August 21, 2019: European stock markets rose in initial trading on Wednesday, as investors shrugged off losses elsewhere.
In initial deals, the British capital's benchmark FTSE 100 index gained 0.4 percent to 7,151.86 points compared with the closing level on Tuesday.
In the Eurozone, Frankfurt's DAX 30 also added 0.4 percent to 11,698.83 points and the Paris CAC 40 won 0.6 percent to 5,378.94.
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February 25, 2020 (MLN): One of the largest Independent Power Producer pf Pakistan, Hub Power Company Ltd. (HUBC) has announced its financial results for the half-year ended December 31, 2020. As per results, the company has witnessed a robust growth of 102.23% in its net profits, standing at Rs 11.51 billion which translated into an EPS of Rs 8.52.
The rise in HUBC’s consolidated earnings was mainly attributable to the commencement of China Power Hub Generation Company (CPHGC) and PKR depreciation against USD.
During the period under review, the company’s turnover dipped by 20.62% YoY compared to sales in the corresponding period last year on the back of lower off-take from Hub pant and Narowal Plant as both plants remained shut down from Oct 19 to Nov 19.
HUBC’s gross margins were impressive as it expanded from 30% to 59% on an account of growing PCE Element in the capacity payments of Hub plant during the last quarter.
More notably, the share of profit of associate clocked in at Rs 5.15 billion against the loss of Rs 193 million due to rising earnings from CPHGC.
On the other hand, the company bore a colossal increase in finance cost which stood at Rs 6.25 billion, up by 2.12 times YoY owing to higher interest rate and markup on long term loans acquired to finance new projects.
Profit and Loss Account for the Half-year Ended December 31st 2019 (Rupees in '000) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change |
Turnover | 24,653,589 | 31,059,378 | -20.62% |
Operating costs | (10,182,031) | (21,648,514) | -52.97% |
Gross Profit | 14,471,558 | 9,410,864 | 53.78% |
General and administration expenses | (830,000) | (675,629) | 22.85% |
Other income | 160,115 | 224,888 | -28.80% |
Other operating expenses | (26,271) | (5,765) | 355.70% |
Profit from operations | 13,775,402 | 8,954,358 | 53.84% |
Finance costs | (6,251,021) | (2,935,597) | 112.94% |
Share of gain/loss from associates | 5,153,226 | (193,455) | - |
Loss on shares to be transferred to GoB | (1,009,029) | - | - |
Profit before taxation | 11,668,578 | 5,825,306 | 100.31% |
Taxation | (157,888) | (144,589) | 9.20% |
Profit for the year | 11,510,690 | 5,680,717 | 102.63% |
Basic and diluted earnings per share - in Rupees | 8.52 | 4.51 | 88.91% |
Copyright Mettis Link News
February 25, 2020 (MLN): The Chief Executive Officer (CEO) of Mian Textile Mills, has received a letter from Mr Ali Arif of Akro &Excelsior LLC (Texas-based foreign entity) for the acquisition of the shareholding of CEO/Directors and their relatives in the company.
In this respect, both parties have decided to enter into an MOU after negotiation of initial terms & conditions.
Copyright Mettis Link News
February 25, 2020 (MLN): The Board of Directors of Service Fabrics Limited have considered the option to purchase assets of Amer Hotel, Lahore, in a bid to revive the operations of the company. According to a notification sent by the company in this regard, the proposed acquisition will be financed by the two directors of the Company who are also the majority owners of the hotel currently.
The valuation of the assets of the Hotel has been carried out by Madadgar (duly registered valuator with Pakistan Banks’ Association) in January 27, 2020. Whereas as the assessment of goodwill of continuing business has been carried out by Aamir Salman Rizwan Chartered Accountants (a QCR compliant firm with Institute of Chartered Accountants of Pakistan) in January 7, 2020.
