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Shell Pakistans profit up
KARACHI: Shell Pakistan Ltd posted a higher profit after tax of Rs 402.037 million during the first quarter ending March 31, 2010. The pre-tax profit of the company surged to Rs 747.038 million as earning per share also improved to Rs 5.87. The company continued to face problems on receivables side as Rs 4.7 billion were still outstanding against the government as price differential claims, sales tax and petroleum development levy. app
Daily Times - Leading News Resource of Pakistan
Habib Banks Profit Increases 34% on Lower Provisions
April 22 (Bloomberg) -- Habib Bank Ltd., Pakistans second- biggest by assets, said first-quarter profit rose 34 percent as it set aside less funds for delinquencies on loans.
Net income rose to 3.82 billion rupees ($45.5 million), or 4.12 rupees a share, from 2.85 billion rupees, or 3.27 rupees, a year earlier, the Karachi-based bank said in a statement to the stock exchange today. The lenders revenue rose to 22.5 billion rupees from 20.8 billion rupees a year ago.
The decrease in provisions was unexpected, said Raza Jafri, an analyst at Karachi-based AKD Securities Ltd. who has a hold recommendation on the stock. They availed the optional easing provided by the central bank.
The central bank began requiring lenders to set aside more funds to cover delinquent borrowers in October 2007, and then eased rules in January 2009, allowing banks to use 30 percent of the value of assets provided as collateral to meet requirements for provisions against defaults.
Habib Banks provisions and write-offs fell to 1.45 billion rupees in the first quarter, from 2.38 million rupees a year ago, according to the statement.
Shares of Habib Bank rose 1.8 percent to 111.25 rupees at 12:52 p.m. local time on the Karachi Stock Exchange.
--Editors: Chitra Somayaji, Naween A. Mangi
To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net
To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net
Habib Bank?s Profit Increases 34% on Lower Provisions (Update1) - BusinessWeek
Three of four banks announce better earnings
Karachi: Banks continue to perform better as three of four banks announced better earnings for the quarter ended March 31 compared to last year. Habib Bank, JS Bank and Bank Al Habib improved earnings compared to the same period last year while Habib Metropolitan Banks profits dropped. The main reason for the banks doing better was better net interest income, higher interest rate and people taking fewer loans.
Net profit of Habib Bank Limited, Pakistans No 2 lender by assets, rose to Rs3.8 billion for the first quarter of the calendar year, up from Rs2.9 billion a year ago. Lower provision against loans was the main reason for the increase in profit. The results of the banks are below market expectations, said Standard Capital Securities Research Head, Faisal Shajee.
The current slow economic growth means less demand for loans which results in less profit for banks, Shajee added. Provision for loans by Habib Bank decreased 38 per cent to Rs1.5 billion in the quarter ended March 31 against Rs2.4 billion in the same period last year. Earnings per share increased Rs0.85 to Rs4.12. Net income increased to Rs22.5 billion against Rs20.8 billion in the same period last year. Habib Banks shares on Thursday rose 1.23 per cent to Rs110.66 on the Karachi Stock Exchange.The stock price has dropped Rs24.74 this year.
JS Banks losses narrow
JS Banks losses fell to Rs188.6 million for the first quarter of the calendar year, down from Rs347.5 million a year ago. The increase in the non mark-up expense is the main reasons for the reduction in losses. Non-mark up expense rose by 4000 per cent to Rs 242.6 million against Rs5.7 million in the corresponding period last year.
Bank Al Habib net profit up
Bank Al Habibs net profit increased 30 per cent to Rs 880 million in the first three month of the 2010 against Rs677 million last year. Nonmark income rose to Rs2.7 billion against Rs2.3 billion in the same period last year. Earnings per share rose Rs0.27 to Rs1.2 for the first quarter of the calendar year.
