ICI Pakistan posts 35% increase in profit

KARACHI, Oct 27 (APP): The ICI Pakistan Limited recorded a substantial
growth in profit after tax in the first quarter of 2015-16. At PKR 475 million, the profit after tax is 35% higher than the same period last year.
An ICI statement here on Tuesday said that the company has prospered on
the back of higher operating profit from its core businesses, dividend income from associate and reduced finance costs.
It said that the operating result for the quarter was higher than the
same period last year, propelled by growth in the Soda Ash and Chemicals Businesses.
Net turnover for the quarter at PKR 8,502 million is 9% below the
corresponding period in 2014-15, primarily due to lower revenues in the Polyester Business, in line with the downward correction of prices across the petrochemical chain. Earnings per share at PKR 5.14 are 35% higher than the first quarter of 2014-15.
The Company remains focused on reinforcing its existing portfolio,
exploring opportunities for organic and inorganic growth, bringing in cost efficiencies, further improving its energy mix and strengthening relationships with customers and suppliers.