Chemicals: BERGER PAINTS PAKISTAN LIMITED - Nine Months Ended March 31, 2007
Nearly 57 years ago the company was incorporated in Pakistan as a limited company in March 1950 and subsequently was converted into a public limited company.
It is engaged in the manufacturing of paints, varnishes and other related items. Islotrapid Limited based in British Virgin Island, is the holding company of Berger Paints Pakistan Ltd Its registered office is situated at South Avenue S.I.T.E Karachi and production facilities are at Karachi and Lahore. The company's shares are quoted on the Karachi and Islamabad stock exchanges.
At present the company's share is trading at Rs 153 per share (closing price) which is more than 15 times of the par value. During the last 52 weeks market value of its share peaked at Rs 192 per share from the lowest price of Rs 136 per share. The account under review is for nine months ended March 31, 2007 for the financial year 2006-07, here referred as 9M 06-07 and previous year's corresponding period as 9M 05-06.
During 9M 06-07 the company's net sales marginally improved where gross profit remained almost constant as compared to corresponding figures of 9M 05-06.
As regards financial health of the balance sheet, its paid up capital was higher whereas reserves were higher but unappropriated profit were much lower which produced shareholders amount slightly higher than same period last year's. On the other hand there is no non-current liability on account of debts but the current ratio needs further improvement to show better liquidity profile.
The company's "other" operating income were marginally higher but operating profit went down by about Rs 10 million. At the same time, increase in the finance cost by about Rs 20 million further trimmed its profitability. Resultantly pre-tax profit showed decline by Rs 28.4 million to Rs 57.14 million as compared to Rs 85.50 million in 9M 05-06. Despite lower tax provisioning in 9M 06-07, the bottom line showed erosion in post tax profit by Rs 22.2 million to Rs 37.84 million from Rs 60.04 million in 9M 05-06.
However the company directors showed their confidence for favourable results.
========================================================
Performance Statistics (Mln Rs)
========================================================
Balance Sheet ----As At---- March 31 June 30
2007 2006
========================================================
Un-audited Audited
========================================================
Share Capital Paid-up: 69.38 57.81
Reserves & Surplus: 301.09 309.36
Shareholders Equity: 370.47 367.17
Surplus on Revaluation
of Fixed Assets-Net: 176.19 180.79
Deferred Liability: 24.29 19.29
Current Liabilities: 1,432.64 1,187.83
Fixed Assets Tangible: 637.83 560.80
L.T. Investments: 18.46 17.95
L.T. Loans: 13.69 10.11
L.T. Deposits: 8.68 7.06
Current Assets: 1,324.93 1,159.16
Total Assets: 2,003.59 1,755.08
--------------------------------------------------------
Profit & Loss A/c for Nine Months Ended
--------------------------------------------------------
---March 31--- 2007 2006
--------------------------------------------------------
Net Sales: 2,040.65 2,002.27
Gross Profit: 524.43 524.13
Other Operating Income: 28.06 27.81
Operating Profit: 125.21 135.43
Finance (Cost): (63.86) (43.49)
Profit Before Taxation: 57.14 85.50
Profit After Taxation: 37.84 60.04
Earnings Per Share (Rs): 5.45 8.65
Share Price (Rs) on 25/06/2007: 153.00 -
Price/Earning Ratio: 28.07 -
Debt/Equity Ratio: 0:100 0:100
Current Ratio: 0.92 0.97
Gross Profit Margin (%): 25.70 26.18
Net Profit Margin (%): 1.85 3.00
R.O.A. (%): 1.88 3.42
R.O.E. (%): 10.21 16.35
========================================================
COMPANY INFORMATION: Chief Executive: Bashir Ahmed; Director: Sikander Dada; Chief Financial Officer: Khurram Nagori; Company Secretary: Javed Shakoor; Registered Office: D-31, South Avenue S.I.T.E Karachi 75700; Production Facilities: Karachi and Lahore; Website URL: www.berger.com.pk
Comments
Comments are closed for this article.