Habib Metropolitan Banks profit down
Habib Metropolitan Banks net profit decreased 33 per cent to Rs697 million in the first quarter of the calendar year against Rs928 million last year. The firms net income decreased to Rs1.7 billion in the quarter ended March 31 against Rs1.8 billion in the corresponding period last year. Non-performing loans also increased 70 percent to Rs 558 million. In the coming week Allied Bank Limited (ABL) and United Bank Limited (UBL) are expected to announce its earnings.
Analysts expect ABL to announce unconsolidated profits of Rs2bn to profits of Rs1.4bn in the first quarter of 2010, a healthy growth of 38 percent year-on-year. Analyst predicts UBLs earnings to increase 10 per cent to Rs2.8bn in the first quarter against earnings of Rs2.5bn in the corresponding period last year.
Three of four banks announce better earnings – The Express Tribune
Lotte Pakistan Profit Rises 67% on Lower Raw Material Cost
By Farhan Sharif
April 23 (Bloomberg) -- Lotte Pakistan PTA Ltd., which produces pure terephthalic acid, the raw material used to make polyester fiber, reported a 67 percent increase in first-quarter profit because of lower raw material prices and higher sales.
The companys profit rose to 873.1 million rupees ($10.4 million), or 0.58 rupee a share, in the quarter ended March 31, from 523.5 million rupees, or 0.35 rupee, a year earlier, the Karachi-based company said today in a statement to the stock exchange. Sales increased to 9.74 billion rupees from 7.12 billion a year ago.
The lower price of paraxylene, a raw material used to produce pure terephthalic acid, led to an increase in profit, said Sana Iqbal Bawani, research analyst at BMA Capital Management Ltd., in Karachi.
Pakistans textile makers use a combination of cotton and polyester staple fiber to produce fabric to be sold overseas. Textiles account for over 60 percent of the South Asian nations overseas shipments.
The companys shares fell 1 percent to 11.70 rupees at the 9:37 a.m. local time close on the Karachi Stock Exchange. The share rose 45 percent this year.
--Editor: Naween A. Mangi
LOTPTA@PA
To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net.
To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net.
Lotte Pakistan Profit Rises 67% on Lower Raw Material Cost - BusinessWeek
Touching the sky: Spot rate hits Rs 6,200/maund level
KARACHI: The spot rate touched another high when transaction for 1,200 cotton bales took place at Rahim Yar Khan for Rs 6,500 per maund, traders at Karachi Cotton Association said on Thursday.
They said physical prices were so strong that the buyers were not even thinking of fine stocks, which remained a rare commodity. The KCA spot rate committee revised the spot rate upward to Rs 6,200 per maund with an increase of Rs 100 per maund, floor brokers said.
The duty on cotton export by India and shortfall in crop season 2009-10 are putting pressure on shrinking stocks and domestic prices are still going upward, KCA member Shakeel Ahmad said. He said sellers withholding fine lint remained in high spirits and asked higher prices around Rs 6,650 per maund.
He said deals in Sindh and Punjab stations for raw grade took place above the spot rate at around Rs 6,500 to 6,550 per maund during trading session.
Shortfall of around 2.6 million bales is still around the corner and alarming for the downstream textile sector, he added.
Around 7,000 bales at different stations including Sanghar, Rahimyar Khan, Khanpur and Karore Pucca changed hands during the trading session.
In the international market future contracts for May 2010 at New York Cotton Market were hovering between 84-75 cents per pound and July at 85 cents per pound while Cotlook remained at 86.40 cents per pound. staff report
Daily Times - Leading News Resource of Pakistan
LTU Karachi collects Rs107.8bn in nine months
KARACHI: The Large Taxpayers Unit (LTU), Karachi has collected Rs107.81 billion during the first nine months of the current fiscal year, as compared to Rs87.65 billion during the corresponding period last year, depicting an increase of 23 per cent, according to the provisional revenue collection data released on Thursday.
