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Pakistan Research
Synopsis
ACPL posted an EPS of PKR2.20, substantially higher by 38% QoQ Volumetric sales rose by 8% QoQ to 479k tons. Monetary sales grew by 11% QoQ to PKR2.25bn Gross profit rose by 42%QoQ to PKR478m Declining coal prices in international market are expected to boost up 4Q earnings. Budgetary measures to lower the industrys tax burden would support revival. We suggest a BUY stance on ACPL.
P KR(m ) Revenue COGS Gross Profit Distribution Costs A dministrative cost E BITDA Financial cost E BT Taxes E AT E PS (PKR) 2QFY11 2,031 1,694 337 136 47 154 5 162 24 138 1.60 3QFY11 2,246 1,767 478 124 42 312 9 293 103 190 2.20 QoQ 11% 4% 42% -9% -9% 103% 77% 81% 337% 38%
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Muhammad Sarfraz Abbasi sarfraz.abbasi@summitcapital.com.pk 021-35376125 B-209, Park Towers, Clifton, Karachi
Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Summit Capital (Pvt.) Limited accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty and Summit Capital (Pvt.) Limited makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.
Jun-11