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MCB profit rises

MCB profit rises

KARACHI: MCB Bank’s profit-after-tax (pat) increased by 5 per cent year-on-year to Rs25.551 billion (earnings per share Rs22.96) during 2015.

However, the consolidated earnings declined by 21.31pc to Rs4.8bn (eps Rs4.4) during the fourth quarter (October- December) of the year from Rs6.1bn (eps Rs5.6) in the same period last year, the bank announced on Tuesday.

The net markup income rose 13pc to Rs49.322bn, while non-markup income jumped 32pc to Rs17.115bn.

The result was below market expectations, as the bank booked unexpected provisioning expense of Rs1.6bn in the latest quarter.

The board also announced a final cash dividend of Rs4 per share, in addition to Rs12 per share interim dividends already paid.

Attock Petroleum: The company’s PAT rose 12pc to Rs1.64bn (eps Rs19.78) for the six months ended Dec 31, 2015 from Rs1.47bn (eps Rs17.69) in the same period last year.

The board also declared an interim cash dividend of Rs15 per share (150pc).

The results were thought to be higher than expectations due to improved gross profit in the absence of any inventory loss during the second quarter.

Net sales declined to Rs60.8bn from Rs100.2bn. Cost of products sold also declined to Rs58.5bn from Rs98.3bn, which improved gross profit to Rs2.335bn from Rs1.88bn. BMA Capital Management Head of Research Muhammad Affan Ismail said that the increase in gross profit could largely be explained by absence of inventory loss amid relative stability in petroleum prices during the period, down 2-4pc (against 1HFY15 decline of 14-22pc).

NATIONAL REFINERY: The refinery reported PAT at Rs2.88bn (eps Rs36.07) for the half year ended Dec 31, 2015, a turnaround from the net loss of Rs48 million (loss per share Re0.61) in the same period last year. The company skipped an interim dividend.

On a year-on-year basis, net sales dipped to Rs54.6bn from Rs91.7bn, but the gross profit jumped to Rs4.66bn from Rs698m, which was explained by the decrease in cost of sales to Rs50bn from Rs91bn.

For 2QFY16, net earnings surged by a massive 214pc year-on-year to Rs2.5bn (eps Rs30.9).

Earnings were led by 11.5-percentage-point increase in gross margins to Rs3.9bn. Although net sales declined 28pc year-on-year to Rs29.8bn, cost of sales fell 37pc to Rs25.9bn, mainly led by a decline in crude prices (Arab Light down 43pc year-on-year).

Courtesy : Dawn News



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