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European stocks drop at open

October 21, 2021: European stock markets retreated at the start of trading on Thursday following a sharp loss in Tokyo.

London's benchmark FTSE 100 index shed 0.5 percent to 7,187.60 points.

In the eurozone, Frankfurt's DAX index lost 0.7 percent to 15,421.42 points and the Paris CAC 40 declined 0.6 percent to 6,664.22.

Tokyo's benchmark Nikkei index slumped 1.9 percent Thursday.

AFP/APP

Dollar advances to another new high

October 21, 2021 (MLN): US Dollar (USD) has surged to a new high of 173.75 against Pakistani Rupee (PKR) in an intraday trade on Thursday in an interbank market.

The domestic currency has weakened by 28 paisa (12:32 PST) when compared to the previous day’s close of 173.47 against the greenback.

While the decision on FATF will take a few more days. Reports are that review of 6th IMF program is moving onwards, said Asad Rizvi, Former Treasury Head-Chase Manhattan Bank in the morning.

However, Forex and the Fixed income market will remain anxious until the final outcome. The delay could see the PKR making yet another attempt to test yesterday's historical high of 173.50, he noted.

Copyright Mettis Link News

NRL: Bottomline turns green

October 21, 2021 (MLN): National Refinery Limited turned profitable during 1QFY22 ended September 30, 2021, as it posted a net profit of Rs406million (EPS: Rs5.08), against losses of Rs1.31billion (LPS: Rs16.40) in the same period a year earlier (SPLY).

The profitability is mainly attributable to the increase in net revenue.

Going by the financial statement sent to PSX, the company witnessed a jump in net revenue from contracts with customers by 66.21%YoY, which resulted from lesser trade discounts offered to the customers, taxes, duties, and levies.

Similarly, the financial cost of the company has soared by 10x during the review period to Rs1.53bn whereas non-core expenses ballooned by 18x YoY to Rs56.13mn.

The distribution cost of the company climbed by 2.26x to stand at Rs279.8mn while the administrative expenses up by 1.67% YoY.

On the taxation front, the company also paid Rs220mn in terms of tax during 1QFY22 against the incentives/subsidy of Rs418.29mn received in the SPLY.

Profit and Loss Account for the quarter ended September 30th 21 ('000 Rupees)

 

Sep-21

Sep-20

% Change

Gross sales

54,045,724

42,630,047

26.78%

Trade discounts, taxes, duties, levies and price differentials

(8,733,270)

(15,367,807)

-43.17%

Net sales

45,312,454

27,262,240

66.21%

Cost of sales

(42,660,094)

(28,602,766)

49.15%

Gross profit/(loss)

2,652,360

(1,340,526)

-

Distribution cost

(279,780)

(123,781)

126.03%

Administrative expenses

(210,165)

(206,716)

1.67%

Other income

47,072

 95,146

-50.53%

Other operating expenses

(56,125)

(3,117)

1700.61%

Operating profit/(loss)

2,153,362

(1,578,994)

-

Finance cost

(1,527,192)

(150,396)

915.45%

Profit/(loss) before taxation

626,170

(1,729,390)

-

Taxation

(220,202)

418,290

-

Profit/(loss) after taxation

405,968

(1,311,100)

-

Earnings per share - basic and diluted (rupees)

5.08

(16.40)

-

Copyright Mettis Link News

Banking sector spread compresses by 15 bps MoM in...

October 21, 2021 (MLN): The Banking sector spread for September 2021 shrunk by 15.05 basis points (bps) over the month which brings its latest value to 4.11% as compared to prior month's spread of 4.26%.

According to the monthly data released by State Bank of Pakistan on Weighted Average Lending & Deposit Rates, the banking spread has depressed by 47 bps as compared to the same period last year.

Copyright Mettis Link News

300MW Gwadar Power Plant to start functioning by 2023

October 21, 2021: A 300 megawatts coal-fired Gwadar Power Plant would start functioning from October 2023, said official sources.

The power plant would cater the needs of some 150,000 people of Gwadar by the end of 2023 under the 2050 Master Plan of Gwadar.

The power plant of independent power producer, is one of the key energy projects on the China Pakistan Economic Corridor (CPEC).

The project aimed at improving reliability on local power supply would help gradually solving the problems in current economic development and urban construction in Gwadar region being restricted by the shortage of power.

“We are currently spending millions of dollars per annum to generate electricity from diesel generators. I hope the plant would be operationalise soon to solve the port’s power scarcity issues. The power plant is of great significance to deepening the energy cooperation between China and Pakistan, boosting the development of the Belt and Road Initiative, improving the overall power structure of Balochistan, and promoting local economic development in Gwadar Port.

All major projects under CPEC in Gwadar, including Gwadar Power Plant, the New Gwadar International Airport Project, the China Pak Friendship Hospital, China-Pak Technical and Vocational Institute in Gwadar, the Gwadar East-bay Expressway Project, Gwadar Free Zone, and Gwadar Port would become a shining pearl in the region.

APP

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