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POL, Faysal Bank announce results

KARACHI: Pakistan Oilfields Limited (POL) has posted 18 percent growth in its net profit to Rs 3.719 billion in six months (July-December) of 2007 compared to Rs 3.149 billion in the corresponding period of last year.

According to notice Karachi Stock Exchange (KSE) on Friday, earnings per share (eps) also rose to Rs 18.87 during the period under review over Rs1 5.98 in the last year.

Company’s profit before tax also grew to Rs 5.060 billion in the said period against Rs 4.265 billion in the previous year. Net sales grew to Rs 7.905 billion in the six months of 2007 against Rs 7.394 billion in the previous year.

Faysal Bank’s profit after tax registered negative growth of about 24 percent to Rs 2.272 billion in the year 2007 compared to Rs 2.816 billion in the previous year, a notice of KSE announced on Friday.

Earnings per share also dipped to Rs 4.29 in the said year compared to Rs 5.32 in the previous year whereas profit before tax declined to Rs 2.697 billion compared to Rs 3.870 billion in the last year.

Bank’s net markup rose to Rs 4.151 billion in year 2007 against Rs 3.638 billion in the last year whereas net income on non-markup income also grew to Rs 3.441 billion compared to Rs 2.752 billion in the last year. Bank also announced final cash dividend for the year ended December 31, 2007 at Rs 2.5 per share of Rs 10. The bank has already issued interim bonus shares in the proportion of 25 shares for every 100 share held by the shareholders for the year ended June 30, 2007. staff report

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