ICI Pakistan declares 20pc dividend

KARACHI: ICI Pakistan Limited has posted a lower profit after tax of Rs 892.669 million during the year ending December 31, 2013 and declared a final cash dividend of Rs 2 per share.

According to an announcement here Thursday, the company has posted net sales income of Rs 34.7 billion for the year which is 2% lower than last year mainly due to lower volumes and prices in the polyester business.

Operating results were down by 37% primarily on account of lower PSF volumes and significant reduction in margin over feedstock.

The results were further dragged down due to extended gas outages in the Polyester and soda ash business resulting in incremental expenditure on expensive alternate fuel amounting to approximately Rs 407 million.

Profit before tax also dipped to Rs 1.371 billion compared to Rs 2.294 billion in 2011.

Earnings per share declined to Rs 9.67, down by 27 % than last year's Rs 13.25.