Karachi October 28 2021: At-Tahur Limited (PREMA) gain 6.73 percent or PKR 1.76 per share after the earning announcement of PKR 1.25 per share for the first quarter of financial year 2022, as per information shared by the company at Pakistan Stock Exchange (PSX).
Gains arising from changes in fair value less costs to sell of dairy livestock of PKR 309 million was the main driver of significant increase in profitability. Majority of this gain is due to translation of currency devaluation as PKR depreciates from 157 to close September month above 170 level.
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The Pakistani rupee recovered from a steep fall against the US dollar as the currency market noted recovery for the consecutive day when the dollar started losing its strong grip over the local currency on Wednesday and closed at a price of Rs172.26 from Rs175.27 closing of October 26 2021. The Saudi Development Fund in late hours of Tuesday evening announced for Pakistan an oil deferred payment facility of USD 1.2 billion per annum and a USD 3 billion deposit with the State Bank.
The valuation of dairy livestock as at 30 June 2021, has been carried out by independent valuers. In this regard, the valuers examined the physical condition of the livestock, assessed the key assumptions and estimates and relied on the representations made by the Company as at 30 June 2021. Further, in the absence of an active market of the Company’s dairy livestock in Pakistan, market and replacement values of similar livestock from active markets in Europe and Australia, have been used as basis of valuation by the independent valuers. The cost of transportation to Pakistan is also considered.
As at 30 September 2021, the Company held mature assets able to produce milk of 2,489 compared to 2,282 at 30 June 2021 while immature assets that are being raised to produce milk in the future were 1,959 compared to 1,834 at 30 June 2021.
During the period, the Company produced approximately 4,601,435 compared to 4,097,004 gross litres during th of milk from these biological assets. As at 30 September 2021, the Company also held 79 immature male calves compared to headcount of 75 at 30 June 2021.
