KARACHI, Aug 28: With only three days remaining for the mandatory period within which quarterly financial results must be announced, companies have made a beeline for holding of meetings of the board of directors and declaration of results.

Over a dozen companies announced financial figures on Monday for the period ending June 30, 2006, which in some cases happened to be the end of the financial year and in others first six months of 2006-07. Another 28 companies are scheduled to come up with numbers on Tuesday and Wednesday.

A bullish rally that saw the KSE-100 index shoot up by 292 points on Monday which pushed back the bears that had trampled over the index last week, generally came as a surprise to the market. But many traders saw it more as a matter of institutional buying than the impetus provided by financial results. Some of the companies that announced results on Monday could be of significant interest to the investors, but none had the capacity to build up that kind of a momentum as to move and shake the market.

The list of companies that were scheduled to announce financial figures on Monday included Metropolitan Bank, Union Bank, Azgard Nine, Attock Refinery, Suzuki Motorcycle, EFU Life Assurance, EFU General Insurance, Nestle Pakistan, Sanofi-Aventis Pakistan, Silver Star Insurance, Shifa International Hospital, Banislami Pakistan, Union Insurance, Security Investment Bank, PIA and AMZ Plus Income Fund.

Metropolitan Bank Limited, another of the second-tier bank, posted an after-tax profit amounting to Rs838 million, up from Rs523 million in the similar six months of 2005. Pre-tax profit for the latest half crossed the billion rupee mark at Rs1.2 billion, compared to Rs803 million in the same time last year. Like the Union, Metropolitan Bank also did not announce a dividend.

Suzuki Motorcycles Pakistan earned a profit after-tax amounting to Rs30.7 million for the latest half year, compared with taxed profit at Rs27 million in the previous similar period. Those represented eps at Re0.70 and Re0.61. Sales were down to Rs566 million, from Rs712 million, but the company managed to bring about a greater decline in cost of sales to Rs459 million, from Rs603 million.

Nestle Pakistan Limited posted after tax profit amounting to Rs661 million, up from Rs612 million in the corresponding six months of 2005. Eps rose to Rs14.57, from Rs13.49. Sales increased to Rs11 million, from Rs8 million.

Sanofi–Aventis Pakistan declared an after-tax profit at Rs118 million for the six months ending June 30, 2006, translating into eps at Rs12.28. That reflected improvement from Rs100 million (eps: Rs10.34) earned in the same time last year.

Silver Star Insurance -— the second-tier general insurance company — showed surprisingly high net earnings of Rs50 million for the six months to June 30, 2006, almost up five times from Rs10 million earned in the similar six months of last year. Eps increased to Rs5 from Rs1.31. But the scrip is of little significance to investors because of it being tightly held. Just about 500 shares have changed hands in the last 10 trading sessions.

Azgard Nine -— the composite textile mill -- posted an after-tax profit at Rs311 million, which reflected increase over Rs303 million earned in the similar six months of 2005. Those represented eps (basic) at Rs1.77 and Rs3.05 and eps (diluted) at Rs1.53 and Rs2.70. Sales of the company rose to Rs2.2 billion, from Rs1.8 billion in the previous similar six months.

Pakistan International Airlines (PIA) failed to take off. Its loss for six months of 2006 rose to Rs6 billion from Rs2 billion in the corresponding period of the previous year. Revenue, though increased to Rs34 billion, from Rs30 billion. Among all the entities that announced financial figures on Monday, PIA was perhaps the only one to display a feeble bottom line. The reasons may be known when the company issues a review on the interim results.