During the 9MFY12 the company made a PAT of PKR 1,102m (EPS PKR: 10.10) as compared to PAT of PKR 903m (EPS PKR: 8.28) increasing by 22%. During the 3QFY12 the company made a PAT of PKR 402m (EPS PKR: 3.69) as compared to PKR 327m (EPS: PKR 3.00).
During the 3QFY12 the company’s GP margins clocked in at 44% as compared to 42%. Its Net Margins increased to 23% as compared to 21%. During 9MFY12 the company handled 479,653 TEU (Twenty Foot Equivalent Container Units) as compared to 506,711 a decrease of 5%.
PICT’s wholly owned subsidiary M/s Pakistani International Bulk Terminal Limited (PIBT) issued 12.076m shares increasing the company’s total capital. The BOD of PICT decided to distribute 54.576m ordinary shares of the company, to its shareholders as a special divided in the ration of 1:2 i.e. one ordinary share of PIBT for every two ordinary shares.
Hence, PIBT ceases to be a subsidiary of the company from the date of approval by the shareholders. The company also received a proposed acquisition of up to 55% of the voting shares of the company from ICTSI Mauritius Limited. Subsequently ICTSI entered into a purchase agreement with the company’s major shareholders comprising Premier Mercantile Services Jahangir Siddiqui and Co, Marine Services Pvt Ltd and others, constituting 68% of the total issued share capital, to which the seller agreed to sell up to 35% of their shares to ICTSI subject to acquisition of shares from the public. The BOD have also decided to re-deem 18m series A preference shares along with the dividend thereon on July4th 2012.
(Taurus)
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