K-Electric earns profit of Rs2.9 billion

K-Electric earns profit of Rs2.9 billion

K-Electric earns profit of Rs2.9 billion
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KARACHI: The K-Electric Limited has announced a net profit of Rs2.9 billion and the earnings per share (EPS) of 11 paisas for the quarter ended September 30, 2021, which is 175 per cent higher than the profit of Rs1.11 billion and the EPS of four paisas in the same period of the last year, a bourse filing said.

The net sales after tariff adjustment for the period clocked-in at Rs114.13 billion, up 33.4 per cent, compared with Rs85.5 billion in the corresponding period of the last year.

During the first quarter of FY22, the K-Electric Limited’s electricity worth Rs43.5 billion (up 58 per cent) from other sources and spend Rs47.6 billion (up 27 per cent) on the purchase of fuel and oil to run its own generation fleet.

Other income during the period surged 10.34 per cent to Rs9.6 billion, while the finance cost declined 0.6 per cent to Rs2.98 billion.

Lucky Cement profit grows 72.5%

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Lucky Cement Limited has announced a net profit of Rs8.85 billion and the earnings per share (EPS) of Rs20.57 for the quarter ended September 30, 2021, which is 72.5 per cent higher than the profit of Rs5.13 billion and the EPS of Rs13.45 billion in the same period of the last year.

The net sales for the period clocked-in at Rs69.2 billion, up 19.7 per cent, compared with Rs57.8 billion in the corresponding period.

“[The] overall local dispatches for the industry increased 4.1 per cent; however, sequential increase in sales was witnessed, despite a decrease in the local dispatches, as retail prices of cement improved,” an analyst at AKD Securities said.

The gross margins clocked-in at 27 per cent against 28 per cent for the first quarter of FY21 where flattish performance on sequential basis, despite improvement in the prices, was a consequence of increase in coal prices, which have increased 89.5 per cent since December 2020 and currently trade around $165/tonne.

Other income during the period surged 338 per cent to Rs2.6 billion, while the finance cost declined 20.2 per cent to Rs339.6 million.

Pak Suzuki earns Rs993.7 million profit

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Pak Suzuki Motor Company (PSMC) has announced a net profit of Rs993.7 million and the EPS of Rs12.07 for the quarter ended September 30, 2021 compared with the loss of Rs546.9 million and the loss per share (LPS) of Rs6.65 in the same quarter of the last year.

The net sales for the period clocked-in at Rs50.26 billion, up 122.2 per cent, compared with Rs22.6 billion in the corresponding period.

“[The] sales increased due to lower financing rates and the revival of the economic activity, which aided volumetric growth of 120 per cent to 38,431 units.

The margins clocked-in at 5.3 per cent in the third quarter of CY21 against the margins of 5.16 per cent in the third quarter of CY20.

“The increase in the margins came on account of higher vehicle prices and volumetric growth. Despite depreciation of the rupee against the dollar, the gross margins increased primarily due to the economies of scale.”

Other income increased 238 per cent to Rs423 million due to higher cash and bank balances. The finance costs of the company dropped 83 per cent to Rs77 million, owing to a reduction in the short-term borrowings and lower interest rates.

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