Not Enough Gas for Everyone – ICI Pakistan Reported a Decline in Profits
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Despite increase of 14% in sales revenues, ICI Pakistan, one of the leading company diversified in paints, chemicals and life science, reported a decline in profit. ICI Pakistan’s net profit for year 2011 were Rs. 1.9 Billion on sales of Rs. 44 Billion.
Company’s earning per share is at Rs. 13.95 in 2011, down from Rs. 17.50 in previous year. The operating profit decline by 23% due to almost entirely to a further deterioration in the availability of gas by SNGPL to the Soda Ash and Polyester Fibre plants. ICI Pakistan, in a notice issued to Karachi stock Exchange, mentioned a non-availability of Gas for 175 Days.
ICI Pakistan is planning to invest Rs. 2 Billion in second quarter of 2013 in its coal fired boiler project which is expected to improve the energy economics of Soda Ash Business.
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