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 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 lossworsened 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%.