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LATEST ARTICLES
Framework Arrangement Amounting to US$500 Million Signed Between Pakistan and Korea
Islamabad, April 24, 2019: Pakistan and Republic of Korea signed a Framework Arrangement amounting to US$500 Million, here today. The Ceremony was witnessed by Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs.
Secretary, Economic Affairs Division, Mr. Noor Ahmed and Ambassador of the Republic of Korea, Kwak Sung-Kyu, signed the Framework Arrangement on behalf of their respective Governments. Under the signed Framework Arrangement (2018-20), Republic of Korea will provide long term concessional financing up to US$ 500 Million for execution of various development projects in Health, Information Technology, Communication, Agriculture, and Energy etc.
Earlier, the Ambassador called on the Adviser and discussed matters pertaining to enhancement of bilateral cooperation between the two countries. The Adviser informed the envoy that Pakistan attached significant importance to its ties with the Republic of Korea which had so many layers of cooperation with Pakistan in both public and private sectors.
The Adviser appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan. He said that the economic relations between the two countries would be further strengthened with the passage of time and Framework Arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various Infrastructure Projects in Pakistan.
The Ambassador of the Republic of Korea hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government. He said that the agreement would go a long way in further strengthening bilateral cooperation. He also said that Korea would extend all possible cooperation for economic development of Pakistan, which would be greatly conducive to promoting bilateral relations in the years ahead.
KCCI requests FBR not to send notices
KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda has requested the Federal Board of Revenue (FBR) to issue necessary instructions to all RTOs to refrain from sending notices for demanding the unjust Annual Turnover Tax from members of Pakistan Yarn Merchants Association (PYMA) till the issue is resolved as the Annual Turnover Tax, which was 0.1 percent, was inadvertently being charged at 1.0 percent.
In a letter sent to Member (Inland Revenue-Policy) FBR, Dr. Hamid Ateeq Sarwar, President KCCI referred to a meeting between KCCI delegation and FBR authorities held recently at FBR House in Islamabad in which this particular issue was also thoroughly discussed with Member IR-Policy and other officials who assured to resolve the same in due course but no correction has been done so far in SRO333 (1)/2011.
While reiterating that Inland Revenue-Policy department and RTOs should not issue further notices, he said that PYMA members have been receiving notices for Annual Turnover Tax which have to be suspended till the FBR makes necessary amendment.
Auction Result: SBP Sell T-Bills worth Rs.638.505 Billion for 3 Months
April 24, 2019 (MLN): The State Bank of Pakistan conducted an auction on Wednesday in which it sold Treasury Bills worth Rs. 638.505 Billion for 3 months.
The Cut Off Yield decreased marginally to 10.9799 percent.
The SBP rejected the solitary bid for 6 month T-Bills, while no bids were received for 12 months.
Earlier SBP had received bids worth Rs.1,776.211 Billion for 3 and 6 months.
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Gold price dip by Rs 200, traded at Rs68, 600 per tola
April 24, 2019: According to Karachi Sarafa Association the per tola price of 24 karat has witnessed decrease of Rs 200 on Wednesday and traded at Rs 68,600 per tola as compared with the last closing of Rs 68,800.
The price of 10 gram gold also witnessed decrease of Rs 172 and traded at Rs 58,813 as compared with the last closing of Rs 58,985.
The price of Silver remained unchanged at Rs 900 per tola and that of 10 grams Silvers at Rs 771.60.
According to the Rawalpindi- Islamabad local Sarafa Association, the per tola price of 24-karat gold in the twin cities of Rawalpindi-Islamabad decreased by Rs 600 per tola and traded at Rs 67,400 as compared with the last closing of Rs68,000.
The price of 10 grams gold also decreased by Rs 520 and traded at Rs57, 780 against Rs58, 300 of last day.
In the international market, the price of gold increases by $01 and traded at $ 1273 as compared with the last closing of $1272.
(APP)
Benchmark index marches towards green zone
April 24, 2019 (MLN): Following a bearish session yesterday, the KSE-100 index ended third day of the week on a positive note by marching ardently towards the green zone. The index closed today’s trading at 36,504 points and gained 100 points, marking a positve growth of 0.28% from previous session’s closing.
