The Board of Directors of ICI Pakistan Limited is pleased to announce the financial results for the 1st quarter ended September 30, 2013. The Company posted an after tax profit of PKR 306.7 million, which was slightly above the previous period profit of PKR 301.8 million.
The operating results of the Soda Ash, Life Sciences and Chemicals businesses of the Company witnessed robust growth of 57%, 77% and 149% respectively. The Polyester Staple Fibre (“PSF”) business suffered an operating loss of PKR 311.4 million, which negatively impacted the overall operating results of the Company. The loss in the PSF business is mainly attributed to regional and domestic oversupply and dumping by Chinese manufacturers, which was further exacerbated following the National Tariff Commission’s (“NTC’s) final determination that reversed the provisional anti-dumping duty imposed on Chinese manufacturers. Since the entire PSF industry is suffering due to dumping from China, this issue is being addressed by the PSF Manufacturers Group, through an appeal filed requesting a review of NTC’s final determination.
The Soda Ash Coal Fired Boiler project, which was initiated for enhancing energy efficiency, is expected to be operational within the 2nd quarter of the current financial year.
The Board has also approved a coal/alternate fuel fired power generation project at an estimated cost of Rs.2.5 billion in order to improve the operating efficiencies of the Polyester Fibre business.
The Earning per share for Q1 ended September 30, 2013, was PKR 3.32, whereas it was PKR 3.27 same period last year.
Net sales revenue at PKR 9,055.1million is 4.2% higher/lesser than same period last year.
Profit before tax at PKR 445.4 million was 3.2 % lower/higher than the same period last year