Home CPEC CPHGC Power Plant to complete in August 2019: Chinese Embassy

CPEC

CPHGC Power Plant to complete in August 2019: Chinese Embassy

By

-

July 17, 2019

PACRA assigns long-term AA rating to CPHGC

July 17, 2019: China Power Hub Generation Company is soon to complete its 2×660 MW coal-fired power plant in Hub, Balochistan.

Deputy Chief of Mission (DCM), Chinese Embassy Mr. Lijian Zhao congratulated Pakistan in his tweet on Tuesday, by saying that the CPHGC power plant in Hub Balochistan will be completed in August. It is the largest project under CPEC in Balochistan. It created 2900 local jobs.

The CPHGC project, located in Hub, Balochistan, is a joint venture between China-Pakistan International Holding — a state owned entity — and the Hub Power Company Ltd (Hubco) with 74 percent and 26 percent ownership respectively.

Copyright Mettis Link News

Posted on: 2019-07-17T12:59:00+05:00

28964

Most Recent

NRL’s net losses shrink by 72% YoY during 1HFY21

January 26, 2021 (MLN): National Refinery Limited (NRL) has incurred losses of Rs 822 million during 1HFY21 ended December 31, 2020, depicting a decline of 72.44% YoY against a net loss of Rs 2.98 billion in the same period of last fiscal year.

This has translated into a loss per share which clocked in at Rs 10.29 against the loss per share of Rs 37.33 in the aforementioned period.

According to the financial results issued to PSX, the company made losses due to a 26% YoY decline in 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 28%, the company still made a gross loss of Rs 211 million i.e. almost 92% YoY lower than the same period of last year.

During 1HFY21, the company witnessed a decrease in its major expense heads as distribution & administrative expenses came down by 27.6% YoY and 4% YoY respectively, giving some relief to the financial position of NRL. The Finance cost, too, depicted a decline of 64.4% YoY owing to a lower interest rate regime.

Meanwhile, the company received tax credit amounting to 192 million i.e. 78% YoY lower as compared to the same period last year.

Profit and Loss Account for the half-year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Revenue from contracts with customers	93,051,424	108,148,601	-13.96%
Trade discounts, taxes, duties, levies and price differentials	(33,443,794)	(27,484,758)	21.68%
Net revenue from contracts with customers	59,607,630	80,663,843	-26.10%
Cost of sales	(59,818,920)	(83,191,596)	-28.09%
Gross loss	(211,290)	(2,527,753)	-91.64%
Distribution cost	(320,479)	(442,566)	-27.59%
Administrative expenses	(419,730)	(437,452)	-4.05%
Other income	191,720	236,023	-18.77%
Other operating expenses	(9,732)	(10,177)	-4.37%
Operating loss	(769,511)	(3,181,925)	-75.82%
Finance cost	(245,440)	(689,420)	-64.40%
Loss before taxation	(1,014,951)	(3,871,345)	-73.78%
Taxation	192,384	886,372	-78.30%
Loss after taxation	(822,567)	(2,984,973)	-72.44%
Loss per share - basic and diluted (rupees)	(10.29)	(37.33)	-72.44%

Copyright Mettis Link News

FFBL witnesses a turnaround in annual profits

January 25, 2021 (MLN): Fauji Fertilizer Bin Qasim (FFBL) has witnessed a turnaround in earnings as its profits after tax for the CY20 clocked in at Rs 6 billion against the net loss of Rs 8.37 billion in CY19.

This reflected in the company’s earnings per share which stood at Rs 6.23 in the period mentioned above as opposed to a loss per share of Rs 6.15 per share in the previous year.

The company managed to post positive earnings largely on the back of an uptick in DAP volumes along with an uptrend in DAP prices, a decline in fuel gas prices due to GIDC elimination, and better pricing dynamics.

During the year, the company registered a 20.3% YoY increase in revenues while its cost of sales jumped by 14.5 % YoY, as a result, the gross profits of the company witnessed a growth of 52.7 % YoY. In addition, the gross margins of the company jumped by 4ppts from 15% to 19%.

The company’s earnings further strengthened by lower finance cost (down by 15.8% YoY) and a higher share of profits from associates (up by 44.5% YoY).

With regards to FFBL’s major expense heads, its admin cost declined by 16.9% YoY, Selling and distribution cost nosedived by 9.3% YoY and its tax expenses shrank by 24% YoY, all these further provided support to pull the company’s bottom-line in green.

Consolidated Profit and Loss for the year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Sales-net	98,060,962	81,520,667	20.3%
Cost of Sales	(79,159,441)	(69,139,520)	14.5%
Gross Profit	18,901,521	12,381,147	52.7%
Selling and distribution cost	(6,441,218)	(7,103,557)	-9.3%
Administrative expenses	(2,005,635)	(2,412,601)	-16.9%
	10,454,668	2,864,989	264.9%
Finance costs	(8,344,459)	(9,909,862)	-15.8%
Other operating expenses	(555,196)	(807,238)	-31.2%
Allowance for expected credit losses	(505,040)	(391,459)	29.0%
Other Income	1,260,906	1,369,318	-7.9%
Share of profit of associates and joint venture- net	4,454,881	3,082,969	44.5%
Remeasurement gain in GIDC-net	2,740,855	-	#DIV/0!
Profit/Loss before taxation	9,506,615	(3,791,283)
Taxation-net	(3,473,107)	(4,580,554)	-24.2%
Profit/Loss after taxation	6,033,508	(8,371,837)
Earnings/Loss per share - basic and diluted (Rupees)	6.23	(6.15)

CPHGC Power Plant to complete in August 2019: Chinese Embassy

Most Recent

NRL’s net losses shrink by 72% YoY during 1HFY21

ECC to approve agreements for 300 MW Coal Power...

FFBL witnesses a turnaround in annual profits

PKR strengthens by 16 paisa against greenback

Hi-Tech Lubricants starts expansions at plant site of its...

Popular Posts

Key Pakistan Market Stats and Economic Indicators

Fruits and vegetables’ prices grow on the whole

Telephone Industry to be revived into a profitable entity: Omar Ayub

Engro Polymer signs contract with Chinese firm for manufacturing facility with 100,000 MT capacity

CA balance July, light at the end of the tunnel

Most Viewed

Asian stocks at record highs as Biden inauguration lifts stimulus hopes

Gold prices edge up on prospects of US fiscal package

PSX Closing Bell: Nervous Shakedown

NRL’s net losses shrink by 72% YoY during 1HFY21