The company is primarily engaged in manufacturing and marketing of PET bottles. Its manufacturing facilities are located in two provinces, in NWFP at Industrial Estate Hattar and in Sindh at SITE Karachi.
It is a public limited company incorporated in the province of Sindh having its corporate office located at F-248, Near Fire Brigade, S.I.T.E Karachi.
It was listed at Karachi Stock Exchange in 1994. On 12-10-04 the closing price of the Ecopack Limited share was quoted at Rs 19.55 carrying 95.5% premium over the par value of Rs 10.
The transaction of the share during that day was recorded at 43,000. There has been occasional upsurge in the transacted volume of the share in price quotation. For example the price of the share last month in September 2004, ranged between Rs 38 and Rs 51.95.
The published date for the last one year recorded that the highest price was quoted at Rs 52.25 per share. During September 2004, more than one million shares of the company changed hands.
One is baffled as to why so much hype has been created about the share although the profit distribution track record is less than encouraging. During last two years the company had skipped dividends.
One thing is clearly commendable that its product has achieved user preference threshold which has provided impetus to the exponential growth in its sales.
During the period under review (9M 2003-04), the company posted sales at Rs 278.88 million (9M 2002-03: Rs 183.55) registering 52% growth over the same period last year (SPLY).
The Q3 Report of the company explained that sharp increase in bottle sales occurred in the company's main products ie 1.5 litre PET bottles for the carbonated soft drink (CSD) industry.
In fact the sales momentum had picked up during last Ramazan, (although fell in off season of winter) and continued through Eid-ul-Azha and Basant (arrival of spring). This sales momentum also accelerated due to company's promotion schemes.
The company posted operating profit at Rs 35.60 million as compared to Rs 11.43 million posted in the same period last year.
The operating profit of the preceding corresponding period could not absorb fully the financial charges. Hence the company had gone into the Red in SPLY. But during the period under review, there were reduced financial charges and large positive figure of unusual item. Accordingly, the company posted profit at Rs 44 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: 57.09 57.09
Accumulated Profit: 54.14 4.81
Shareholders Equity: 111.23 61.90
Surplus on Revaluation
of Fixed Assets: 126.53 42.10
L.T. Debts: 158.93 110.42
Deferred Liabilities: 73.87 26.79
Current Liabilities: 163.13 150.52
Fixed Capital Expenditure: 463.40 279.08
L.T. Security Deposits: 1.92 1.92
Current Assets: 168.37 110.73
Total Assets: 633.69 371.73
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Profit & Loss A/c For
The Nine Months Ended March 31 2004 2003
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Net Sales: 278.88 183.55
Gross Profit: 64.20 31.64
Operating Profit: 35.60 11.43
Financial (Charges): (11.61) (27.27)
Other Income: 0.73 0.82
Unusual Item: 21.47 -
Profit/(Loss) Before Taxation: 44.95 (15.02)
Profit/(Loss) After Taxation: 43.56 (16.17)
Earnings Per Share (Rs): 7.63 (2.83)
Share Price (Rs): 19.55 -
Price/Earning Ratio: 2.56 -
Book Value of Share (Rs): 19.48 10.84
Debt/Equity Ratio: 40:60 51:49
Current Ratio: 1.03 0.74
Gross Profit Margin (%): 23.02 17.24
Net Profit Margin (%): 15.61 (8.81)
R.O.A. (%): 6.87 4.13
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COMPANY INFORMATION: Chairman: Hussain Jamil; Chief Executive Officer: Ahsan Jamil; Financial Controller: H.R. Siddiqui; Company Secretary: Habib Ur Rehman Siddiqui; Registered Office & Corporate Office: F-248 Near Fire Brigade S.I.T.E Karachi; Web Address: www.ecopack.com.pk Factories: Plot No 112, Phase V, Industrial Estate Hattar, District, Haripur NWFP; F-248, Near Fire Brigade S.I.T.E, Karachi.
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