KARACHI, April 20: Arif Habib Securities Limited (AHSL) made an after tax profit of Rs1,306 million in the nine months to end March, 2004. Taxed profit was three times the earnings of Rs431 million in the corresponding period of the previous year.

The results, released by the company on Tuesday, go to show that it has been excellent time for stock brokerage firms. The charge of the bull that began in 2002, has seen Pakistan's equity market climb by over 300 per cent.

Almost everyone has made big money. Big brokerages have made big profits and are reflected in the three-quarter (July 2003-March 2004) results now being released by the listed corporate members.

Market price of the share in AHSL rose by Rs4 to close at Rs600 on Tuesday. Some 76,300 shares were traded. The company maintains comparatively a tiny paid-up capital of Rs80 million in 8 million shares of Rs10 each.

AHSL was listed at the KSE in 2001, when the proprietor member - Arif Habib - disinvested a quarter (1.250 million shares) in the company for public subscription at premium of Rs70 per share.

For the nine-months (July 2003-March 2004) the company earned Rs754 million from capital gain on investment, which represented 249 per cent increase from Rs216.4 million in the same time of the earlier year.

Other major increase was noted in net gain due to change in market value of investments which rose 182 per cent to Rs362.6 million, from Rs128.1 million in nine months of previous year.

Net gain due to change in market value of investments in the 3rd quarter (Jan-Mar 2004) amounted to Rs84.4 million, up from Rs9.4 million in the same period of 2003.