ICI posted Rs571 million profit for 3rd quarter

KARACHI: ICI Pakistan Limited has posted net sales income of Rs30.5 billion for the nine months ending September 30, 2011, showing a rise of 19 percent over same period last year.

The profit after tax slipped by 16 percent to Rs571 million over the last year on account of non-availability of gas to the company's Soda Ash and Polyester plants, located in the North.

According to the company announcement on Wednesday, chemicals and life sciences businesses of ICI Pakistan Limited during the nine months have posted significant growth in their bottom line while the paints business has shown significant improvement with a manifold increase in operating results for 3rd quarter 2011 as compared to same period last year.

The company incurred an incremental cost of Rs140 million (after tax Rs91 million) for Q3 and Rs650 million (after tax Rs423 million) for nine months on alternate fuel.

The earnings per share stood at Rs4.11 were 16 percent lower than the same period last year.

Copyright APP (Associated Press of Pakistan), 2011