ICI Pakistan Limited announces after tax profit of PKR 462 million for H1 2012

Karachi, August 29, 2012 (PPI-OT): The Board of Directors of ICI Pakistan Limited is pleased to announce the financial results for half year ended June 30, 2012.

The company posted an after tax profit of PKR 462 million which was 52% less than same period last year. Operating result for HI 2012 at PKR 748 million was lower by 32 % compared to HI 2011 mainly due to reduction in unit gross margins in the PSF business because of lower demand and margin shrinkage across the entire Polyester chain. Along with that, rising cost of alternative fuels resulted in an additional cost of PKR 348 million compared to same period last year. In addition, the company also incurred a one off expense of PKR 124 million relating to demerger of the Paints business.

Profit after tax for Q2 2012 at PKR 304 million was 13% lower than same quarter last year. Excluding the effect of the one off demerger cost of approximately PKR 58 m for the quarter, this result is 4% higher than same period last year.

Earnings per share for half year ended June 30, 2012 were PKR 5 per share. An interim dividend of PKR 3.50 per share has been declared by the Board of Directors.

For more information, contact:
Seemi Saad
Manager Corporate Communications and Public Affairs
ICI Pakistan Limited
Tel: +9221 3531 3821 – 24
Fax: +9221 3531 3832
Email: seemi.saad@akzonobel.com

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