The profit after tax of Pace (Pakistan) Limited has increased to Rs 633.164 million in the year ended June 30, 2010 (FY10) as compared to Rs 436.796 million earned in the corresponding period in FY09. The company's earning per share (basic) increased to Rs 2.37 in the period under review against Rs 1.93 in the same period a year back while the earning per share (diluted) increased to Rs 2.05 against Rs 1.55.
The board of directors of the company in its meeting held on Wednesday principally decided for winding up or disposal of the company's equity investment in its subsidiaries namely Pace Woodland (Pvt) Limited (PWL) and Pace Gujrat (Pvt) Limited (PGL) and in this respect powers have been given to Chief Executive of the company to consult legal advisors/consultants for the completion of necessary corporate and legal formalities.
The company earlier also granted loans/advances to PWL and PGL, these loans/advances have been returned back to the company, on the completion of the projects undertaken through these subsidiaries. Now the company intends to wind-up PWL and PGL, or to liquidate its equity investment in these subsidiaries.
The company currently holds 3,000 (52 percent) out of total issued 5,769 ordinary shares of Rs 10 each in PWL and 2,450 (100 percent) ordinary shares of Rs 10 each in PGL. According to the financial results sent to Karachi Stock Exchange (KSE), the company's sales increased to Rs 1.649 billion in FY10 as compared to Rs 1.261 billion in FY09. The cost of sales increased to Rs 1,458.397 million against Rs 944.433 million. The company's profit before taxation increased to Rs 702.923 million in FY10 against Rs 345.796 million in FY09.
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