ICI Pakistan Limited announces half yearly results for 2011

Karachi: The Board of Directors of ICI Pakistan Limited is pleased to announce the financial results for half year ended June 30, 2011.

The company posted an after tax profit of PKR 0.973 billion which was 17% less than same period last year. The ongoing energy crisis continued to impact performance with the company incurring an additional cost of PKR 503 million (PKR 327 million after tax) in H1 on alternate fuel due to gas outages at its Soda Ash and Polyester plants in the North.

In Q2, in addition to the incremental cost of PKR 258 million on alternate fuel, PSF volumes and prices also witnessed a downward trend on account of drastically declining cotton prices and softening of margins over feedstock prices.

To mitigate the growing energy crisis, the company has already announced a PKR 2 billion investment in installing boilers for steam generation based on state of the art coal fired technology at its Soda Ash plant. The project is expected to be completed and commissioned in 19 months.

Earnings per share for half year ended June 30, 2011 were PKR 7.01 per share (PKR 8.39 same period last year). 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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