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October 20, 2020 (MLN): The exports of Chemical and Pharmaceutical Products witnessed an increase of 26.46% MoM and 4% YoY to value at USD 82.98 million during the month of September 2020.
The Chemical and Pharma products exported from Pakistan mainly include Plastic Materials, Pharmaceutical products and other Chemicals.
The major chunk of exports under Chemical and Pharma sector during the month was mainly from the Pharmaceutical products which contributed a total of 32.7% of the entire group exports. Total Pharma products exported during the month under review clocked in at USD 27.15 million, showing a significant growth of 68.47% MoM and 48.77% YoY.
The second major component of exports under the Chemical and Pharma Group was Plastic Material which contributed a total of 18% of the entire group earnings. Total Plastic material exported during the month recorded at USD 14.98 million, marking a decline of 42.7% YoY and 14.7% MoM.
On a cumulative basis, the exports of Pharmaceutical Products during 1QFY21 surged by 22.6% YoY to USD 68 million as opposed to USD 55.6 million recorded in 1QFY20.
Meanwhile, the exports of Surgical goods and Medical instruments during the month of September 2020 surged by around 2% MoM to USD 33.5 million, compared to USD 32.9 million in the previous month.
On yearly basis, the export of surgical goods and medical instruments increased by 3.45% during the month mentioned above compared to USD 32.4 million in same month of a year ago.
Cumulatively, Surgical goods and medical instruments' export during 1QFY21 witnessed a marginal decline from USD 106 million recorded in Jul-Sep FY20 to USD 104.5 million, the latest data released by Pakistan Bureau of Statistic (PBS) showed.
On the import side, the imports of Medicinal products grew to USD 107.9 million in September 2020 when compared with the import during September 2019 (USD 90.47 million), and August 2020 (USD 81.98 million), thus showing an upsurge of 19.27% YoY and 31.6% MoM respectively
Furthermore, during 3MFY21, the imports of Medicinal products rose by 8.6% YoY to USD 279.2 million from USD 257 million reported in Jul-Sep FY20.
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October 20, 2020: Punjab Chief Minister Sardar Usman Buzdar has said that the government has fixed the support price of sugarcane at 200 rupees per 40 kg to protect the rights of farmers.
In a statement issued from Lahore on Tuesday, he said that the crushing season will commence in Southern Punjab from November 10 while in other districts of the province from November 15.
October 20, 2020 (MLN): Oil and Gas Development Company (OGDC) has announced the postponement of Election of Directors for the time being due to delay in GOP nominations on OGDCL Board of Directors (BOD), and has submitted an impediment report to the Joint Registrar, Securities and Exchange Commission of Pakistan for the same.
The company further stated that the Election of Directors, therefore, will not be part of the agenda in the forthcoming AGM of the members scheduled on October 28, 2020. However, the rest of the ordinary business would be taken as announced earlier.
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October 20, 2020 (MLN): National Refinery Limited (NRL) has incurred losses of Rs. 1.31 billion (LPS: 16.4) during the quarter ended September 30, 2020, i.e. nearly 93% higher as compared to the losses made in the same period of last year.
The company continued to make losses on the back of lower net revenue from contracts, which in turn resulted from higher trade discounts offered to the customers. While there was a decline in the cost of sales by 27%, the company still made a gross loss of Rs. 1.34 billion i.e. almost 6x higher than the same period of last year.
All the major expense heads, as well as the non-core expenses, declined during the quarter, giving some relief to the financial position of NRL. The Finance cost, too, depicted a decline of 59% owing to a lower interest rate regime.
The company received tax credit this time around too, amounting to almost 418 million i.e. almost double what it received in the same period of last year.
Financial Results for the quarter ended September 30, 2020 (Rupees'000)
Revenue from contracts with customers
Trade discounts, taxes, duties, levies, and price differential
Net revenue from contracts with customers
Cost of sales
Profit before taxation
Profit after taxation
Earnings per share
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October 20, 2020 (MLN): The Board of Directors of Mari Petroleum Company Limited (MPCL), in its meeting held on October 19, 2020, approved the submission of an expression of interest for the acquisition of majority shares, collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, in Foundation Wind Energy-I Limited and Foundation Wind Energy-II Limited.
According to the notification issued to PSX, the abovementioned acquisition is subject to the detailed due diligence of these projects, completion of procedural formalities, and requite approvals from the MPCL Board of Directors and relevant Regulatory Authorities.
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October 20, 2020 (MLN): International Steel Limited (ISL) has announced its financial results for the three months ended on September 30, 2020, as per results, the company’s profitability has substantially increased by 60.7% to stand at Rs 559 million (EPS: Rs 1.29) against net profits of Rs 347 million (EPS: Rs 0.80) of the same period last year.
The rise in profitability is mainly attributed to higher international CRC and Galvanized Steel prices.
During the period under review, the company’s gross profits went up by 12.77% YoY due to an increase in sales revenue (up by 35.7% YoY) amid higher demand from the 2/3 wheeler autos segment, as per a research report by Taurus Securities.
However, gross margins shrank from 10.69% to 8.88% due to depreciation of PKR against USD by 5%, revealed a report by Summit Capital.
The company witnessed a decrease in its major expense heads as distribution & selling expenses came down by 17% YoY from Rs 244 million to Rs 201 million. Moreover, administrative costs fell by 8.82% during the said period.
As per the financial statement issued by the company, the positive highlight includes a 61% decrease in finance costs on the back of a steep decline in interest rate.
Moreover, the company paid taxes worth Rs 298 million, while, it got a tax credit of Rs 46 million for the same period last year.
