Financial results of Pak Services Limited for period ended March 31, 2016
Karachi, Pak Services Limited informed Pakistan Stock Exchange about recommendations made by the board of directors in the meeting held at Islamabad on April 30, 2016.
The agenda of the meeting was discussion of profit and loss account for nine months period and quarter ended March 31, 2016 which portrayed a profit of Rs. 1,530,488 and Rs. 660,706 with earnings per share 47.06 and 20.31 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Pakistan Services Limited was incorporated in Pakistan on December 6, 1958 in Karachi as a public limited company. The foundations of the company have been laid under the Companies Act, 1913 now referred to as the Companies Ordinance, 1984. The company is engaged in the hotel business and owns and operates the chain of “Pearl Continental Hotels” in Pakistan. PSL owns six luxury hotels in all major cities of Pakistan. The total capacity of all six hotels is 1,526 rooms which are managed by more than 3000 employees across Pakistan. The shares of the company are quoted on the Karachi Stock Exchange of Pakistan.
The subsidiary of the company is Pearl Tours and Travels Private Limited, Pear Continental Hotels Private Limited, Bhurban Resorts Private Limited and Mustafa International Private Limited.
The “PC” logo is a local brand and a registered trademark owned by PSL. The company has granted the use of its trademark to other hotel operating companies across the country. “Zaver Pearl Continental Hotel” set up in the deep seaport city of Gwadar, Baluchistan owned by a sister concern Hashwani Hotels Limited and upcoming PC Faisalabad Hotel both these hotels have been granted franchise by PSL to use the said trademark. PSL has also granted use of its trademark to another sister concern M/s. Hotel One Private Limited. It is running hotels in different parts of the country namely, Islamabad, Multan, Faisalabad, Sialkot, Bahawalpur and Lahore.
The symbol “PSEL” is being used by the stock exchanges for the shares of Pakistan Services Limited.