Steel: Crescent Steel & Allied Products Limited Nine Months Ending March 31, 2005
CSAPL is a public limited company, incorporated in 1983 in the province of Sindh in August 1983 having its registered office located at Beaumont Plaza Beaumont Road, Karachi. It is one of the constituent members of a large conglomerate Crescent Group and listed on all stock exchanges of Pakistan.
At present CSAPL's shares are trading at Rs 77 per share which is more than seven times of the par value. During the last one year the prices of the share reached Rs 103.20 from Rs 63.50 per share.
It is one of the downstream industries of Pakistan Steel Mills, manufacturing large diameter spiral are welded steel line pipes at Nooriabad, the adjoining district of Karachi. The company has a coating facility capable of applying three layer high density polyethylene coating on steel line pipes. The coating plant started commercial production from 1992.
The company has also cotton product manufacturing line as it had acquired a running spinning unit of 14,400 spindles (now 19,680 spindles) in June 2000.
CSAPL was awarded ISO 9001 certification in 1997 for Quality Management. The company continues to maintain it as ISO 9001:2000.
During the 9M ended March 31, 2005, the company posted sales in terms of value at Rs 2072.66 million showing 185% increase over Rs 727.14 million posted in the same period last year. The steel division of the company contributed 76.4% revenue in the company sales and remaining 23.6% revenue came from the fledgling cotton division.
The steel prices remained high during the period under review and showed no signs of abating towards the end of third quarter. This, coupled with the competition, reduced gross profit margin as compared to the SPLY. The company posted net profit after taxation at Rs 297.11 million as against Rs 222.06 million in the SPLY. The Board of Directors approved payment of second interim dividend @ 10% ie Re 1 per share.
======================================================
Performance Statistics (Million Rupees)
======================================================
Balance sheet -As At-
======================================================
March 31 June 30
2005 2004
======================================================
Share Capital-Paid-up: 421.69 351.41
Share Capital-Paid-up: 243.03 220.93
Reserves & Profit: 1,648.30 1,298.49
Shareholders Equity: 1,891.33 1,519.42
Deferred Income: 0.43 0.79
L.T. Debts: 278.46 326.52
Deferred Tax: 12.22 10.58
Current Liabilities: 555.83 370.90
Tangible Fixed Assets: 457.56 467.81
Intangible Assets: 4.20 2.87
L.T. Investments: 353.29 210.65
L.T. Deposits: 5.80 5.74
Total Assets: 2,738.27 2,228.21
------------------------------------------------------
Profit & Loss A/c For the Nine Months Ended
------------------------------------------------------
March 31 2005 2004
------------------------------------------------------
Income
------------------------------------------------------
Sales: 2,072.66 727.14
Gross Profit: 299.16 72.65
Other Operating Income: 199.27 244.92
Operating Profit: 408.85 247.52
Finance (Cost): (31.25) 13.92
Profit Before Taxation: 377.61 233.60
Profit After Taxation: 297.11 222.06
Earnings Per Share (Rs): 12.23 9.14
Share Price (Rs) on 15-06-2005: 77.00 -
Price/Earning Ratio: 6.30 -
Book Value of Share (Rs): 77.82 68.77
Debt/Equity Ratio: 13:87 18:82
Current Ratio: 3.45 4.16
Gross Profit Margin (%): 14.43 9.99
Net Profit Margin (%): 14.33 30.53
R.O.E. (%): 15.70 14.61
R.O.A. (%): 10.85 9.97
======================================================
COMPANY INFORMATION: Chairman: Mazhar Karim; Chief Executive: Ahsan M. Saleem; Director: Javed Iqbal; Company Secretary: Mohammed Amin; Registered Office: 4th Floor, Crescent Standard Tower, 10-B, Block E-2 Main Boulevard Gulberg III Lahore; Web Address: www.crescent.com.pk Factory-Cotton Division: Lahore Road Jaranwala; Factory-Steel Division: A/25, S.I.T.E. Nooriabad District Dadu, Sindh; Principal Office: 9th Floor, Sidco Avenue Centre, 264 R.A. Lines, Karachi-74200.
Comments
Comments are closed.