September 21, 2020: Special Assistant to the Prime Minister on Petroleum, Nadeem Babar has said that the government is working on an integrated energy plan to meet the energy needs of the country.
Talking to newsmen in Lahore, he said there is a dire need to shift Sui Southern Gas Pipelines Limited on LNG to meet its gas shortfall.
Nadeem Babar said that we will start offshore oil and gas exploration in December this year.
Radio Pakistan
37005
October 28, 2020: Pakistan and Afghanistan have signed Customs Mutual Assistance Agreement for establishment of Electronic Data Interchange.
The agreement was signed by Member (Customs-Operation), FBR Syed Muhammad Tariq Huda and Director General of Afghan Customs Department, Khalillulah Saleh Zad on behalf of their respective organizations in Islamabad.
During the signing ceremony, Afghanistan's Minister of Commerce and Industry, Nisar Ahmad Ghoriyani and Chairman FBR Muhammad Javed Ghani were also present.
The agreement will ensure reduced clearance time as well as optimum trade facilitation for import, export and transit cargo between the two countries.
It will also ensure reduced risk of evasion of duties and taxes and effective control over smuggling.
Radio Pakistan
October 28, 2020: European stock markets tanked at the open on Wednesday as investors fretted over speculation about the imminent introduction of tighter lockdown measures to combat soaring coronavirus infection rates, dealers said.
In initial deals, the benchmark Paris CAC 40 shares index nosedived 3.2 percent to 4,579.89 points, Frankfurt's DAX 30 tumbled 2.9 percent to 11,709.39 and London's FTSE 100 sank 2.2 percent to 5,605.59. Other markets were also down sharply.
"The double whammy of fears of further lockdowns crimping any tentative economic recovery in the UK and Europe, and a follow-through of overnight weakness from the US-based partly on the lack of further stimulus, have had a negative impact on investor sentiment," Interactive Investor analyst Richard Hunter told AFP.
AFP/APP
October 28, 2020 (MLN): Nishat Mills Limited (NML) has declared its financial results today for the quarter ended September 30th, 2020, according to which it has posted its net profits of Rs 1.69 billion (EPS: Rs 3.52), down by 26.40% YoY compared to the same period last year net profit of Rs 2.29 billion (EPS: Rs 4.67).
According to the research note by AKD, the decline in earnings is primarily attributable to a 70% YoY decline in other income, which is due to the absence of dividend income from MCB following the SBP's moratorium on payouts. (MCB contributed PKR1.0 per share to NML’s pre-tax earnings in 1QFY20).
During the period, the top-line earnings of the company increased marginally by 0.30% YoY while the cost of sales rose by 6% YoY. Accordingly, gross margin shrank from 20% to 16% during the said period which was partially offset by lower other expenses (down by 65.6% YoY).
However, a 28% decline in finance cost to Rs 485 million along with the share of profit from the associates of Rs 355 million provided much-needed respite to the bottom line.
Consolidated Profit and Loss Statement for the quarter ended September 30th, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change |
Revenue | 25,554,947 | 25,477,386 | 0.30% |
Cost of Sales | (21,546,236) | (20,316,100) | 6.05% |
Gross Profit | 4,008,711 | 5,161,286 | -22.33% |
Distribution cost | (1,446,472) | (1,548,121) | -6.57% |
Administrative expenses | (522,771) | (502,624) | 4.01% |
Other expenses | (81,764) | (237,655) | -65.60% |
total expenses | (2,051,007) | (2,288,400) | -10.37% |
| 1,957,704 | 2,872,886 | -31.86% |
Other income | 157,398 | 521,367 | -69.81% |
profit from operation | 2,115,102 | 3,394,253 | -37.69% |
Finance cost | (485,466) | (673,640) | -27.93% |
| 1,629,636 | 2,720,613 | -40.10% |
share of profit/(Loss) from associates | 355,902 | (118,447) |
|
Profit before taxation | 1,985,538 | 2,602,166 | -23.70% |
Taxation | (294,467) | (304,526) | -3.30% |
Profit for the period | 1,691,071 | 2,297,640 | -26.40% |
Earnings per share - basic and diluted (Rupees) | 3.52 | 4.67 | -24.63% |
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October 28, 2020 (MLN): Major automaker Indus Motors (PSX: INDU)’s net profits for the quarter ended on September 30th, 2020 have surged by 40% YoY to Rs 1.84 billion as apposed to Rs 1.3 billion reported at the end of 1QFY20.
This translated into earnings per share which clocked in at Rs 23.48 against Rs 16.78 stood in the same quarter last year.
The increase in profitability was attributable to higher revenues and the other income during the quarter.
The sales revenue of the company jumped remarkably by 65% YoY to Rs 34 billion mainly due to 75% YoY volumetric growth on the back of Yaris (51% of volumes) to 11,715 units, compared to 6,707 units in 1QFY20. To note, company sold 6,009 units of Yaris, Corolla 3,614 units, Fortuner 390 units and Hilux 1,702 units during the quarter.
Despite rise in sales, the company’s gross margins plunged to 7% from 10%. According to the report by Shajar Capital, this was due to depreciation of USDPKR and JPYPKR respectively by 5.68% YoY and 6.76%YoY to Rs166.96/USD and Rs1.57/JPY in the international markets. On the contrary, CRC prices has plunged by 8% YoY in 1QFY21 to USD 519/MT in the international markets.
Moreover, the other income of the company witnessed an upsurge of 56.67% YoY to Ra 1 billion amid drastic surge in short term investments (PIBs and T-Bills).
On the tax front, the effective rate during the quarter was set at 30% in contrast to 26% in 1QFY20.
Alongside financial results, the company declared an interim cash dividend of Rs 12.00 per share for the quarter mentioned above compared to Rs 7.00 per share in 1QFY20.
Financial results for the Quarter September 30th, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change |
Net sales | 34,194,928 | 20,716,040 | 65.06% |
Cost of sales | (31,906,778) | (18,707,669) | 70.55% |
Gross profit | 2,288,150 | 2,008,371 | 13.93% |
Distribution expenses | (226,027) | (400,324) | -43.54% |
Administrative expenses | (316,072) | (324,219) | -2.51% |
Other operating expenses | (8,655) | (48,028) | -81.98% |
Workers' Profit Participation Fund and Workers' Welfare Fund | (146,112) | (131,867) | 10.80% |
Other income | 1,088,536 | 694,782 | 56.67% |
Finance cost | (34,092) | (19,466) | 75.14% |
Profit before taxation | 2,645,728 | 1,779,249 | 48.70% |
Taxation | (800,358) | (460,514) | 73.80% |
Profit after taxation | 1,845,370 | 1,318,735 | 39.93% |
Earnings per share - basic and diluted (Rupees) | 23.48 | 16.78 | 39.93% |
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October 28, 2020 (MLN): The Board of Directors of Kot Addu Power Company Limited (KAPCO) has appointed Mr. Aftab Mahmood butt has the Chief Executive Officer of the Company for a period of two years with effect from August 1, 2020,
He has previously worked as a General Manager-Finance & Corporate Planning at Pakistan Electric Power Co. and Secretary & Member at Corporate & Industrial Restructuring Corp.
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