PSO Result: Earnings in line with expectations but Payout Disappoints.
PSO posted an EPS of PKR 50.85 for Fy13, in line with expectations, with a cash dividend of PKR 2.5/share. Gross profit was 3.3pp above our expectations likely on account of lower than expected inventory losses. Exchange losses were likely higher than our expectations which kept up operating expenses. Further analysis will be done once detailed results are out.
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Sanie Khan
Syed Zaki Hussain
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