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An aggressive drive to be undertaken for registration of industrial, commercial consumers: FBR

October 4, 2019

October 4, 2019 (MLN): Chairman of Federal Board of Revenue (FBR), Shabbar Zaidi has demanded all industrial and commercial consumers to register themselves for tax purposes.

Taking it to twitter on Friday, the Chairman said that FBR had been using persuasive modes operandi for the registrations of all industrial as well as commercial consumers.

In order to achieve the desired results, an aggressive drive will be undertaken from October 15, 2019, he informed.

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Posted on: 2019-10-04T14:20:00+05:00

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Earning Review: HBL’s earnings wither by 10% in 9MFY19

October 15, 2019 (MLN): Habib Bank Limited has announced its financial results for the nine months ended on September 30, 2019, as per which, it has posted net profits of Rs. 8.8 billion (EPS: Rs. 5.89), i.e. around 10.9% lower than the same period of last year.

While the markup interest income of the bank depicted positive growth due to higher yields, the non-markup interest income slumped by 4.3% on account of losses associated with hedging instruments and sale of securities.

The operating expenses of the bank surged by 22% as a result of ongoing business transformation.

An interim Cash Dividend for the quarter ended on September 30, 2019 was also announced at Rs. 1.25 per share, i.e. 12.5%. This is in addition to the interim Cash Dividend already paid at Rs. 2.5 per share i.e. 25%.

Consolidated Profit and Loss Account for the nine months ended September 30,2019 (Rupees '000)
	Sep-19	Sep-18	% Change
Mark-up/return/profit/interest earned	182,631,441	117,074,265	56.00%
Mark-up/return/profit/interest expensed	108,573,082	56,962,724	90.60%
Net mark-up/return/profit/interest income	74,058,359	60,111,541	23.20%
Non mark-up/interest income
Fee, commission and brokerage income	15,456,596	12,739,687	21.33%
Dividend income	367,646	636,969	-42.28%
Share of profits of associates and joint venture	2,212,652	2,324,938	-4.83%
Foreign Exchange Income	302,575	444,090	-31.87%
(Loss) / income from derivatives	(657,532)	(361,337)	81.97%
(Loss) / gain on securities	(2,411,531)	357,300
Other income	506,627	354,547	42.89%
Total non-mark-up /interest income	15,777,033	16,496,194	-4.36%
Total Income	89,835,392	76,607,735	17.27%
Non mark-up/interest expenses
Operating expenses	(68,969,691)	(56,266,809)	22.58%
Other charges	(404,057)	(465,994)	-13.29%
Workers' Welfare Fund	(393,094)	(330,051)	19.10%
Total non-mark-up/interest expenses	(69,766,842)	(57,062,854)	22.26%
Profit/(loss) before taxation	20,068,550	19,544,881	2.68%
Provision and write offs-net	(1,783,344)	(1,863,380)
Taxation	(9,460,517)	(7,771,355)	21.74%
Profit/(loss) after taxation	8,824,689	9,910,146	-10.95%
Earnings per share - basic and diluted (Rupees)	5.89	6.57	-10.35%

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NRL’s quarterly losses decline by 36%

October 15, 2019 (MLN): National Refinery Limited (NRL) has announced its financial earnings for the quarter ended on September 2019, wherein the company posted a significant decline in its losses to Rs 678.7 million against Rs 1 billion incurred in same period last quarter.

This translated in to loss per share which clocked in at Rs8.49, marking a decline of 36.3% from Rs 13.33 in corresponding period last year.

The decline in losses largely came on the back of lower cost of sales along with the rise in other income by 12.63% YoY. In addition, finance cost also dropped by a substantial amount of Rs 97 million, which further helped in declining company’s net losses.

Furthermore, the company also witnessed 39%YoY decline its operating losses which provided comfort to the earnings.

Profit and Loss Account for the quarter ended September 30th 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Gross sales	52,332,426	53,227,258	-1.68%
Trade discounts, taxes, duties, levies and price differentials	(13,064,811)	(11,968,195)	9.16%
Net sales	39,267,615	41,259,063	-4.83%
Cost of sales	(39,455,909)	(41,780,504)	-5.56%
Gross profit/(loss)	(188,294)	(521,441)	-63.89%
Distribution cost	(196,882)	(190,553)	3.32%
Administrative expenses	(234,402)	(227,412)	3.07%
Other income	101,773	90,359	12.63%
Other operating expenses	(5,036)	(4,122)	22.17%
Operating profit/(loss)	(522,841)	(853,169)	-38.72%
Finance cost	(370,870)	(467,937)	-20.74%
Profit/(loss) before taxation	(893,711)	(1,321,106)	-32.35%
Taxation	214,946	254,938	-15.69%
Profit/(loss) after taxation	(678,765)	(1,066,168)	-36.34%
Earnings per share - basic and diluted (rupees)	(8.49)	(13.33)	-36.31%

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An aggressive drive to be undertaken for registration of industrial, commercial consumers: FBR

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