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MCB, PSO and POL post results

KARACHI: MCB Bank Limited has posted Rs 11.8 billion profit in the first nine months of current calendar year against Rs 11.6 billion in the same months of last year.

The Board of Directors of MCB Bank Limited approved the financial results for the nine months period ended September 30th, 2009 on Friday and announced Rs 2.5 per share cash dividend for the period under review.

The net profit translated into Rs 17.08 earnings per share during the said period against Rs 16.82 in the previous. Bank’s profit before tax closed at Rs 17.6 billion registering a significant growth of 8 percent over the reported profit before tax of corresponding period last year.

During the period under review, the Bank’s deposits showed a growth of 10 percent from December 31, 2008 and closed at Rs 362 billion. Gross loans and advances decreased by Rs 20 billion from Rs 273 billion as at December 31, 2008 and closed at Rs 253 billion. Equity (before surplus) increased by 13 percent over the year end figure of 52 billion.

Pakistan State Oil: Pakistan State Oil (PSO) earned Rs 1.905 billion net profit in the first quarter of current fiscal against loss of Rs 8.383 billion in the same quarter of last year.

According to financial results of the company announced at Karachi stock Exchange on Friday, earnings per share also improved to Rs 11.11 against the loss per share of 48.88 in the last year. Profit before tax came to Rs 2.727 billion against Rs 12.603 billion in the previous year. Company also announced a cash dividend for the financial year ended June 30, 2009 at the rate of Rs 3 per share. Company’s gross sales dropped to Rs 200 billion in July-September 2009-10 over Rs 222 billion in the corresponding quarter of previous year. The turning of company’s earnings from loss to profit in the quarter under review was due to reduction in the inventory losses that in the past year caused heavy losses. The cost of product sold dipped to Rs 162 billion over Rs 196 billion.

Pakistan Oilfields Limited: Pakistan Oilfields Limited (POL) has posted Rs 1.425 billion profit in the first three months of current fiscal against Rs 2.260 billion profits in the same months of last year.

Analysts attributed the decline in the profit of the company to reduction in Arab light crude oil prices and falling oil and gas production. According to financial result of the company, earnings per share dropped to Rs 6.03 in the first quarter of current fiscal from Rs 9.56 in the previous year. The total sales also came down to Rs 3.402 billion in the period under review against Rs 5.158 billion in the last year. staff report

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