Tag: DEBT
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Gwadar Port ready to handle bulk cargo to and...
October 18, 2019 (MLN): The Ministry of Commerce has issued a notification to all shipping agents, forwarders, NLC and shipping associations, informing that the Infrastructure at Gwadar Port is ready to handle bulk cargo to and from Afghanistan.
The bulk cargoes imported at Gwadar Port for onward transit to Afghanistan will be transported in containers after stuffing/loading the same into containers of international specifications, the notification said.
The number of cargoes under Afghan transit trade have increased by 44 percent, as 93,732 containers were shipped in FY19 as against 60,516 containers in FY18.
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FCEPL incurs losses worth Rs. 808 million
October 18, 2019 (MLN): FrieslandCampina Engro Pakistan Limited (FCEPL) has announced its financial results for the nine months ended on September 30, 2019. As per the results, the company incurred losses of Rs.808 million (LPS: Rs 1.05) as compared to the profits earned in last year.
During the period, the company’s net revenues were up by 19.91%, YoY, but more than a proportionate increase in the cost of sales (up by 27.15%) made the gross profits decreased by 12.12% from Rs. 4.4 billion to Rs. 3.8 billion. Therefore, the gross margin shrunk by 5 percentage points.
More notably, it bore 83.98% colossal finance cost from Rs. 471 million to Rs. 866 million when compared to the prior year owing to the higher interest rate. Moreover, the administrative and other operating expenses increased by 36.04% and 44.23% respectively.
Whereas, other income slumped by 15.99%, from Rs.396 million to Rs. 332 million, YoY.
Financial Results for the Nine Months Ended September 30th, 2019 ('000 Rupees)
| |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change |
Net Sales | 28,709,315 | 23,942,195 | 19.91% |
Cost of Sales | (24,832,171) | (19,530,401) | 27.15% |
Gross Profit | 3,877,144 | 4,411,794 | -12.12% |
Distribution and marketing expenses | (3,058,750) | (3,189,068) | -4.09% |
Administrative expenses | (891,966) | (655,687) | 36.04% |
Other operating expenses | (122,719) | (85,086) | 44.23% |
Other income | 332,861 | 396,236 | -15.99% |
Operating (loss) profit | 136,570 | 878,189 | -84.45% |
Finance cost | (866,897) | (471,184) | 83.98% |
(Loss)/Profit before taxation | (730,327) | 407,005 | - |
Taxation | (78,430) | 106,186 | - |
Profit after taxation | (808,757) | 513,191 | - |
Earnings per share - basic and diluted (Rupees) | (1.05) | 0.67 |
|
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Pound drops as Johnson faces battle to pass Brexit...
October 18, 2019: Sterling fell Friday as investors fret over Boris Johnson's chances of pushing his Brexit deal through parliament, while Asian markets were mostly down after data showed China's economy expanded at its slowest pace in nearly three decades.
The pound rallied almost to $1.30 on Thursday following news that negotiators had hammered out an agreement that would avoid Britain's leaving the EU without a divorce deal, a move many warn would be economically catastrophic.
However, the joy was soon tempered by the realisation that the British prime minister faces an uphill task in getting it past lawmakers, with opposition MPs and even some in his own Conservative party saying they were against it.
Most importantly, Northern Ireland's Democratic Unionist Party (DUP), which props up Johnson's government, said it was "unable to support these proposals".
AFP/APP
SBP to Conduct 7 Day OMO
Oct 18, 2019 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 7 day OMO to inject funds into the market.
Quotes timing is: 10:45 PST while result will be announced at: 11:15 PST
Settlement is same day - October 18, 2019
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FBR launches the Urdu website to facilitate the taxpayers
October 18, 2019: The Chairman Federal Board of Revenue Syed Muhammad Shabbar Zaidi has inaugurated the Urdu website of FBR.
The Urdu version of the website has been launched to facilitate the taxpayers.
The Urdu website offers online facilitation and services to the taxpayers about Income Tax, Sales Tax, Customs, and FBR Maloomaat. The Urdu version contains special features that contain a useful reservoir of information relating to taxation and customs.
Urdu website can be accessed by clicking on the Urdu button on the FBR’s website fbr.gov.pk.
