PAEL’s profit doubles to Rs1.1b in Jan-Mar

Earnings per share soar to Rs2.2 from Rs1.12 in the previous year

KARACHI: Pak Elektron’s (PAEL) consolidated profit doubled to Rs1.1 billion in the quarter ended March 31, mainly on the back of increased sales of electronic goods, according to a bourse filing Monday.

The company, which also manufacturers power transformers, had announced earnings of Rs531.56 million in the same quarter last year.

Earnings per share (EPS) soared to Rs2.20 from Rs1.12 in the corresponding period. In their post-result comment, brokerage houses said the result stood in line with street consensus.

Its share price increased 2.21% or Rs2.07 to Rs95.38 with a volume of 6.96 million shares at the Pakistan Stock Exchange.



Topline Securities’ analyst Hashim Sohail said, “The earnings were supported by strong performance of appliance segment and increased margins on the back of lower input cost (steel, aluminium and copper) during the period.”

Gross sales of the company rose 52% to Rs11.81 billion in the quarter from Rs7.74 billion in the same quarter last year. The gain was attributed to better sales from appliances segment, which attracted greater demand during the period.

Published in The Express Tribune, April 11^th, 2017.

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