The positive sentiments among investors were attributable to positive financial earnings announced by banks( HBL, UBL and MCB) .
Commercial Banks, Power Generation and Distribution companies and Oil & Gas Exploration Companies remained major contributors to the index’s gain cumulatively contributing 139 points.
The major stocks that contributed positively include UBL (+42pts), HUBC (+37pts), NESTLE (+20pts), OGDC (+16pts), HMB (+14pts) and HBL (13 pts).
Bounded within a range of 400 points, the index travelled between an intraday high of 36,733 points and an intraday low of 36,223 points. Over 93 million shares were traded today for the scrips listed on the benchmark index with their total value recorded at Rs 4.1 billion.
Meanwhile, the broader KSE All Share index gained 20 points only in today’s trade and closed the session at 26,653 points which is 0.08% higher than yesterday’s closing value at the index.
A total of 116 million shares were traded within this index at PKR 4.6 billion.
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PKR appreciates by 92 paisa against GBP
April 24, 2019 (MLN): The Pakistani Rupee (PKR) was stable against US Dollar (USD) in today’s trade at interbank, but the currency gained value against GBP and EUR both.
At today’s interbank session, PKR appreciated by 92 paisa against GBP as the quote came down from PKR 183.78 per GBP recorded yesterday, to PKR 182.86 per GBP recorded today.
Similarly, the local currency appreciated by 48 paisa against EUR at today’s session closed at PKR 158.64 per EUR.
The open market rates for today are recorded at PKR 141.00/142.50 per USD.
Within the money market, a Treasury Bill auction is scheduled for today with the SBP receiving bids worth Rs.1.776 trillion against an auction target of Rs.150 Billion.
Meanwhile the Overnight repo rate towards close of session was 10.70/10.90 percent and 1 Week rate was 10.60/10.80 percent.
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Atlas Honda’s annual profits decline by 31%
April 24, 2019 (MLN): Atlas Honda Limited announced its financial results for the year ended March 31, 2019, today. The results show that the company has suffered a decline in net profits by 31%. The PAT currently stands at Rs. 3.2 billion (EPS: Rs. 31.03).
The company’s gross margins fell by 21% on account of relatively larger increase in cost of sales (9%) as compares to sales revenue (6%).
Moreover, the Share of net profit of an Associate fell by 69%, which further dragged down the net earnings.
The company also announced a final Cash Dividend of at Rs. 10 per share, i.e. 100%.
Profit and loss account for the year ended March 31 2019 (Rupees'000) | |||
|---|---|---|---|
Mar-19 | Mar-18 | % Change | |
Sales | 82,412,548 | 77,478,845 | 6.37% |
Cost of sales | -75,856,677 | -69,188,101 | 9.64% |
Gross profit | 6,555,871 | 8,290,744 | -20.93% |
Sales and marketing expenses | -1,924,062 | -1,852,057 | 3.89% |
Administrative expenses | -640,209 | -634,594 | 0.88% |
Other income | 1,097,636 | 877,908 | 25.03% |
Other operating expenses | -463,793 | -445,037 | 4.21% |
Share of net profit of an Associate | 15,698 | 50,607 | -68.98% |
Operating profit | 4,641,141 | 6,287,571 | -26.19% |
Finance costs | -25,818 | -22,725 | 13.61% |
Profit before taxation | 4,615,323 | 6,264,846 | -26.33% |
Income tax expense | -1,406,664 | -1,601,211 | -12.15% |
Profit for the year | 3,208,659 | 4,663,635 | -31.20% |
Earnings per share | 31.03 | 45.10 | -31.20% |
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China extends duty free access to Pakistan, NA told
April 24, 2019 (MLN): The National Assembly was informed on Wednesday that China has extended duty free access to Pakistan on three hundred and thirteen items under the new Free Trade Agreement (FTA) to be signed during the upcoming visit of Prime Minister Imran Khan to Beijing.
Adviser on Commerce Abdul Razak Dawood told the house that China has agreed to provide Pakistan market access on the pattern of Association of South East Asian Nations. He was confident that the second phase of FTA with China will prove to be beneficial for Pakistan.
