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Surge in value-added exports lifts Textile Exports in 7MFY20

February 19, 2020 (MLN): The overall exports of the textile group, during the month of January 2020 stood at $ 1.19 billion i.e. around 4.59 % higher as compared to the previous month and an increase of 2.25% as compared to the same period last year.

According to the research note by BIPL securities, the meagre YoY increase was attributed to a 3% YoY increase in the value-added exports on the back of an increase of 5% YoY in readymade garments when compared with the same period last year. Also, the non-value added export slightly went up by 1% YoY due to cotton yarn exports, registering an increase of 10.4% YoY.

On a sequential basis, a 4.59% increase in textile exports was accredited to a growth of 20% MoM in non-value added textile exports. Conversely, the value-added part showed a negligible growth of 1% MoM as per BIPL research.

During 7MFY20, the overall exports of textile group witnessed an increase of 3.68% YoY to stand at $8.09 billion against $7.8 billion, as per the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities.

The segment-wise analysis revealed that value-added reported growth of 6% while non-value added depicted the decline of 2% on a cumulative basis, the research added.

The report highlighted that cotton production stood at 8.6 bales, down by 20% YoY as opposed to 10.7 bales in the same period last year. The key reasons for the low productivity of cotton crop were heatwave, heavy rainfall and pest attacks.

Going forward, it is expected that textile exports might suffer in the medium term on account of ongoing Coronavirus in China which might hamper Pakistan’s exports with China, the report added.

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Hascol’s CEO steps down from his position

February 19, 2020 (MLN): Hascol Petroleum Limited on Wednesday announced that Mr. Saleem Butt has submitted his resignation as CEO of the Company due to personal reasons, which was accepted by the Board subject to ninety days’ notice as per his employment contract commencing from December 20, 2019.

The Board in its meeting held today has shortlisted a candidate for appointment as the Chief Executive Officer in place of Mr. Saleem Butt, who will be appointed once all legal formalities are completed at which point a separate notice will be issued by the company.

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Global internet provider VEON’s top official calls on PM

February 19, 2020: Sergi Herrero, Chief Operations Officer of VEON/Jazz, a leading global provider of connectivity and internet services called on Prime Minister Imran Khan here on Wednesday.

Chairman Board of Investment Syed Zubair Gilani and head of Digital Pakistan programme Tania Aidrus were present in the meeting, said a PM Office media statement issued here.

Sergi Herrero thanked the Prime Minister and the government for providing competitive and transparent working environment for the telecom companies.

He informed that Jazz Pakistan has launched "Internet for all" campaign that includes affordable mobile phones with internet connectivity for social media, Jazz Cash and the Prime Minister's Citizens Portal.

The provision of this service will help enable citizens to undertake economic activity at small and medium scale and will promote good governance.

The Prime Minister said Pakistan has great investment potential in communication and energy sector.  

He appreciated the long association of VEON with Pakistan having 9 billion dollars investment and serving 60 million subscribers with multitude of services.

The Prime Minister said his government has launched "Digital Pakistan" initiative with the aim to provide a platform to the Pakistani youth to become independent and drivers of economic growth.

He said under the Digital Policy, the government has aimed to increase the size of Pakistani ICT industry to 20 billion dollars in next few years.

 

Global Stocks rally on strong jobs data

European stocks rise at open

Feb 19, 2020: European stock markets advanced at the start of trade on Wednesday, with London's benchmark FTSE 100 index up 0.6 percent at 7,423.19 points.

In the eurozone, Frankfurt's DAX 30 index won 0.4 percent to 13,733.70 points and the Paris CAC 40 also added 0.4 percent to 6,077.75 compared with Tuesday's closing levels.

AFP/APP

Indus Motor reports another decline in profits

February 19, 2020 (MLN): Indus Motor Company Limited (INDU) has declared earnings of Rs. 2.3 billion (EPS: Rs. 29.32) for the six months ended December 31, 2019, showing a decline of 66.6% as compared to same period of previous year.

The company also announced an Interim Cash Dividend for the quarter ended December 31, 2019, at Rs. 6 per share i.e. 60%. This is in addition to First Interim Cash Dividend already paid at Rs. 7 per share i.e. 70%.

The fall in profits was a clear outcome of decline in top-line earnings by 44%, which in turn resulted from lower volumetric sales. Despite a fall in the cost of sales and higher vehicle prices, the company’s gross earnings fell by 62.5% on the back of limited power of company to pass on the impact of rising input costs on to consumers.

An increase in capital expenditure, combined with lower S.T Investment further shook the financial position as it resulted in a approx. 42% fall in non-core income.

Financial results for the half year ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Net sales

42,775,279

76,446,801

-44.05%

Cost of sales

(39,008,106)

(66,389,473)

-41.24%

Gross profit

3,767,173

10,057,328

-62.54%

Distribution expenses

(737,681)

(662,583)

11.33%

Administrative expenses

(691,006)

(596,784)

15.79%

Other operating expenses

(95,834)

(77,853)

23.10%

Workers' Profit Participation Fund and Workers' Welfare Fund

(236,779)

(751,523)

-68.49%

Other income

1,226,920

2,098,084

-41.52%

Finance cost

(37,984)

(27,884)

36.22%

Profit before taxation

3,194,809

10,038,785

-68.18%

Taxation

(890,320)

(3,126,720)

-71.53%

Profit after taxation

2,304,489

6,912,065

-66.66%

Earnings per share - basic and diluted (Rupees)

29.32

87.94

-66.66%

 

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