Paper & Board: CENTURY PAPER & BOARD MILLS LIMITED - Nine Months Ended March 31 2004
This public limited company listed on the stock exchanges in Karachi and Lahore. It was incorporated in the province of Punjab having its registered office in 41-K Model Town Lahore. It is one of the constituent members of a large conglomerate, Lakson Group of Companies which has diversified interests in the processing and marketing food and personal care products, insurance paper and board, packaging, real estate etc.
Century Paper & Board Mills Limited is primarily engaged in the manufacturing, sale and marketing of paper, paper-board and related products. Its manufacturing facilities are located at Jumber Khurd, Bhai Pheru, Tehsil Chunian District Kasur.
The company has embarked upon its new investment projects. This will enable the company to enhance production capacity of paper and paperboard and provide more flexibility in production capacity and balancing and modernisation of existing plant and machinery.
The work on straw pulp mill expansion project was underway at an accelerated pace during the 3rd quarter of 2003-04. It is expected to be completed by the end of this year.
The company also has a subsidiary company which generates and sells electricity. The performance of the subsidiary company has improved significantly. During the nine months (gross 2003-04) the period under review, the Century Power Generation Limited posted profit after taxation at Rs 32 million. This is due to favourable furnace oil prices being major input.
During the period under review the company's net sales in terms of value increased by 14.67% to Rs 1.973 billion as compared with Rs 1,720.49 million posted in the same period last year (SPLY). But gross profit declined by 5.39% to Rs 338.31 million from gross profit of Rs 357.59 million recorded in 9M 2002-03.
The decline in gross profit was mainly because cost of sales increase at 19.92% exceeded the growth rate of sales. In addition, the selling price of the products remained under pressure due to increase in imparts of paper and paperboard from Far East at lower prices.
Furthermore, the addition in new resources resulted in the incremental fixed cost having adverse effect on the profitability pre-tax profit decreased by Rs 9.69 million.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2004 2003
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Share Capital-Paid-up: 314.21 314.21
Reserves: 862.06 686.55
Shareholders Equity: 1,176.27 1,000.76
L.T. Debts: 308.03 412.05
Deferred Taxation: 236.70 219.70
Current Liabilities: 550.38 394.66
Tangible Fixed Assets: 1,516.40 1,420.35
Intangible Fixed Assets: 0.01 0.11
L.T Investments: 100.00 100.00
L.T. Loans: 0.14 0.35
L.T. Deposits: 2.14 2.49
Current Assets: 652.69 503.87
Total Assets: 2,271.38 2,027.17
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Profit & Loss A/c
For The Nine Months Ended March 31 2004 2003
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Sales-Net: 1,972.81 1,720.49
Gross Profit: 338.31 357.59
Other Income: 15.43 14.80
Operating Profit: 277.76 304.64
Financial (Charges): (17.25) (23.35)
Profit Before Taxation: 260.51 281.28
Profit After Taxation: 175.50 185.19
Earnings Per Share (Rs): 5.59 5.89
Share Price (Rs) on 7-10-04: 77.25 -
Price/Earning Ratio: 13.82 -
Book Value of Share (Rs): 37.44 31.85
Debt/Equity Ratio: 21:79 29:71
Current Ratio: 1.19 1.28
Gross Profit Margin (%): 17.15 20.78
Net Profit Margin (%): 8.90 10.76
R.O.A. (%): 7.72 9.14
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COMPANY INFORMATION: Chairman: Iqbalali Lakhani; Advisor: Sultanali Lakhani; Chief Executive Officer: M. Rafi Chawla; Company Secretary: Ramzan Ali Halani; Registered Office & Regional Sales Office (North): 41-K Model Town, Lahore; Head Office, Regional Sales Office South: Lakson Square Building No 2; Sarwar Shaheed Road Karachi.Web Address: www.centurypaper.com.pk Mills Jumber Khurd, Bhai Pheru, Tehsil Chunian; Lahore Multan Road, District Kasur.
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