The Brief Recording of the pervious company Azgard Nine Ltd was based on financial statements of only first quarter of Year 2007.
But the 'Brief Recordings' of this company, Shifa International Hospitals Ltd is for nine months of the financial year 2006-07. The note annexed to the account states that in order to comply with the requirement of the International Accounting Standard (IAS) No 34 "Interim Financing Reporting" balance sheet has been compared both the balances of last financial statements (June 30, 2006), whereas profit and loss account and cash flow statement have been compared with balances of comparable period of immediately preceding financial year.
This is a public limited company whose main object is to establish and run medical centres and hospitals in Pakistan. It is the only health care enterprise in the corporate sector and listed on all the three stock exchanges of the country.
Its shares are invariably trading at substantially high premium. On June 25, 2006, the closing price of the share was quoted at Rs 25 per share carrying 150 percent premium over the par value of Rs 10. During the last 52 weeks, market value of its share continues to move upward from Rs 18.50 to its highest price of Rs 26 per share.
As regards financial position of its balance sheet dated March 31, 2007, improvement can be observed because of large equity base and favourable debt to equity ratio. The current ratio depicts uneasy liquidity position. These ratios have been appended below to see the financial position at a glance.
During the nine months ended March 31 2007, (9M 06-07), the company's profit drastically declined as compared to the corresponding figures in the same period last year (SPLY). This was despite modest rise in the net revenue. The two major reasons for lower profit are seen from the P&L Account which are operating costs escalated by 13.5% and finance cost shot up by 58%.
The company's net revenue amounted to Rs 941.64 million (SPLY: Rs 858.24 million) registering 9.7% growth. It booked pre-tax profit at Rs 114.6 million (SPLY: Rs 139.1 million) and post-tax profit at Rs 81.44 million (SPLY: Rs 105.8 million).
During the period under revenue Shifa International procured Cardiac Angiography, CT Angio, Accelerator and MRI. Cardiac Angiography equipment was installed while other equipment were in the process of installation as reported by the company directors on 24.04.2007.
========================================================
Performance Statistics (Mln Rs)
========================================================
Balance Sheet ----As At---- March 31 June 30
2007 2006
========================================================
Un-audited Audited
========================================================
Share Capital Paid-up: 505.14 505.14
Reserves & Surplus: 169.67 136.66
Shareholders Equity: 674.81 641.80
Surplus on Revaluation
Fixed Assets: 226.74 228.83
L.T. Debts: 430.53 242.55
Deferred Liabilities: 171.45 124.10
Current Liabilities: 533.20 466.07
Fixed Assets Tangible: 1,615.68 1,339.24
L.T. Deposits: 10.12 7.79
Current Assets: 410.93 356.32
Total Assets: 2,036.73 1,703.32
--------------------------------------------------------
Profit & Loss A/c for Nine Months Ended
--------------------------------------------------------
---March 31--- 2007 2006
--------------------------------------------------------
Net Revenue: 941.64 858.24
Other Operating Income: 5.89 3.48
Finance (Cost): (45.31) (28.66)
Profit Before Taxation: 114.58 139.07
Net Profit After Taxation: 81.44 105.79
Earnings Per Share (Rs): 1.61 2.09
Share Price (Rs) on 25/06/2007: 25.00 -
Price/Earning Ratio: 15.52 -
Debt/Equity Ratio: 32:68 22:78
Current Ratio: 0.77 0.76
Net Profit Margin (%): 8.64 12.32
R.O.A. (%): 4.00 6.21
R.O.E. (%): 12.07 16.48
========================================================