The closing quotation of Husein sugar shares on 27th August 2004, was recorded at 30.40 which is 3 times of the par value. During the last one year the price of the share appreciated 33% to Rs 32 per share from Rs 24 per share. During the last two years the company declared cash dividends at modest payout rate ie @17.5% in 1993 and @15% in 2002.
The sugarcane crushing season 2003-04, of the company closed on April 13 2004, lasted for 135 days as against the previous season of 150 days. It managed to crush 622.148 thousand metric tons of sugarcane as against previous season's crush of 663.11 thousand metric tons of sugarcane showing 6.2% decline in the crush output.
However the average sugar recovery improved to 8.95% from 8.716% in the previous season. Production of sugar was recorded at 55.69 thousand metric tons as against 57.79 metric tons of sugar in the preceding year. In this case the decline is 3.6%.
The decline in cane crushing and sugar production has been attributed to short supply of sugarcane.
For the first of the financial year 2003-04, the company posted sales at Rs 459.76 mln as against Rs 318.49 mln booked in the same period last year (SPLY).
The growth in sales was in the sum of Rs 141.27 mln ie 44.4%. But gross margin came under severe pressure and eroded by 12.44 percentage point going down at 15.34% from 27.78% gross profit in the sum of Rs 70.52 decreased from Rs 88.46 in the SPLY. Despite 44.4% increase in sales gross profit reduced by one fifth of same period last year.
The main reason in the erosion of gross margin was depressed sugar prices due to huge carry over stocks of sugar in the country. Profit after taxation works out to EPS at Rs 2.74 which was 96 paisas less than SPLY
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 September 30
2004 2003
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Share Capital-Paid-up: 110.00 110.00
Reserves & Profit: 195.12 163.86
Shareholders Equity: 305.12 273.86
Deferred Taxation: 24.21 22.80
Current Liabilities: 552.09 276.31
Tangible Fixed Assets: 219.89 210.76
Equity Investments: 6.75 5.63
L.T Deposits: 0.97 1.02
Current Assets: 6 53.81 355.56
Total Assets: 881.42 572.97
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Profit & Loss A/c For the
Nine Months Ended March 31 2004 2003
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Sales: 459.76 318.49
Gross Profit: 70.52 88.46
Operating Profit: 47.31 67.60
Other Income: 3.93 5.65
Financial & Other (Charges): (2.75) 4.83
Profit Before Taxation: 46.09 64.98
Profit After Taxation: 30.13 40.65
Earnings Per Share (Rs): 2.74 3.70
Share Price (Rs) 27.08.2004: 30.40 -
Price/Earning Ratio: 11.09 -
Book Value of Share (Rs): 27.74 24.89
Debt/Equity Ratio: 0:100 0:100
Current Ratio: 1.18 1.29
Gross Profit Margin (%): 15.34 27.78
Net Profit Margin (%): 6.55 12.76
R.O.A: 3.42 12.76
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COMPANY INFORMATION: Chairperson: & Chief Executive Officer: Mst Nusrat Shamim; Director: Mian Parvaiz Aslam; Chief Financial Officer: Muhammad Iqbal Malik; Company Secretary: Syed Arif Hussain; Registered Office/Head Office: 30-AE/1, Old FCC Gulberg III, Lahore; Web Address: N.A; Factory: Lahore Road Jaranwala (Punjab).