MCB, OGDC, PRL, ICI, Unilever profits to go up; Lucky, ABL, Indus down
By: Irfan Malik | Published: August 19, 2008- Digg
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KARACHI - Oil and Gas Development Company (OGDCL), Muslim Commercial Bank(MCB), Pakistan Refinery Ltd(PRL), Unilever, and ICI are likely to post marginal increase in their financial results for the quarter ended on June 30, 2008 while Allied Bank (ABL), Lucky Cement and Indus Motor are being expected to show a decline in their financial results.
Following aforesaid companies have announced their board meetings in the ongoing week for announcing their financial results.
OGDC to post net profit of Rs50.3bn (EPS Rs11.7) versus net profit of Rs45.6bn (EPS Rs10.6) in FY07, a growth of 10 per cent. This growth is mainly led by record high Arab Light prices in FY08. However, the impact of higher oil prices to an extent would be offset by high royalty payments and higher tax payments on account of previous tax liabilities. OGDC could also announce final cash dividend of Rs4.5 per share taking full year payout to Rs10.5 per share.
MCB is expected to post net profits of Rs7.8bn (EPS Rs12.4) in 1H2008, versus earnings of Rs7.7bn (EPS Rs12.2) in 1H2007, an increase of 2pc YoY. The main reason for this increase in earnings is the expected 6pc increase in net interest income to Rs12.6bn as against Rs11.8bn recorded in 1H2007.
It is being expected that the bank to announce dividends of Rs3 per share. Moreover, given the sale of 8.1pc (50.6mn shares) by MCB’s pension fund to Maybank in May 2008.
PRL to post robust earnings of Rs58/share (Rs2bn) in FY08 versus EPS of Rs7/share (Rs251m) in FY07. Thus, analysts expect 4QFY08 earnings to reach Rs18/share (Rs627mn) against loss of Rs4.4/share (Rs156m) in 4QFY07.
Although gross refinery margin is expected to stay in negative zone, inventory gains of Rs1.7-1.8bn (assuming crude inventory holding of 18 days) will jack up earnings in final quarter. However, possibility of higher earnings in 4QFY08 can not be ruled out. Analysts forecast that company to announce final cash dividend of Rs5-6/share.
Unilever is expected to post a PAT of Rs976.7mn (EPS Rs73.48), a growth of 9.8pc, versus a PAT of Rs862.1mn (EPS Rs64.85) for the same period last year.
