KARACHI: Silk Bank Limited has announced mammoth 305 percent growth in earnings to Rs201.80 million in third quarter as the bank’s interest income improved.
The bank reported a net profit of Rs49.86 million during the same period last year, it said in a notice issued to the Pakistan Stock Exchange. Silk Bank announced earnings per share of Re0.03 as compared to Re0.01 earlier.
The bank’s interest earned revenue slightly rose to Rs2.57 billion in Jan-Mar 2016 as compared to Rs2.33 billion in the same period of 2015. However, profit margins improved as paid interests were down to Rs1.43 billion from Rs1.54 billion. Net interest income was recorded at Rs1.13 billion in the quarter under review as against Rs781.57 million earlier.
Meanwhile, Nishat Chunian Power Limited (NCPL) on Friday announced a fall of 5.23 percent in the nine months net profit, as its sales declined.
In its condensed interim profit and loss statement issued to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs2.29 billion for the nine months ended March 31 against Rs2.42 billion in the previous year.
NCPL also announced an interim cash dividend for the third quarter ended March 31, 2016 at Rs1.75/share. This is in addition to the interim dividends already paid at Rs4/share.
The company posted earnings per share (EPS) of Rs6.25/share as compared to Rs6.60 in the same period of the last year.
During the period under review, revenue of the company fell to Rs11.07 billion, down 39 percent against the last year’s net sales of Rs18.11 billion.
However, a 43 percent decline in the cost of production to Rs7.73 billion against Rs11.07 billion narrowed the profit gap. The cost of sales decreased because of a fall in prices of the raw materials, especially fuel prices.
NCPL has posted gross profits of Rs3.34 billion as compared to Rs4.04 billion during the same period of FY15.
Other income of the company also went down to Rs20.18 million as compared to Rs23.10 million in the previous year. For the quarter ended March 31, NCPL reported a net profit of Rs634.04 million, down 20 percent against the last year’s Rs796.72 million.
Meanwhile, Nishat Chunian Limited (NCL), a group of companies, on Friday announced a 25 percent increase in the nine months net profit, amid a decline in taxes.
In its consolidated condensed interim profit and loss statement issued to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs2.37 billion for the nine months ended March 31 against Rs1.89 billion in the previous year.
The company posted earnings per share (EPS) of Rs5.17/share as compared to Rs2.97 in the same period of the last year.
During the period under review, sales of the company fell to Rs30.13 billion as compared to the last year’s net sales of Rs35.63 billion. The cost of sales also remained lower to Rs24.88 billion against Rs29.99 billion last year.
NCL has posted a gross profit of Rs5.25 billion as compared to Rs5.63 billion during the same period of FY15. Other income of the company also went down to Rs66.18 million as compared to Rs77.52 million in the previous year.
The company posted an increase in the profits mainly because of a drop in the financial cost, amid lower interest rates to Rs1.69 billion as compared to Rs2.57 of the last year and a decline of 18 percent in taxes to Rs178.72 million as compared to Rs217.67 million paid in taxes last year.
