Glass & Ceramics

By Haque, Ansarul | Economic Review, December 1996 | Go to article overview
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Glass & Ceramics


Haque, Ansarul, Economic Review


There were 14 companies on the list of KSE in the Glass and Ceramics sector in 1995. Of which we have analysed 8 companies, while the Annual/Half-yearly report of Dadabhoy Padube was not available at the time of preparation of this report. Two companies namely Emco Products and Mediglass have changed their financial year from December to June. So the figure mentioned in the table are based on Half-yearly reports of the company. The total Paid-up Capital of remaining 8 companies stood at Rs.618.31 million and Free Reserves and Surplus stood at RS.80.88 million during the year under review. General Break-up Values per Rs.10/- worked out to Rs.10.31. Almost all the companies showed an increase in its Sales over the previous year, except Balochistan Glass and Karam Ceramics.

Earning Per Share

The highest earning per share was at Rs.3.54 of Shabbir Tiles & Ceramics, followed by Prince Glass Works at Rs.3.10, Balochistan Glass at RS.3.03 and Karam Ceramics at Rs.1.48.

Dividend

Out of 11 companies, only 2 companies have paid dividend/bonus [TABULAR DATA OMITTED] shares during the year under review. Karam Ceramics have paid 20 per cent (cash) dividend and Balochistan Glass have paid 15 per cent dividend during the period under review. The high Breakup Value of shares in the descending order were:-

Company                            1995                  1994

Prince Glass                      29.84                 26.75
Balochistan Glass                 22.64                 23.22
Shabbir Tiles                     20.83                 19.01
Karam Ceramics                    13.26                 13.78
Ghani Glass                       10.12                 10.00

It will be seen from the above that out of 5 companies three showed increase in its Break-up Value, while 2 companies namely Balochistan Glass and Karam Ceramics showed decline in its Break-up Value. Almost all the companies showed an increase in their Sales over the previous year, except Balochistan Glass and Karam Ceramics.

Outlook

Prince Glass has invested an amount of Rs.2.57 million in upgrading and modernization of machines and furnace. It is also equipped with computerised system for measuring and recording a variety of technical parameters, including gas consumption. The expenditure incurred was financed through leasing and bank borrowing.

Ghani Glass Limited has at present two plant production lines. Meanwhile, the management of the company have decided to add an additional production line with a total cost of Rs.20.00 million, which is being met through lease finance and sponsors interest free loan. The production capacity with the addition of third production line is expected to be increased by 50 per cent more.

Nasir Siddiq Corporation in pursuit of excellence is going to establish its own mould manufacturing facilities. The endeavours have been made to purchase imported machinery on lease basis. The company will start a vast range of moulds for the new products in the years to come.

The Director's Report of Regal Ceramics highlighted the prevailing instability in the ceramics market which was due to (i) ever increasing utilities prices, (ii) increase in mark-up rates, (iii) irrational increase in the employees statutory benefits, (iv) Ad-hoc monetary and fiscal policies of the government and the consequent depreciation of value of Pak currency along with (v) reduction in the tariff structure which in turn will eliminate the protection required for the growth of local industry.

There are 8 companies on the list of Karachi Stock Exchange in the Jute sector in 1995. Total Paid-up Capital of these companies stood at Rs.411.79 million, while Free Reserves and Surplus stood at a negative balance of Rs.245.56 million during the year under review. General Break-up Value per Rs.10/worked out to RS.

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