Pan Africa, Total announce FY06 results, City half yr

Pan Africa Assurance saw PAT humongously grow by 155% to ks450m, translating into an EPS of 9.38 (3.68) in FY05. Primarily driven by growth of associates and discontinued operations. DPS was 1.44. Total performance was hit by the increased financing requirements as KRA forced it and other oil cos to pay 50% of the fuel tax upfront. This has required borrowing thus raising financing costs. With a FY of the same to come, expect lower PAT for FY 2007. DPS of 2.50 will be paid. City Trust also announced half yr results showing PAT halved, though they expect better 2nd half. The company derives most of its income from investments.