Financial Results for the quarter ended September 30, 2020 ('000 Rupees)
Cost of Sales
Selling and distribution expenses
Other operating charges
Profit before taxation for the year
Profit after taxation for the year
Earnings per share - basic and diluted (Rupees)
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October 20, 2020: Prime Minister Imran Khan has stressed on taking all administrative measures to ensure availability of daily commodities and controlling their prices.
He was chairing a meeting in Islamabad to review availability and prices of daily commodities, especially wheat and sugar.
The Prime Minister directed to ensure sufficient supply of wheat and sugar at utility stores across the country.
He also directed provincial administrations to ensure legal action against real owners of mills and godowns who are indulged in hoarding.
The meeting was apprised that Punjab government has increased release of wheat from 16,000 tons to 20,000 tons on daily basis, which would be further increased to 25,000 tons in a couple of days. It was further informed that Sindh government would start formal release of wheat within next few days.
The meeting was also apprised that full scale crackdown against hoarders is continuing under the Prime Minister’s direction and it would be further accelerated.
October 20, 2020: National Assembly's Standing Committee on Commerce has emphasized on the Ministry of Commerce that next agreement on Afghan Transit Trade must be comprehensive and facilitating the Pakistani exporters on priority basis.
In its 7th meeting, held in parliament house today, with the Chairman Syed Naveed Qamar in the chair, the Standing Committee on Commerce discussed the institutional arrangements, challenges and issues in transit trade with Afghanistan.
The Ministry of Commerce briefed the Committee on Afghan Pakistan Trade and revision of Afghan Pakistan Transit Trade Agreement 2010.
The Committee was informed that Afghanistan Pakistan Transit Trade Coordination Authority was established to monitor the effective implementation of the agreement.
October 20, 2020 (MLN): Novartis, a Swiss MNC with a multi-decade presence in Pakistan, has acquired a manufacturing facility to produce medicines locally. Novartis has an expansion plan that will bring an investment of about USD 20 million.
Taking his official Twitter handle, Advisor to PM for Commerce and Investment, Abdul Razak Dawood said, ‘this investment signifies that the regulatory reforms & competitive local landscape are being recognized as an opportunity by investors.’
‘This acquisition also shows the confidence of international companies to invest in the future of Pakistani Pharma industry and highlights the realization of increased ease in doing business in Pakistan’, he concluded.
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October 20, 2020: Fading hopes for a pre-election US stimulus and concerns about a fresh surge in virus infections in key economies weighed on Asian markets Tuesday, tracking a sharp sell-off on Wall Street.
With a deadline set for later in the day by House Speaker Nancy Pelosi, analysts said US lawmakers' long-running haggling over a much-needed rescue package for the world's top economy appears unlikely to bear fruit until after the November 3 vote.
Pelosi's spokesman said she held talks with Treasury Secretary Steven Mnuchin on Monday and would do so again Tuesday, adding they "continued to narrow their differences".
But there is a growing feeling that even if they do find an agreement -- with Donald Trump saying he is happy to even go past Pelosi's $2.2 trillion proposal -- Senate Republicans would still not be prepared to back a massive spending bill.
"While the two sides seemed to be getting closer to an agreement over the weekend, investors remain nervous that if a new package won't be accepted before the elections, the consumer economy could be in for a rough holiday season," said Gorilla Trades strategist Ken Berman.
And OANDA's Edward Moya added: "All signs point to no-deal until January."
Senate Majority Leader Mitch "McConnell does not want to do the president's deal because it will cost him political capital. It seems politicians are determined to show that they are trying to get the next additional stimulus package done, but no one should count on the action this year."
- Brexit saga drags on -
All three main indexes on Wall Street ended more than one percent down. And most of Asia followed suit, though the losses were smaller in early trade.
Tokyo, Shanghai, Sydney and Jakarta all eased 0.3 percent, Hong Kong eased 0.1 percent, while Seoul dropped 0.5 percent, Singapore shed 0.6 percent and Taipei dipped 0.2 percent. Wellington edged up.
The need for a stimulus is increasing with figures showing fresh infections across the US, fuelling concerns about the reimposition of economically damaging containment measures.
That comes as numerous European countries have been forced to put new targeted lockdowns in place as they struggle to contain a second wave.
Investors are also keeping tabs on post-Brexit trade talks, with Britain welcoming signals that the European Union was ready to intensify them but said its commitments did not yet go far enough to restart face-to-face negotiations.
Britain's chief negotiator David Frost said he held a "constructive discussion" with EU counterpart Michel Barnier but added on Twitter that the bloc "still needs to make a fundamental change in approach to the talks and make clear it has done so".
Prime Minister Boris Johnson's spokesman warned: "The UK continues to believe there is no basis to resume talks unless there is a fundamental change of approach from the EU."
Johnson has said he is willing to walk away without an agreement if Britain does not get what it wants.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.3 percent at 23,596.49 (break)
Hong Kong - Hang Seng: DOWN 0.1 percent at 24,529.17
Shanghai - Composite: DOWN 0.3 percent at 3,302.34
Euro/dollar: DOWN at $1.1765 from $1.1769 at 2100 GMT
Dollar/yen: UP at 105.54 from 105.40 yen
Pound/dollar: UP at $1.2942 from $1.2940
Euro/pound: UP at 90.93 pence from 90.92 pence
West Texas Intermediate: DOWN 0.9 percent at $40.48 per barrel
Brent North Sea crude: DOWN 0.8 percent at $42.29 per barrel
New York - Dow Jones: DOWN 1.5 percent at 28,195.42 (close)
London - FTSE 100: DOWN 0.6 percent at 5,884.65 (close).