Third Quarter 2005 Corperate Results

BANKING

SCB Posts Modest Profit After Tax

Standard Chartered Bank?s net interest income improved by 23% from ?265 billion to ?327 billion at the close of September 2005. Net revenue was up as a result, from ?445.4 billion to ?534 billion. Profit after tax at the end of September 2005 moved up by 10% from ?137.6 billion to ?151.7 billion. Operating and after-tax margins were down by 8% and 3% to 44% and 28% respectively.

SG-SSB?s PAT Edges Down

SG-SSB?s net interest income inched up by 9% from ?195 billion in September 2004 to ?211.9 billion in September 2005, translating into a net revenue of ?325.6 billion, a 10% increase from ?295.8 billion in September 2004. Profit after tax however edged down by 7% from ?80.9 billion in September 2004 to ?75.4 billion in September 2005. SG-SSB?s operating margin declined by 5% to 37% while after-tax margin closed 4% lower at 23%.

HFC Bank Posts Lackluster Q3 Financial Results

Net interest income for the bank edged downwards by 9% from ?40.3 billion in September 2004 to ?36.6 billion in September 2005, while net revenue declined marginally [1%] from ?45.8 billion in 2004 to ?45.5 billion in 2005. Profit after tax was nearly halved [40% decline] from ?16.5 billion in September 2004 to ?9.9 billion in September 2005. HFC?s operating margin edged down by 17% to 32% while after-tax margin went down by 14% to 27%.

TBL Posts Unimpressive Q3

Trust Bank [Gambia] Limited, the first cross listed equity on the Ghana Stock Exchange reported a 31% fall in net interest income, a 9% dip in net revenue and a 45% drop in after tax profit. Net interest income declined from ?108.3 billion in September 2004 to ?74.7 billion in September 2005 while net revenue fell from ?240.3 billion in September 2004 to ?218 billion in September 2005. Profit after tax declined from ?116.2 billion in September 2004 to ?64 billion [a 45% decline] during the corresponding period this year. TBL recorded a decline of 31% to 45% in operating margin while the after-tax margin closed the quarter at 29%, down by 19%.

CAL Bank Posts Recovery

The net interest income of CAL Bank shot up by 83% from ?30.7 billion in September 2004 to ?56.2 billion in September 2005 while net revenue went up by 27% from ?67.6 billion to ?85.5 billion. PAT increased by 21% from ?20 billion to ?24.1 billion in September 2005, reflecting an after-tax margin of 28% [having edged down by 2%]. Operating margin declined by 10% to 39%.

GCB Posts No Growth in Profit Level

Ghana Commercial Bank, the banking giant?s net interest income inched up by 9% from ?459.8 billion in September 2004 to ?503.4 billion in September 2005. Net revenue for the bank similarly increased by 18% from ?630 billion to ?741.3 billion in September 2005. After tax profit however remained unchanged at approximately ?102 billion during the period under review. GCB?s operating margin decreased from 27% in the preceding year to 26% while after-tax margin declined from 16% to 14%.

AGRO-PROCESSING

BOPP Reports Decline in Profit

During Q3 2005, Benso Oil Palm Plantation?s turnover edged down by 8% from ?62.9 billion to ?58 billion while operating loss improved by 64% from ?1.4 billion in 2004 to ?463 million in September 2005. Profit after tax was halved from ?433 million to ?207 million in 2005. The agro-processing company?s operating margin worsened from 2.1% to 0.8% while after-tax margin followed in tow 0.4%, down from 0.4%.

DISTRIBUTION AND TRADING

CFAO Post Sterling Q3 2005 Turnover for the car distributing company increased by a third [33%] from ?109 billion in September 2004 to ?145 billion in the same period in 2005, translating into a 96% jump in operating profit from ?5.7 billion to ?11 billion. PAT surged by 141% from ?2.2 billion in 2004 to ?5.2 billion in 2005. Operating margin for CFAO improved from 5% to 8% while after tax margin doubled from 2% to 4%.

MLC Registers Growth

The car distributing company registered a 4% dip in turnover at the close of September 2005 from ?86.1 billion in September 2004 to ?82.5 billion while operating profit increased by 49% from ?56 billion in September 2004 to ?7.5 billion in the same month in 2005. Profit after tax doubled [101%] from ?3.1 billion to ?6.3 billion aided by an 8410% growth in other income from real estate business. Mechanical Lloyd?s operating profit moved up a notch from 8% to 9% while after-tax margin moved up 300 basis points to 8%.

MOGL- Other Income Sustains PAT

A 42% increase in turnover from ?986 billion in September 2004 to ?1,405 billion in September 2005 could not be translated into an operating profit, as a loss of ?4.4 billion instead was recorded compared to an operating profit of ?1.3 billion in the preceding year [September 2004]. A 68% growth in other income remedied the anticipated loss, culminating in an after tax profit of ?9.7 billion compared to ?7.3 billion in September 2004. Mobil Oil Ghana Limited registered an improvement in operating margin from 0.1% to 0.3% while after-tax margin remained unchanged at 0.7%.

