Food & Personal Care-products: MURREE BREWERY COMPANY LIMITED - Half Year Ended December 31 2003

The company is a public limited company incorporated in the province of Punjab. The shares of the company are listed at Karachi Lahore and Islamabad Stock Exchanges. At present the share is trading at Rs 67.85 per share. During the last one year the share's market value appreciated substantially from Rs 32.0 per share to Rs 67.85 per share.
The company has three district business segments, - Liqour Division; Glass Division and Tops Division.
During the half year under review, FHY 2003-04, the company generated net sales at Rs 256.99 million which showed substantial increase of 28.84% over the net sales of Rs 199.46 million posted in the same period last year (SPLY), FHY 2002-03.
Liqour Division contributed 57.12% of the net sales. This was followed by Tops Division which generated 39.30% of net sales. Its gross profit increased by 60% to Rs 64.56 million. But operating profit at Rs 17.27 million replaced the operating loss at Rs 7.43 of the SPLY.
Other income comprising dividend/investment income, capital gain on sale of investments, etc, at Rs 28.83 million more than doubled from Rs 12.71 million presented in the SPLY.
Profit before taxation for the period under review was at Rs 45.32 million was more than 4 times of pre-tax profit at Rs 9.91 million posted in the SPLY.
The net profit after taxation at Rs 39.57 million works out to earnings per share (EPS) at Rs 5.52 which is Rs 4.28 more than preceding year's EPS at Rs 1.24 the PER is multiple of 12.3

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Performance Statistics                (Million Rupees)

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Balance Sheet                                  -As At-

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                              December 31      June 30

                                     2003         2003

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Share Capital Paid-up:              71.70        59.75

Reserves & Profit:                 369.13       337.56

Shareholders Equity:               440.83       397.31

Surplus on Revaluation

of Fixed Assets:                   351.78       355.73

L.T Debts:                          21.15         2.60

Deferred Taxation:                  46.38        52.63

Provision for Staff

 Retirement Benefits:               26.71        24.90

Current Liabilities:               253.02       265.24

Fixed Assets:                      582.45       590.17

L.T Deposits held to Maturity:     126.95       118.83

L.T Deposits, Loans & Advances:      4.60         4.15

Current Assets:                    406.87       385.26

Total Assets:                    1,120.87     1,098.44

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Profit & Loss A/c For Six

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Months Ended             December 31 2003         2002

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Sales Net:                         256.99       199.46

Gross Profit:                       64.56        40.36

Financial (Expenses):               (1.18)      (5.18)

Operating Profit/(Loss):            17.27       (7.43)

Other Income:                       28.83        12.71

Profit Before Taxation:             45.32         9.90

Profit After Taxation:              39.57         8.91

Earnings Per Share (Rs):             5.52         1.24

Share Price (Rs) on 12/05/04:       67.85            -

Price/Earning Raito:                12.29            -

Book Value of Share (Rs):           61.48        66.49

Debt/Equity Ratio:                  0:100        0:100

Current Ratio:                       1.60         1.45

Gross Profit Margin (%):            25.12        20.23

Net Profit Margin (%):              15.40         4.47

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