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AOB imposes a fine of Rs 50,000 on Aslam...
September 24, 2020: The Audit Oversight Board (AOB) has imposed a fine of Rs 50,000 on Aslam Malik & Company, Chartered Accountants for multiple violations of the law.
One of the reported partners of the firm signed six auditor’s reports of listed companies on behalf of the firm without first attaining the necessary authority from ICAP to sign such reports on behalf of the audit firm. The firm had failed to report this partner for the purposes of audit quality control review. The firm also filed false information to AOB regarding this partner and provided a false declaration that the information provided was updated and true.
The action was taken by AOB after providing an opportunity of being heard to the firm and explaining its position in writing and in person. AOB also directed the firm to submit an action plan comprising substantive measures to address the weaknesses in its systems and controls.
AOB is the independent regulatory authority that oversees the quality of audit of financial statements of public interest companies that include all listed companies. The stakeholders of these companies include investors, shareholders, lenders, and tax authorities which place their trust in the independent assurance provided by external auditors that the financial statements prepared by the management present a true and fair view of the companies’ financial statements. Only the audit firms registered with AOB are authorized to audit the financial statements of a public interest company.
PKR appreciates by 26 paisa at interbank trade
September 24, 2020 (MLN): Pakistani rupee (PKR) appreciated by 26 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 165.96 per USD, against yesterday's closing of PKR 166.23 per USD.
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 34 paisa per USD showing an intraday high bid of 166.25 and an intraday Low offer of 165.95.
Within the Open Market, PKR was traded at 165.80/166.80 per USD.
Alternatively, the currency lost 14 paisa to the Pound Sterling as the day's closing quote stood at PKR 211.19 per GBP, while the previous session closed at PKR 211.06 per GBP.
On the other hand, PKR's value strengthened by 87 paisa against EUR which closed at PKR 193.51 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 7.05/7.10 percent, whereas the 1 week rate was 7.00/7.05 percent.
Copyright Mettis Link News
Nishat Chunian Power records a 15% growth in earnings...
September 24, 2020 (MLN): Nishat Chunian Power Limited (NCPL) made profits of Rs. 4.6 billion (EPS: 12.54) during the year ended June 30, 2020, signifying a growth of almost 35% over the last year.
According to Taurus Securities, the company recorded a 13% decline in revenue owing to lower load factor, lower rate payments surcharge as well as impact of lower interest rates in the fourth quarter.
The finance cost showed an increase of 51.6% due to higher interest rates and rise in the company’s borrowings.
Other notable changes include a 98.6% decline in other expenses, whose positive impact was partially negated by the decline in other income by 72%.
The company did not pay any taxes during the year. Moreover, contrary to the predictions made by several brokerage houses, no dividend was announced by the Board of the company.
Financial Results for the year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
Jun-20 | Jun-19 | % Change | |
Sales | 13,022,871 | 15,021,084 | -13.3% |
Cost of sales | (6,267,119) | (9,945,451) | -37.0% |
Gross Profit | 6,755,752 | 5,075,633 | 33.1% |
Administrative expenses | (144,121) | (201,314) | -28.4% |
Other expenses | (3,194) | (228,258) | -98.6% |
Other income | 31,613 | 112,565 | -71.9% |
Finance cost | (2,034,280) | (1,342,068) | 51.6% |
Profit before taxation | 4,605,770 | 3,416,558 | 34.8% |
Taxation | - | - | |
Profit after taxation | 4,605,770 | 3,416,558 | 34.8% |
Earnings per share | 12.54 | 9.3 | 34.8% |
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European stock markets slide at open
Sep 24, 2020: European stock markets slid at the start of trading on Thursday following falls in Asia and overnight on Wall Street.
London's benchmark FTSE 100 index shed 1.3 percent to 5,825.18 points.
In the eurozone, Frankfurt's DAX 30 index lost 1.0 percent to 12,514.08 points and the Paris CAC 40 dropped 1.2 percent to 4,746.32.
AFP/APP
Oil falls as demand growth concerns outweigh US stock...
September 24, 2020: Oil prices dropped on Thursday, weighed down by concerns that US economic recovery is slowing as the coronavirus outbreak lingers, while a renewed wave of COVID-19 cases in Europe have led to reimposed travel restrictions in several countries.
The jitters over demand and economic outlook due to the coronavirus resurgence have prompted a rally in the dollar as investors turned to safer assets, adding pressure to oil prices. A stronger dollar makes oil, priced in US dollars, less attractive to global buyers.
US West Texas Intermediate (WTI) crude futures fell 37 cents, or 0.9%, to $39.56 a barrel at 0650 GMT, while Brent crude futures dropped 34 cents, or 0.8%, to $41.43 a barrel.
Both benchmarks climbed slightly on Wednesday after government data showed US crude and fuel stockpiles dropped last week. Gasoline inventories fell more than expected, sliding by 4 million barrels, and distillate stockpiles posted a surprise drawdown of 3.4 million barrels.
Still, fuel demand in the US remains subdued as the pandemic limits travel. The four-week average of gasoline demand was 8.5 million barrels per day (bpd) last week, the government data showed, down 9% from a year earlier.
Prices turned down after data showed US business activity slowed in September, US Federal Reserve officials flagged concerns about a stalling recovery, and Britain and Germany imposed restrictions to stem new coronavirus infections -- all factors affecting the fuel demand outlook.
"Oil prices are wilting as product for immediate delivery remains plentiful," said Jeffrey Halley, a senior market analyst at OANDA.
"Consumption outlook concerns are rising as COVID-19 restrictions return in Europe, and the clamour from the Federal Reserve for more US fiscal stimulus, undermines the global recovery case, the lynchpin for oil's price recovery."
On the supply side, the market remains wary of a resumption of exports from Libya, although it is unclear how quickly it can ramp up volumes.
"That clearly is going to be something the oil market doesn't need right now," said Commonwealth Bank commodities analyst Vivek Dhar.
Meanwhile, Iraq's oil minister Ihsan Abdul Jabbar expects an agreement with the OPEC+ group to increase Iraq's crude oil exports, state news agency INA cited him as saying on Thursday.
Reuters
