Nothing brings together people from opposing sides of the aisle, like a fuel price hike. The jump in rates for the going month has once again unified erstwhile adversaries like PTI, MQM and ANP, as all major political parties (except PML-N) have protested the move vociferously.
But, beware of headlines terming the decision as governments launch of a war on the public. Thanks to recent depreciation of the local currency against US dollar, the price of imported crude has gone up by about 4.2 percent between 26 July and 26 September (relevant period for price adjustments). So, cry as we may, it is apparent that the fuel price hike is in line with the higher landed cost of imported crude oil.
Of course, the government will also rake in a higher tally in general sales tax due to increased rates of diesel, petrol, etc. Even the cold hearted BR Research analysts believe given this cushion, government should provide some relief when fuel rates are soaring by adjusting its petroleum levy. The proportion of this levy may be raised again whenever prices are on a receding trend.
But, beyond the price hike itself, the mechanism adopted for deciding change in prices and disseminating this information has also become a pain for drivers and commuters. Hours before the price adjustment, media outlets and associations of petrol pumps are all in-the-know about the coming hike.
Resultantly, in Karachi, Lahore and many other cities it is now a regular end-of-month feature that half the petrol pumps are shut down while hundreds of vehicles queue up at the remaining ones to try and get a last minute discount.
As in most other areas, the government is conspicuous by its absence on this front too. To date, the relevant ministry has not come clean in explaining the rationale behind the fuel price hike. Unwieldy petrol pump owners have also faced no repercussions for shutting shop ahead of price changes to rake in windfall gains.
It is the governments job to make sure that the general public is not made to suffer so petrol pump owners can mint money and also to ensure that soaring prices do not jam the wheels of the economy. Both fronts require an active role, where the economic managers make regular public appearances and set the tone for public discourse.
Other corporate results
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TREET CORPORATION LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 3399 2821 21%
Cost of sales 2331 2104 11%
Gross profit 1068 716 49%
Other operating income 398 184 117%
Operating profit 241 451 -47%
Profit before tax 216 368 -41%
Profit after tax 219 310 -29%
EPS (Rs) - basic 5.23 7.41
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Source: KSE notice
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GILLETTE PAKISTAN LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 1769 1408 26%
Cost of sales 1143 1017 12%
Gross profit 626 391 60%
Other income 43 26 65%
Profit before tax 336 128 164%
Profit after tax 263 62 328%
EPS (Rs) - basic 13.20 3.21
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Source: KSE notice
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SHAMS TEXTILE MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 4773 4199 14%
Cost of sales 4169 3860 8%
Gross profit 604 339 78%
Other income 17 8 106%
Operating profit 367 208 77%
Profit before tax 313 85 269%
Profit after tax 284 42 571%
EPS (Rs) - basic 32.88 4.90
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Source: KSE notice
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SURAJ COTTON MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 9593 6257 53%
Cost of sales 8146 7433 10%
Gross profit 1448 624 132%
Other income 107 30 255%
Profit before tax 1011 434 133%
Profit after tax 903 346 161%
EPS (Rs) - basic 45.62 17.50
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Source: KSE notice
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AZGARD NINE LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 13720 11524 19%
Cost of sales 13258 12642 5%
Gross profit / (loss) 482 -1118
Operating profit / (loss) -1054 -2641 -60%
Profit / (loss) before tax 1101 -5960
Profit / (loss) after tax 964 -6079
EPS (Rs) - basic 2.12 -13.40
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Source: KSE notice
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NADEEM TEXTILE MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 4323 3317 30%
Cost of sales 4008 3060 31%
Gross profit 315 256 23%
Profit before tax 114 53 115%
Profit after tax 73 5 1277%
EPS (Rs) - basic 6.05 0.44
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Source: KSE notice
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SAUDI PAK LEASING COMPANY LIMITED
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Rs (mn) FY13 FY12 Chg
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Revenue - net 33 63 -47%
Other operating income 240 81 195%
Expenses 202 -254
Operating profit 71 -110
Profit / (loss) before tax 133 -603
Profit / (loss) after tax 141 -822
EPS (Rs) - basic 3.08 -18.20
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Source: KSE notice
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MOONLITE (PAKISTAN) LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 12 111 -90%
Cost of sales 90 152 -41%
Gross profit / (loss) -57 -26 123%
Operating profit / (loss) -66 -48 37%
Profit / (loss) before tax -68 -51 35%
Profit / (loss) after tax -69 -52 32%
EPS (loss) (Rs) - basic -31.81 -24.05
Source: KSE notice
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DESCON CHEMICALS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 2402 2561 -6%
Cost of sales 2186 2342 -7%
Gross profit 216 219 -1%
Operating profit 107 118 -10%
Profit / (loss) before tax -43 -4 916%
Profit / (loss) after tax -42 -62 -32%
EPS (loss) (Rs) - basic -0.21 -0.31
Source: KSE notice
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GHANDHARA INDUSTRIES LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 2813 1968 43%
Cost of sales 2328 1732 34%
Gross profit 485 236 105%
Other operating income 47 3 1671%
Operating profit 359 113 218%
Profit / (loss) before tax 183 -43
Profit / (loss) after tax 128 -31
EPS (loss) (Rs) - basic 6.00 -1.46
Source: KSE notice
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LATIF JUTE MILLS LIMITED
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Rs ( 00) FY13 FY12 Chg
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Rental income 11020 4554 142%
Other income 562 5 10997%
Profit before tax 3313 255 1200%
Profit / (loss) after tax 2159 -166
EPS (loss) (Rs) - basic 0.61 -0.05
Source: KSE notice
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