Jute: THAL LIMITED (FORMERLY THAL JUTE MILLS LIMITED) - Nine Months Ended March 31 2004
The company was incorporated in January 31, 1966 as a public limited company in the province of Sindh. Its shares are quoted in the Karachi and Lahore Stock Exchanges.
At present the shares of Thal Limited is transacting at Rs 127.85 per share which is more than 25 times of the par value of Rs 5 per share.
During the last one year the price of the share went up from Rs 56.50 to Rs 140 per share.
The company is engaged in the manufacture of jute goods and assembly and manufacture of engineering goods consisting auto air-conditioners, wire harness and heat blowers.
The engineering operation is concentrated in Korangi Industrial Area Karachi. The jute goods manufacturing facilities are situated at Muzaffargarh in the province of Punjab.
During the 3 quarters of financial year 2003-04 (9M 2003-04) the cumulative sales figure of the company amounted to Rs 1,919.07 million as against Rs 1,225.24 million posted in the same period last year (SPLY).
This works out to 56.7% growth in sales. The pretax profit figure shows remarkable rise as compared to the figure booked in the SPLY. During the period the pre-tax profit rose by 59.5% to Rs 335.71 over Rs 210.42 million posted in SPLY.
During the last full financial year 2002-03, the company had booked sales in the sum of Rs 2,097 million and pre-tax profit at Rs 394.70 million.
After comparison of these figures it can be seen that during the 9 months of the current financial year its sales figure works out 91.5% of last year's sales and 85.05% of pre-tax profit.
So it can be realistic projection that the company's sales and profit performance will by far exceed the last financial year's result.
In jute division the phenomenal achievement was definitely in the export sales which grew by 132%. The turnover of the engineering division too was quite impressive as the growth in sales was 84%.
The company has entered into an agreement with Siemens Engineering Pakistan for the implementation of SAP and is targeted to complete by the end 2004-05.
======================================================
Performance Statistics (Million Rupees)
======================================================
Balance Sheet -As At-
======================================================
March 31 June 30
2004 2003
======================================================
Share Capital-Paid-up: 69.57 69.57
Reserves & Surplus: 701.44 499.99
Shareholders Equity: 771.01 569.56
L.T Debts: 5.45 7.24
Deferred Liabilities: 20.84 37.37
Current Liabilities: 558.70 409.50
Fixed Assets: 136.34 144.87
L.T Investments: 29.22 26.86
L.T Loans, Advances & Deposits: 2.27 3.35
Current Assets: 1,188.17 848.59
Total Assets: 1,356.00 1,023.67
------------------------------------------------------
Profit & Loss A/c For The
Nine Months Ended March 31 2004 2003
------------------------------------------------------
Sales: 1,919.07 1,225.24
Gross Profit: 403.76 273.08
Operating Profit: 347.20 226.00
Other Income: 19.18 8.40
Financial (Charges): (5.85) (8.34)
Profit Before Taxation: 335.71 210.42
Profit After Taxation: 219.97 146.08
Earnings Per 5-Rupee Share (Rs): 15.81 -
Share Price (Rs) on 27-5-2004: 127.85 -
Interim (Dividend) December-2003
@ Rs 1.50 December 2003
1.25 Per Share: (20.87) (17.39)
------------------------------------------------------
Financial Ratios
------------------------------------------------------
Price/Earning Ratio: 8.09 -
Book Value of Share (Rs): 55.41 40.93
Debt/Equity Ratio: 1:99 1:99
Current Ratio: 2.12 2.07
Gross Profit Margin (%): 21.03 22.29
Net Profit Margin (%): 11.46 11.92
======================================================
COMPANY INFORMATION: Chairman & Chief Executive: Rafiq M. Habib; Executive Director: Muhammad Jamil Hussain; Company Secretary & Chief Financial Officer: Ali Asghar Moten; Registered Office: 4th Floor Siddiqsons Tower 3-Jinnah Co-op. Housing Society Karachi; Jute Division: D.G. Khan Road, Muzaffargarh. Engineering Division: Sector 22, Korangi Industrial Area Karachi.
Comments
Comments are closed.