share, taking the total payout to Rs10 for the year.

The underwriting result for the year was Rs1.6bn, compared to Rs1.79bn the previous year with claims ratio of 39pc and combined ratio of 80pc for the year.

HMB earns Rs5.5bn: Habib Metropolitan Bank (HMB) posted a PAT of Rs5.51bn (EPS: Rs5.26), down 10pc year-on-year. The fourth quarter earnings clocked in at Rs2.26bn, down 2pc year-on-year, said a JS Research report.

Reversals of Rs912 million under provisions on loans recorded during the 4Q2017 lifted earnings during last quarter. The bank also announced a final dividend of Rs3 per share.

Published in Dawn, February 21st, 2018