Meezan Bank profit rises

KARACHI: Meezan Bank’s profit after tax (PAT) rose to Rs3.10 billion for 1QCY19, from Rs2.35bn while earnings per share (EPS) grew to Rs2.59, from Rs1.90.

The bank announced interim cash dividend at Re1 per share along with bonus issue at 10pc. Meanwhile, total income rose to Rs11.39bn, from Rs7.96bn and taxation jumped to Rs2.77bn, from Rs1.22bn.

Millat Tractors announced PAT at Rs2.77bn and (EPS: Rs62.65) for nine months ending March 31, down from Rs4.20bn (EPS: Rs28.2) in corresponding period last year.

Turnover decreased to Rs22.80bn from Rs28.20b. Directors stated that sales of tractors during the period were 23,551 units during the period, as against 31,180 last year.

Packages Ltd to restructure company

KARACHI: Packages Ltd disclosed proposed internal restructuring/reorganisation of the company under which it would incorporate two wholly owned subsidiaries and transfer its manufacturing businesses including folding cartons, flexible packaging, consumer products and mechanical fabrication and roll covers along with all relevant assets, operations and corresponding liabilities into a separate 100pc owned entity (converting business).

Bank Al Habib profit stays flat

KARACHI: Bank Al Habib Ltd announced flat PAT at Rs2.05bn for 1QCY19, as against Rs2.07bn in same months of last year. EPS stood at Rs1.85 and Rs1.86 while total income was up to Rs11.73bn, from Rs8.51bn, but taxation claimed Rs2.38bn versus Rs1.32bn.

Philip Morris bottom line turns red

KARACHI: Philip Morris (Pakistan) Ltd announced loss after tax at Rs1.27bn for the quarter ended March 31 as against PAT at Rs405m in 1QCY18. Loss per share came out at Rs20.56 as against EPS of Rs 6.58. Turnover increased to Rs4.10bn from Rs3.79bn, but “other expenses”, which increased to Rs2.66bn from Rs102m, ate into the profitability.

MLCF earnings plunge 45pc

KARACHI: Maple Leaf Cement Factory (MLCF) recorded 1QCY19 PAT at Rs1.89bn, decreasing by 44.5pc from Rs3.37bn.

Meanwhile, EPS declined to Rs3.19, from Rs6.01 whereas net sales dropped to Rs18.28bn, from Rs19.22bn.

Faisal Bank income jumps

KARACHI: Faisal Bank declared 1Q2019 net income of Rs1.60bn, soaring by 31.1pc from Rs1.22bn in corresponding period previous year.

EPS increased to Rs1.05, from Rs0.80 while total income grew to Rs6.67bn, from Rs4.90bn and taxation rose to Rs1.39bn, from Rs785m.

Cherat Cement earns Rs2.25bn

KARACHi: Cherat Cement earned PAT amounting to Rs2.25bn (EPS: Rs12.74) for the latest quarter, up from Rs1.80bn (EPS: Rs10.16).

Turnover showed slight change to Rs11.16bn, from Rs11.15bn.

Pakistan Cables profit dips

KARACHI: Pakistan Cables posted 9MFY19 PAT at Rs181m, down from PAT at Rs226m. EPS slipped to Rs5.13, from Rs7.40 whereas net sales jumped to Rs7.25bn, from Rs6.83bn.

Allied Bank PAT declines 20pc

KARACHI: Allied Bank’s PAT clocked in at Rs3.09bn for 1QCY19, decreasing by 19.5pc, from Rs3.84bn in same months last year.

EPS dipped to Rs2.70, from Rs3.36. The major drag was taxation which rose to Rs3.29bn, from Rs2.33bn, while total income improved to Rs12.35bn, from Rs11.57bn.

BankIslami makes Rs251m profit

KARACHI: BankIslami posted PAT at Rs251m and pre-tax profit of Rs408.24m for the quarter ended March 31.

Furthermore, the bank also announced that its board has in principle agreed to consider the issuance of right shares by Rs1bn during the year. It has also approved the issuance of additional tier-1 capital to the tune of Rs2bn (inclusive of green-shoe option of Rs500m).

Published in Dawn, April 26th, 2019