By
==================================================== ICI PAKISTAN LTD ==================================================== Rs (mn) 1HCY11 1HCY10 Chg ==================================================== Sales 20,438 17,067 20% Cost of sales 17,485 13,920 26% Gross Profit 2,953 3,146 -6% Gross margin 14% 18% Down 400 bps Administrative expenses 646 535 21% Selling & distribution 898 840 7% Financial charges 47 92 -49% Other operating income 253 253 0% PAT 973 1,165 -16% Net margin 5% 7% Down 200 bps EPS (Rs) 7.01 8.39 -16% ---------------------------------------------------- Source: KSE notice ====================================================