PAT of ICI increases to Rs 919.177 million

The profit after tax (PAT) of ICI Pakistan has increased to Rs 919.177 million in the quarter ended December 31, 2016 as compared to Rs 830.222 million earned in the corresponding period in 2015. The company's earning per share increased to Rs 9.95 in the period under review against Rs 8.99 in the same period a year back.
The board of directors of the company in its meeting held on Tuesday approved interim cash dividend in respect of financial year ending June 30, 2017 at the rate of 80 percent ie Rs 8.00 per share of Rs 10.00 each to be payable to the members.
On six month basis, the profit after tax of the company increased to Rs 1.535 billion translating earning per share of Rs 16.63 in the six month period ended December 31, 2016 as compared to PAT of Rs 1.305 billion with EPS of Rs 14.13 earned in the corresponding period in 2015.
According to the financial results the net turnover for the quarter at Rs 10.383 billion is 9.0 percent higher than the same period a year back, due to higher revenues across all businesses.
Operating result for the quarter, at Rs 1.063 billion, is 13 percent higher as compared to the same period a year back, due to a 48 percent reduction in operating loss in the Polyester Business coupled with strong growth of 25 percent in the chemical business.
Net turnover for the six months at Rs 19.638 billion translates to a 9.0 percent increase compared to the same period a year back with all businesses showing a positive trend.
The Life Sciences and Polyester Business have been the major contributors, with growth of 21.0 percent and 7.0 percent respectively. Operating results for the six months at Rs 1.934 billion is 17.0 percent higher in comparison to the same period a year back, due to improved performance in the Polyester, Life Sciences and Chemical businesses by 61.0 percent, 10.0 percent and 7.0 percent respectively.
This performance compensated for the 6.0 percent decline in the Soda Ash Business. The improved performance of the Polyester Business is attributed to better domestic margins, along with cost rationalisation initiatives which reduced the business's overall operating cost by 2.0 percent. In the life science business, both Pharmaceuticals and Animal Health Divisions posted double-digit growth.
The company's profit after tax for the six months at Rs 1.536 billion is 18.0 percent higher than the same period a year back, mainly due to higher operating profit, higher dividend income from NutriCo Pakistan (Private) Limited and exchange gains as compared to the same period a year back.