Footwear Industry Burdened with Numerous Taxes
Haque, Ansarul, Economic Review
There were 8 companies on the list of Karachi Stock Exchange in the Leather and Tanneries sector in 1995. The total Paid-up Capital of these companies stood at Rs.266.89 million. Free Reserves and Surplus stood at Rs.700.26 million during the year under review. General Break-up value per Rs.10/- worked out to Rs.29.09. The Break-up Values of these companies in the descending order were as follows:
Break-up Value per RS.10/- 1995 1994 Bata Pakistan 55.51 58.71 Universal Leather 38.59 37.12 National Tannery 33.78 35.92 Service Industries 26.55 24.45 Pak Leather 16.37 20.6 Hilal Tannery 15.84 14.5 Leather-up 12.29 11.96 Fateh Industries 4.52 11.03
It will be seen from the above table that 4 companies showed a rise in their Break-up Values, while 4 companies namely Bata, National Tanneries, Pak Leather and Fateh Industries registered decline as compared to previous year. The Break-up value of Fateh Industries declined from Rs.11.03 to Rs.4.52 in 1995, due to decline in Networth from [TABULAR DATA OMITTED] Rs.22.06 million to Rs.9.03 million in 1995.
Earning Per Share
The highest earning per share was at Rs.3.51 of Bata Pakistan, followed by National Tanneries at Rs.3.01 and Universal Leather at Rs.2.47.
The dividend scenario is somehow good. Out of 8 companies, 4 have paid dividend/bonus shares in 1995. The highest dividend of 20% each (cash) and (10% cash plus 10% stock) was paid by Services Industries and Universal Industries respectively, followed by 15% (cash) by National Tanneries, and 10% (Cash) by Bata Pakistan. …