Income tax remained the major contributor with Rs72.4 billion during the period under review as against Rs62.74 billion in July-March 2008/09, revealed the data of inland taxes of the unit.
The collection out of demand was dominant in the income tax head, as it grew by 63 per cent to Rs26.18 billion, as compared to Rs16.09 billion during the corresponding period last year.
Effective enforcement and taxpayersí audit of multiple years resulted in significant growth, said the officials of the LTU. However, a large number of audit cases of 2008 are not included because the Federal Board of Revenue had outsourced the taxpayersí audit to independent chartered accountants, said the officials.
The collection of advance tax managed to grow 15 per cent during the period under review to Rs48.91 billion as against Rs42.56 billion last year.
The collection of advance tax will further improve in the remaining months of the current fiscal year as two installments were due, said the officials.
The corporate taxpayers are liable to pay advance tax in four installments, ending each quarter of a fiscal year.
In the Finance Act, 2009, the government had changed the schedule of installments and now the taxpayers are allowed to pay first three installments on 15th of the following month of quarter-end and last on June 30.
In other heads collection, sales tax registered robust growth of 102 per cent to Rs25.34 billion, as compared to Rs15.72 billion last year.
The unprecedented growth was attributed to formation of Inland Revenue, which helped the tax officials access the data of all the domestic taxes and pinpoint loopholes in the system, they said.
During the last few years, the mechanism of sales tax had failed to produce results of enhancing tax base and revenue collection, the officials said, adding that the government aims to replace the general sales tax regime with the Value-Added Tax (VAT) from July 1.
With parliaments approval, the government will introduce Value-Added Tax from the next fiscal year, which would result in an estimated additional collection of around Rs125 billion during the first year.
The collection of federal excise duty registered 10 per cent rise during the period under review to Rs10.07 billion as against Rs9.184 billion.
The officials expect substantial growth in revenue collection during the remaining months of the current fiscal year that would ultimately help the revenue body achieve Rs1,380 billion revenue collection target.
LTU Karachi collects Rs107.8bn in nine months
KARACHI: Shell Pakistan Ltd posted a higher profit after tax of Rs 402.037 million during the first quarter ending March 31, 2010. The pre-tax profit of the company surged to Rs 747.038 million as earning per share also improved to Rs 5.87. The company continued to face problems on receivables side as Rs 4.7 billion were still outstanding against the government as price differential claims, sales tax and petroleum development levy. app
Daily Times - Leading News Resource of Pakistan
Habib Banks Profit Increases 34% on Lower Provisions
April 22 (Bloomberg) -- Habib Bank Ltd., Pakistans second- biggest by assets, said first-quarter profit rose 34 percent as it set aside less funds for delinquencies on loans.
Net income rose to 3.82 billion rupees ($45.5 million), or 4.12 rupees a share, from 2.85 billion rupees, or 3.27 rupees, a year earlier, the Karachi-based bank said in a statement to the stock exchange today. The lenders revenue rose to 22.5 billion rupees from 20.8 billion rupees a year ago.
The decrease in provisions was unexpected, said Raza Jafri, an analyst at Karachi-based AKD Securities Ltd. who has a hold recommendation on the stock. They availed the optional easing provided by the central bank.
The central bank began requiring lenders to set aside more funds to cover delinquent borrowers in October 2007, and then eased rules in January 2009, allowing banks to use 30 percent of the value of assets provided as collateral to meet requirements for provisions against defaults.
Habib Banks provisions and write-offs fell to 1.45 billion rupees in the first quarter, from 2.38 million rupees a year ago, according to the statement.
Shares of Habib Bank rose 1.8 percent to 111.25 rupees at 12:52 p.m. local time on the Karachi Stock Exchange.