Based on the respective valuations, the consideration value of the acquisition transaction has been arrived as follows:
Basis | Amount (Rupees) |
Valuation of Land carried by Madadgar Valuators | 400,000,000 |
Valuation of Buildings carried by Madadgar Valuators | 114,100,000 |
Valuation of AC Plants and Equipment carried by Madadgar Valuators | 23,800,000 |
Present Value @ 10% of current net profit per year with the growth of 10% p.a. from the Hotel Business for next 10 years as Goodwill of the running business (the net profit for the 2019 has been agreed at Rs. 7 million the present value of which with increase of 10% per anum works out to be) carried by Aamir Salman Rizwan Chartered Accountants, Lahore | 130,333,153 |
Total Valuation | 668,233,153 |
The Board of Directors has decided to go ahead with the acquisition of the hotel and this acquisition shall be earnings accretive immediately after the acquisition.
Copyright Mettis Link News
February 25, 2020: Prime Minister Imran Khan says there is a lot of tourism potential in Pakistan and promotion of the sector would not only strengthen the economy but also create business and job opportunities.
The prime minister stated this while chairing a meeting in Islamabad on the promotion of environment-friendly tourism in the country.
He directed to lay down a policy about the promotion of tourism, keeping in view the environmental, natural beauty and local values and traditions.
He asked to formulate an advance policy and necessary measures regarding the provision of facilities to the tourists on their arrival in the Northern Areas.
Chairing another high-level meeting regarding highlighting the identity of the country in Islamabad, Imran Khan directed the Special Assistant on Information and Broadcasting to make efforts to highlight Pakistan's true identity at the national and global level.
The meeting was informed that significant achievements made under the present government at diplomatic and domestic fronts have raised the dignity of the country.
The meeting was briefed that after decades, Pakistan is not fighting anyone else's war, but it is playing an active role in promoting peace in the world.
The role in the peace efforts in Afghanistan, efforts to promote unity in the Muslim Ummah, partnership with China for development of the country and the region with CPEC and acknowledgement from world powers for regional peace reflect changing Pakistan.
The meeting was informed that due to efforts of the present government country's economy is on the path of growth.
It is for the first time in the country's history that Pakistan's Prime Minister has raised voice against money laundering at the platform of the United Nations.
Radio Pakistan
Feb 25, 2020: Asian markets were mixed Tuesday as bargain-buying after the previous day's bloodbath tempered fears that the coronavirus will develop into a pandemic and hammer the global economy.
News at the weekend that COVID-19 was now spreading and claiming lives far beyond China sparked a flood to safety on trading floors across the world, with the Dow on Wall Street suffering its worst day in two years.
With the death toll at around 2,700 and 80,000 infected, the World Health Organization said the outbreak had "peaked" in China but warned that all countries should prepare for a "potential pandemic".
"As the number of COVID-19 infections outside of China rises, investors are considering the potential ramification on the global economy beyond weaker growth in China and supply chain disruptions," JP Morgan Asset Management's Tai Hui said in a note.
"Equity markets will remain volatile in the near term, driven by new infection numbers around the world."
Tokyo led losses as markets reopened to play catch-up with Monday's global sell-off.
The Nikkei ended the morning three percent lower, while Sydney and Wellington each shed 1.3 percent and Shanghai lost 0.9 percent.
Taipei and Jakarta were also lower. However, Hong Kong rose 0.2 percent and Seoul added 0.6 percent having plunged almost four percent Monday in reaction to a spurt of infections in South Korea at the weekend.
- Buying opportunity -
While the region is suffering another broad retreat, the losses are being tempered by bargain-buying, while reports said a US firm had developed a possible vaccine that had been sent for testing.
And analysts said the recent losses would provide a good buying opportunity as they looked past the virus and contemplated an improving economic outlook.
World markets had been rallying at the start of the year on hopes for global growth in the wake of the China-US trade pact and as indicators suggested a slowdown appeared to be bottoming out.
David Wong, an investment strategist at AllianceBernstein in Hong Kong, said: "The benefit of global quantitative easing and the trade war truce should ultimately provide more upside to the global economy than the coronavirus will apply downside risk."
The return to equity markets also saw gold fall sharply, losing more than two percent after hitting a seven-year high on Monday.
Oil prices, which tanked around 3.8 percent, were also slightly higher, though concern about the impact on demand for the commodity in China -- the world's top crude consumer -- was keeping gains subdued.
High-yielding, riskier currencies were also benefitting, with the South Korean won up 0.8 percent, Australia's dollar 0.5 percent higher and the Mexican peso gaining 0.8 percent.
AFP/APP
