Karachi, Board of Directors of ICI Pakistan Limited announcing financial results for half year ended June 30, 2012, said company posted after tax profit of PKR 462 million which was 52% less than same period last year.
Operating result for HI 2012 at PKR 748 million was lower by 32% compared to HI 2011 mainly due to reduction in unit gross margins in PSF business because of lower demand and margin shrinkage across entire Polyester chain. Along with that, rising cost of alternative fuels resulted in additional cost of PKR 348 million compared to same period last year.
ICI Pakistan press release Wednesday said in addition, the company also incurred a one off expense of PKR 124 million relating to demerger of Paints business. Profit after tax for Q2 2012 at PKR 304 million was 13% lower than same quarter last year. Excluding effect of one off demerger cost of approximately PKR 58 million for the quarter, this result is 4% higher than same period last year.
Earnings per share for half year ended June 30, 2012 were PKR 5 per share. An interim dividend of PKR 3.50 per share has been declared by the Board of Directors.