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Showing posts from February 18, 2009

KSE 100-share index recovers 62 points

KARACHI: Optimism about uptick in stocks’ values in near future and expectations about receiving handsome payouts in this financial result season together placed the market over 5,800 points level successfully on Tuesday. KSE 100-share index registered another gain of 62.90 points or 1.09 per cent and ended at 5,839.63 points. Its junior partner the 30-index rose by 132.09 points or 2.24 per cent to stand at 6,026.29 points. The optimism projected market to 5,890.61 points intra-day high in the middle of the second half of the session, witnessed an increase of 113.88 points from pre-opening level of 5,776.73 points. The cautious behaviour of investors on strength, however, minimized the day notable gains to the closing level, as many of them (punters) opted to book profits in some of speculative stocks. Analysts said the declaration of Rs5 per share cash dividend by PSO despite the fact that the company registered over Rs10 billion losses in the half year end Dec 31 was investment frie...

Lucky Cement posts Rs1.9bn profit

Lucky Cement has announced its results for the first half of fiscal year 2008-09 (1HFY09). The company has booked profits of Rs1.9 billion with Earning Per Share (EPS) of Rs5.99 versus Rs1.4 billion profit with EPS of Rs4.17 in the same period of pervious year, a considerable growth of 44 per cent. Gross profit increased by a handsome 152 per cent to Rs4.9 billion versus Rs1.9 billion in 1HFY08. Moreover, gross profit margins of the company in 1HFY09 went up to 39 per cent from 27 per cent last year, due to better cement prices in the local market as well as high rupee-based export sales amid rupee depreciation. In 1HFY09 the company’s distribution and administrative expenses took a significant jump to Rs1,184 million from Rs464 million in 1HFY08 - up by 155 per cent. Owing to foreign exchange losses, the company’s other charges rose by 264 per cent to Rs662 million. In 1HFY09, local cement dispatches of the company fell by 19 per cent to 1.2 million tons while exports continued with t...

PSO posts Rs 10.049 billion losses

The oil-marketing giant Pakistan State Oil (PSO) has posted Rs 10.049 billion losses after tax in half year (July-December 2008-09) due to huge inventory losses as well as the increased financing cost. The financial results of the company announced on Tuesday indicated that profit nose-dived sharply in the period under review from Rs 5.487 billion profit after tax (pat) in the corresponding period of previous year. Though the company posted a significant 58 percent increase in revenues, huge inventory losses amid sharp decline in oil prices from its peak level led to gross losses in first half of current fiscal. The operating expenses and finance costs also increased drastically by 102 percent and 597 percent respectively amid currency devaluation and higher short-term borrowing. The loss per share of the company also plunged heavily to Rs 58.59 against the earnings per share of Rs 32 recorded in the same period of previous year. Analysts attributed that finance cost increase to short-...