--Editors: Chitra Somayaji, Naween A. Mangi
To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net
To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net
Habib Bank?s Profit Increases 34% on Lower Provisions (Update1) - BusinessWeek
Three of four banks announce better earnings
Karachi: Banks continue to perform better as three of four banks announced better earnings for the quarter ended March 31 compared to last year. Habib Bank, JS Bank and Bank Al Habib improved earnings compared to the same period last year while Habib Metropolitan Banks profits dropped. The main reason for the banks doing better was better net interest income, higher interest rate and people taking fewer loans.
Net profit of Habib Bank Limited, Pakistans No 2 lender by assets, rose to Rs3.8 billion for the first quarter of the calendar year, up from Rs2.9 billion a year ago. Lower provision against loans was the main reason for the increase in profit. The results of the banks are below market expectations, said Standard Capital Securities Research Head, Faisal Shajee.
The current slow economic growth means less demand for loans which results in less profit for banks, Shajee added. Provision for loans by Habib Bank decreased 38 per cent to Rs1.5 billion in the quarter ended March 31 against Rs2.4 billion in the same period last year. Earnings per share increased Rs0.85 to Rs4.12. Net income increased to Rs22.5 billion against Rs20.8 billion in the same period last year. Habib Banks shares on Thursday rose 1.23 per cent to Rs110.66 on the Karachi Stock Exchange.The stock price has dropped Rs24.74 this year.
JS Banks losses narrow
JS Banks losses fell to Rs188.6 million for the first quarter of the calendar year, down from Rs347.5 million a year ago. The increase in the non mark-up expense is the main reasons for the reduction in losses. Non-mark up expense rose by 4000 per cent to Rs 242.6 million against Rs5.7 million in the corresponding period last year.
Bank Al Habib net profit up
Bank Al Habibs net profit increased 30 per cent to Rs 880 million in the first three month of the 2010 against Rs677 million last year. Nonmark income rose to Rs2.7 billion against Rs2.3 billion in the same period last year. Earnings per share rose Rs0.27 to Rs1.2 for the first quarter of the calendar year.
Habib Metropolitan Banks profit down
Habib Metropolitan Banks net profit decreased 33 per cent to Rs697 million in the first quarter of the calendar year against Rs928 million last year. The firms net income decreased to Rs1.7 billion in the quarter ended March 31 against Rs1.8 billion in the corresponding period last year. Non-performing loans also increased 70 percent to Rs 558 million. In the coming week Allied Bank Limited (ABL) and United Bank Limited (UBL) are expected to announce its earnings.
Analysts expect ABL to announce unconsolidated profits of Rs2bn to profits of Rs1.4bn in the first quarter of 2010, a healthy growth of 38 percent year-on-year. Analyst predicts UBLs earnings to increase 10 per cent to Rs2.8bn in the first quarter against earnings of Rs2.5bn in the corresponding period last year.
Three of four banks announce better earnings – The Express Tribune
Lotte Pakistan Profit Rises 67% on Lower Raw Material Cost
By Farhan Sharif
April 23 (Bloomberg) -- Lotte Pakistan PTA Ltd., which produces pure terephthalic acid, the raw material used to make polyester fiber, reported a 67 percent increase in first-quarter profit because of lower raw material prices and higher sales.
The companys profit rose to 873.1 million rupees ($10.4 million), or 0.58 rupee a share, in the quarter ended March 31, from 523.5 million rupees, or 0.35 rupee, a year earlier, the Karachi-based company said today in a statement to the stock exchange. Sales increased to 9.74 billion rupees from 7.12 billion a year ago.
The lower price of paraxylene, a raw material used to produce pure terephthalic acid, led to an increase in profit, said Sana Iqbal Bawani, research analyst at BMA Capital Management Ltd., in Karachi.
Pakistans textile makers use a combination of cotton and polyester staple fiber to produce fabric to be sold overseas. Textiles account for over 60 percent of the South Asian nations overseas shipments.
The companys shares fell 1 percent to 11.70 rupees at the 9:37 a.m. local time close on the Karachi Stock Exchange. The share rose 45 percent this year.