He said that the present government has enhanced regulatory duty on finished products in order to cut imports. As a result of these measures, imports witnessed reduction of 3.5 billion dollars over the last nine to ten months. He said we also aim to bolster our exports which will help us reduce the trade deficit.
The Commerce Adviser said that a textile policy is being formulated with the aim to enhance exports of textile related items. He said the textile division has been coordinating with over one hundred textile related institutes, textiles, associations and chambers of commerce and industry for taking their input for the policy. The policy will take into account all the different aspects of textile industry and will come up with cogent proposals for the problems faced by the industry, he added.
Parliamentary Secretary for Overseas Pakistanis Javaria Zafar told the house that a policy is being finalized for promotion of overseas employment. She said Pakistan has signed MoUs in the fields of manpower and employment with Qatar, Bahrain, UAE, Oman and Malaysia. Efforts are being made to sign the MoUs with Saudi Arabia, Azerbaijan and other potential labour receiving countries. She said that a special task force has also been constituted to work towards the welfare of expatriate Pakistanis.
Parliamentary Secretary for Commerce, Shandana Gulzar Khan said that Pakistan’s exports to India had shrunk significantly after the Pulwama incident due to imposition of two hundred percent duties on Pakistani products by the Indian government. She said Pakistan used to export ninety eight percent of its dried dates to India and this export has also got affected due to the enhanced Indian duties. She said we have also increased duties on certain Indian products. She said we are exploring other markets to export our dates.
Supreme Court restores tax collection on prepaid cellular cards
April 24, 2019 (MLN): The Supreme Court of Pakistan has restored tax collection on mobile cards, saying that the apex court will not interfere in this matter.
Earlier in June 2018, the apex court had halted tax collection on cellular phone cards. Back then the tax collection from prepaid services was around Rs.90 billion whereas overall tax collection from telecom companies stood at Rs.147 billion.
Following SC’s latest decision, all the previously withheld taxes are now ordered to be restored.
This implies that all the cell phone holders will now have to pay tax on prepaid cards or services
This measure is expected to generate around Rs.15 billion in two months as the government collects tax of 12.5% as withholding tax and 17% to 19.5% as FED
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EFG Hermes’ losses double owing to lower operating revenues
April 24, 2019 (MLN): EFG HERMES (EFGH) has incurred a loss worth Rs.14.4 million (LPS: Rs.0.72) during quarter ended March 31, 2019 which is 2x greater than the loss reported for the corresponding quarter last year.
The increase in loss is attributable to lower operating revenues, loss in other operations and higher financial charges.
During 1QCY19, EFGH's operating revenues dropped by over 19%, while financial charges increased by 58%.
However, the decline in tax payments by 52% and gains on re-measurement of investment by around 826% provided a cushion to the earnings.
Profit and Loss Account for the quarter Ended March 31st 2019 (Rupees) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change |
OPERATING REVENUES |
|
|
|
Operating revenues | 26,488,808 | 35,574,958 | -25.54% |
Gain on sale on investments - net | 4,583,450 | 2,911,826 | 57.41% |
| 31,072,258 | 38,486,784 | -19.27% |
EXPENDITURES |
|
|
|
Administrative expenses | (41,357,247) | (37,850,965) | 9.26% |
Operating Profit/(loss) | (10,284,989) | 635,819 |
|
Other income - net | 2,859,318 | 546,221 | 423.47% |
Income of margin finance | 1,370,651 | 3,557,450 | -61.47% |
Financial charges | (9,862,638) | (6,236,580) | 58.14% |
Gain/(loss) on re-measurement of investments carried at fair value through profit and loss account | 3,918,020 | 423,225 | 825.75% |
| (1,714,649) | (1,709,684) | 0.29% |
PROFIT/(LOSS) BEFORE TAXATION | (11,999,638) | (1,073,865) | 1017.43% |
TAXATION | (2,392,257) | (5,073,912) | -52.85% |
PROFIT/(LOSS) AFTER TAXATION | (14,391,895) | (6,147,777) | 134.10% |
Earnings per share (basic and diluted) | (0.72 ) | (0.31) | 132.26% |
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