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ICI Pak net profit jumps to Rs 2.4bn

KARACHI: ICI Pakistan Limited has declared a net profit of Rs2.4 billion during nine months ended Sept 2004, marking an increase of 281 per cent from Rs641 million during the same period last year.

Though the turnover of the company has recorded a slight fall of 6.25 per cent to Rs16.18 billion from the corresponding period’s Rs17.26 billion, the bottomline has surged due to a gain of Rs1.78 billion on disposal of investment in an associate firm.

“ICI Pakistan sold its entire shareholding in Pakistan PTA Limited during the quarter and this amount represents the gain on disposal," said CEO John R Stanley in a letter issued to the Karachi Stock Exchange.

The gross profit of the company descended by 4.65 per cent to Rs1.96 billion from Rs2.06 billion during Q3 2004.

The company recorded a mildly lower operating profit of Rs910 million during Q3 as compared to Rs946 million during last year as administration and selling expenses, cost of goods sold, besides commission and discounts on sales, remained nearly the same following the previous pattern, not recording any relative decrease.

The profit before taxation has been posted at Rs2.47 billion as against last year’s Rs641.12 million. An amount of Rs5.7 billion is available for appropriation to the company during Q3 2004 as against Rs3.3 billion last year, which will raise hopes of shareholders for better dividends at the end of FY04.

The Friday’s market saw the scrip opening at Rs86.80 and closing at Rs87.30 making a gain of Rs0.50 with a turnover of 3.2 million shares.

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