Byco reports losses worth Rs217m

KARACHI: Byco Petroleum Pakistan Ltd reported consolidated loss of Rs217 million for the six months ended Dec 31, 2018 and loss per share at Re0.04 against profit of Rs1.89 billion and earnings per share at Rs0.35 in the corresponding period previous year. Net sales showed impressive growth to Rs100.1bn, from Rs62.6bn. Cost of sales rose to Rs99bn from Rs58.3bn, which dragged gross profit down to Rs1.07bn, from Rs4.33bn.

In an accompanying statement, the company observed that the period was difficult for the Pakistan’s energy industry and particularly for the oil refining industry. The country witnessed a drop of 14 per cent in the value of rupee against greenback. The oil price environment was highly volatile as the international Brent oil prices jumped to annual highs than plunged to annual lows within a few months. Meanwhile the usage of furnace oil remained weak in the country. This challenging backdrop had negative impact on the Byco’s refinery throughput as well as refining margins. However, the management made every effort to minimise the company’s exposure to the tough market.—Equities Correspondent

Indus Motor records PAT at Rs6.9bn

KARACHI: Indus Motor Company Ltd recorded profit-after-tax at Rs6.9bn and EPS at Rs87.94 for the half year ended Dec 31, 2018, against PAT at Rs 7.4bn and EPS at Rs93.69 in the same period of previous year. The board announced interim cash dividend at Rs25 per share which was in addition to the interim dividend already paid at Rs32.50 per share. Net sales grew to Rs76.4bn, from Rs63.1bn and other income increased to Rs2.1bn, from Rs1.8bn.—Equities Correspondent

Murree Brewery earnings rise to Rs658m

KARACHI: Murree Brewery Company Ltd posted PAT at Rs658m and EPS at Rs23.78 for the half year Dec 31, 2018, up from Rs629m and EPS at Rs22.75 year-on-year. The company declared interim cash dividend at Rs10 per share which was in addition to interim at Rs5 already paid. Turnover increased to Rs4.58bn, from Rs4.16bn. The company operates three divisions: liquor, glass and tops.—Equities Correspondent

ANL declares losses worth Rs12.9bn

KARACHI: Azgard Nine Ltd reported loss of Rs12.9bn for the half year ended Dec 31, 2018 and loss per share at Re0.03, up from loss of Rs1.5bn the same period last year. Net sales amounted to Rs9.4bn, up from Rs7.5bn. Finance costs increased to Rs674m, from Rs550m.—Equities Correspondent

Habib Metro profit jumps 11.8pc

KARACHI: Habib Metropolitan Bank reported an 11.8 per cent increase in its profit after tax to Rs6.16 billion for the year ending Dec 31, 2018 compared to Rs5.509bn in 2017.

The bank said on Monday that its deposits reached Rs543.48bn and the total assets increased to Rs673.4bn. It announced a cash dividend of 20 per cent while its earnings per share rose to Rs5.88 compared to Rs5.26 in CY17.—Staff Reporter

GE sells biopharma unit for $21bn

BOSTON: General Electric is selling its biopharma business to Danaher Corp. for $21.4 billion as it continues to sell off chunks of a once sprawling conglomerate.

The biopharma unit, part of GE Life Sciences, generated revenue of about $3bn last year. Danaher said after tax benefits, the deal will have a price tag that is closer a $20bn. The mostly-cash transaction is expected to close in the fourth quarter of this year.

Danaher, a medical technology company based in Washington, D.C., said GE’s biopharma segment will operate as a separate company within Danaher’s $6.5bn Life Sciences division.

GE has shrunk considerably since becoming entangled in the financial crisis a decade ago and is seeking to divest even more of its businesses. Last fall, GE sold part of its Healthcare Equipment Finance business to TIAA Bank and agreed to sell its Current, powered by GE business part of the company’s lighting business to American Industrial Partners.

In October, the company slashed its quarterly dividend and announced it was restructuring its power business shortly after ousting CEO John Flannery after only about a year on the job.—AP

Published in Dawn, February 26th, 2019