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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.

Norway overtakes China as top direct foreign investor in...

October 17, 2019 (MLN): With the revival of Foreign Direct Investment (FDI) in Pakistan, Norway appeared as the biggest investor during 1QFY20, as its net FDI inflows into the country stood at US$ 263.7 million, according to the latest data published by State Bank of Pakistan (SBP).

When compared with the same period last year, it divested US$ 24.5 million. This indicates that investors’ confidence was restored with the implementation of the International Monetary Fund (IMF) stabilization and reform program.

While, China which has been the top investors since few months due to its ongoing China-Pakistan Economic Corridor (CPEC) projects in Pakistan, has emerged as a second-leading country during Jul-Sept 2019 with FDI of $103 million, marking a decline of 69% YoY from $ 336.6 million in the same period last year.

The United Kingdom came at number three, its net FDI inflows into the country witnessed an increase of 18% YoY to $77.7 million as compared to US$ 66million in Jul-Sept 2018.

Next in line is Malaysia, as it brought net direct investments of $25 million compared with $7.5 million in the corresponding period last year.

With regards to other countries, FDI from the United States stood at $22.5 million, went up by 18% YoY from $19 million, while FDI from Japan, UAE, and Turkey recorded at $24 million, $16.9 million and $15.2 million respectively. Net inflows from Japan declined by 17%, whereas, investments from the UAE and Turkey grew by 18% and 40% YoY respectively during the period under review.

On the other hand, Foreign Portfolio Investment (FPI), which represents an investment in the equity market also painted a positive picture, as net FPI inflows stood at $22 million against the outflows of $ 185 million. The United States emerged as the biggest source of portfolio investment during July-Sept 2019, it recorded at $32.8 million against the outflows of $9.7 million.

Hong Kong emerged as the second-biggest source of foreign portfolio investment with FPI recorded at $13.8 million against outflows of $6.6 million in Jul-Sept 2018.

Copyright Mettis Link News

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