CONSUMER GOODS

Unilever Posts Impressive 3rd Quarter 2005

The consumer goods giant, Unilever, registered a 19% growth in turnover from ?644 billion, leading to a 29% increment in operating profit from ?40.3 billion in September 2004 to ?51.9 billion in September 2005. Profit after tax went up by 50% from ?42.6 billion to ?63.9 billion during the period under review. Unilever?s operating and after tax margin increased by 100 basis points each to 7% and 8% respectively.

MANUFACTURING

SWL Posts Increase in Loss

Turnover for the publishing company reduced by 7% from ?1.4 billion in September 2004 to ?1.3 billion in September 2005, while operating loss worsened by 53% from ?278 million to ?424 million over the same period. After tax loss stood at ?337 million, up from ?331 million in 2004. The company?s dismal performance is attributable to investment into text books development [for GES] which is yet to result in cash inflows. Operating margin climbed by 14% to 34% while after tax margin improved from 24% to 27%.

Aluworks Posts Decline in Bottomline

Although turnover increased by 4% from ?343.3 billion to ?357 billion in September 2005, operating profit for the company declined by 11% from ?22.6 billion to ?20 billion during the period under review while profit after tax dipped by 17% from ?14.4 billion in September 2004 to ?12 billion in September 2005. Operating margin and after tax margin both declined by a percentage point to 6% and 3% respectively.

Camelot Stumbles in Q3 2005

Camelot?s turnover edged downwards by 12% from ?8.7 billion in 2004 to ?7.7 billion in 2005. Operating profit nosedived by 96% from ?817 million to ?36 million over the period, translating into a 93% slide of after tax profit from ?553 million in September 2004 to ?39 million in September 2005. Operating margin declined from 9% to 0.5% while after tax margin slumped from 6% to 1%.

Pioneer Kitchenware Limited posts Unimpressive Q3 2005

The kitchenware manufacturer recorded a 20% decline in its turnover from ?20.6 billion in September 2004 to ?16.4 billion in September 2005. Operating profit was shaved by 126% from ?1.4 billion to a loss of ?360 million over the same period while after tax profit tumbled from ?671 million in September 2004 to a loss of ?1 billion in September 2005. The company recorded a 3% improvement in after tax margin to 6% in spite of a 5% dip in operating margin to 2%.

FOOD AND TOBACCO

Fan Milk Posts Growth

The ice-cream giant recorded a 17% growth in turnover from ?183.4 billion in September 2004 to ?215.5 billion in September 2005, culminating in a 22% increment in operating profit from ?23.1 billion to ?28.1 billion over the period. Profit after tax advanced by 12% from ?17.3 billion to ?19.5 billion in 2005. Fan Milk?s operating and after tax margins both remained static at 13% and 9% respectively.

SPPC Reduces After Tax Loss in Q3 2005

Turnover for Super Paper Products Company Limited declined by 16% from ?21.6 billion in September 2004 to ?18 billion in the same period this year while operating loss was reduced from ?1.1 billion to ?678 million. Loss after tax declined from ?1 billion in September 2004 to ?678 million in the corresponding period in 2005. SPPC?s operating and after tax margins both remained fixed at 4% and 5% respectively.

PHARMACEUTICAL

SPL Doubles After Tax Earnings

The pharmaceutical company more than doubled its profit after tax from ?783 million in September 2004 to ?1,967 million in September 2005 underscored by a 14% and 31% surge in turnover and operating profit respectively. Turnover closed September 2005 at ?12.5 billion [compared to ?10.9 billion in 2004] while operating profit was pegged at ?2.6 billion, up from ?1.3 billion in 2004. SPL?s operating and after-tax margins increased by 9% each to 21% and 16% respectively.

INSURANCE

EIC Trebles Earnings

Enterprise Insurance Company?s net premium stepped up by 42% [from ?49 billion to ?69.9 billion] from September 2004 to the same period, 2005. Operating profit jumped by 205% from ?6.7 billion in September 2004 to ?20.4 billion in September 2005. EIC returned an increase of 201% on earnings after tax from ?56 billion in September 2004 to ?14.9 billon in 2005. EIC?s operating and after tax margins increased by 13% and 11% to 29% and 21% respectively

ICT

Clydestone Improves Modestly in Q3

The ICT company?s turnover rose by 36% from ?8.9 billion in 2004 to ?12 billion in 2005, while operating profit rose by 18% from ?1.1 billion in 2004 to ?1.3 billion in 2005. This culminated in a profit after tax of ?903 million, representing an 8% increase from ?836 million in 2004. Clydestone?s operating and after-tax margins declined by 1% and 2% respectively to 11% and 7% respectively.

BREWERY

ABL Posts a Loss in HY 2005

Accra Brewery Limited?s turnover slipped by 8% from ?86 billion in September 2004 to ?79.4 billion in September 2005. Operating profit for the brewery company nose-dived by 161% from ?7 billion to a loss of ?4.3 billion over the period. Profit after-tax worsened over the half year from ?3.7 billion in 2004 to a loss of ?7.1 billion in 2005. Although operating margin declined by 35 to 5%, after tax margin more than doubled from 45 to 9%.