--Editor: Naween A. Mangi
LOTPTA@PA
To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net.
To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net.
Lotte Pakistan Profit Rises 67% on Lower Raw Material Cost - BusinessWeek
Touching the sky: Spot rate hits Rs 6,200/maund level
KARACHI: The spot rate touched another high when transaction for 1,200 cotton bales took place at Rahim Yar Khan for Rs 6,500 per maund, traders at Karachi Cotton Association said on Thursday.
They said physical prices were so strong that the buyers were not even thinking of fine stocks, which remained a rare commodity. The KCA spot rate committee revised the spot rate upward to Rs 6,200 per maund with an increase of Rs 100 per maund, floor brokers said.
The duty on cotton export by India and shortfall in crop season 2009-10 are putting pressure on shrinking stocks and domestic prices are still going upward, KCA member Shakeel Ahmad said. He said sellers withholding fine lint remained in high spirits and asked higher prices around Rs 6,650 per maund.
He said deals in Sindh and Punjab stations for raw grade took place above the spot rate at around Rs 6,500 to 6,550 per maund during trading session.
Shortfall of around 2.6 million bales is still around the corner and alarming for the downstream textile sector, he added.
Around 7,000 bales at different stations including Sanghar, Rahimyar Khan, Khanpur and Karore Pucca changed hands during the trading session.
In the international market future contracts for May 2010 at New York Cotton Market were hovering between 84-75 cents per pound and July at 85 cents per pound while Cotlook remained at 86.40 cents per pound. staff report
Daily Times - Leading News Resource of Pakistan
LTU Karachi collects Rs107.8bn in nine months
KARACHI: The Large Taxpayers Unit (LTU), Karachi has collected Rs107.81 billion during the first nine months of the current fiscal year, as compared to Rs87.65 billion during the corresponding period last year, depicting an increase of 23 per cent, according to the provisional revenue collection data released on Thursday.
Income tax remained the major contributor with Rs72.4 billion during the period under review as against Rs62.74 billion in July-March 2008/09, revealed the data of inland taxes of the unit.
The collection out of demand was dominant in the income tax head, as it grew by 63 per cent to Rs26.18 billion, as compared to Rs16.09 billion during the corresponding period last year.
Effective enforcement and taxpayersí audit of multiple years resulted in significant growth, said the officials of the LTU. However, a large number of audit cases of 2008 are not included because the Federal Board of Revenue had outsourced the taxpayersí audit to independent chartered accountants, said the officials.
The collection of advance tax managed to grow 15 per cent during the period under review to Rs48.91 billion as against Rs42.56 billion last year.
The collection of advance tax will further improve in the remaining months of the current fiscal year as two installments were due, said the officials.
The corporate taxpayers are liable to pay advance tax in four installments, ending each quarter of a fiscal year.
In the Finance Act, 2009, the government had changed the schedule of installments and now the taxpayers are allowed to pay first three installments on 15th of the following month of quarter-end and last on June 30.
In other heads collection, sales tax registered robust growth of 102 per cent to Rs25.34 billion, as compared to Rs15.72 billion last year.
The unprecedented growth was attributed to formation of Inland Revenue, which helped the tax officials access the data of all the domestic taxes and pinpoint loopholes in the system, they said.
During the last few years, the mechanism of sales tax had failed to produce results of enhancing tax base and revenue collection, the officials said, adding that the government aims to replace the general sales tax regime with the Value-Added Tax (VAT) from July 1.
With parliaments approval, the government will introduce Value-Added Tax from the next fiscal year, which would result in an estimated additional collection of around Rs125 billion during the first year.
The collection of federal excise duty registered 10 per cent rise during the period under review to Rs10.07 billion as against Rs9.184 billion.
The officials expect substantial growth in revenue collection during the remaining months of the current fiscal year that would ultimately help the revenue body achieve Rs1,380 billion revenue collection target.
LTU Karachi collects Rs107.8bn in nine months
