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ECC to approve agreements for 300 MW Coal Power...

January 26, 2020 (MLN): A meeting of the Cabinet’s Economic Coordination Committee (ECC) will be held on Wednesday, January 27, 2020, to approve the implementation Agreement, Supplemental Agreement, and Power Purchase Agreement for the 300 MW Coal Power Project at Gwadar.

To be presided over by Federal Minister for Finance & Revenue, Dr. Abdul Hafeez Shaikh, the ECC meeting will have 7 items agenda from different ministries.

The ECC would review Oil Marketing Companies (OMCs) and Dealers Margins on Petroleum Products.

The committee would also take up another proposal moved by the Petroleum Ministry for the allocation of Gas from MPCL’s Wells to SSGCL under Commercial Production.

Ministry of Industries and Production has also forwarded its proposal for the consumption of subsidy on essential commodities from 1 July 20202 onward under the Prime Minister Relief Package -2020.

The meeting would take up the proposal of the Interior Ministry for approval of the Technical Supplementary Grant amounting to Rs 42 million by the  NFS&R under the Project ‘National Program for Enhancing Command Areas in barani Areas, (ICT Component)’.

The committee would discuss and approve Textile and Apparel Policy 2020-25.

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FFBL witnesses a turnaround in annual profits

January 25, 2021 (MLN): Fauji Fertilizer Bin Qasim (FFBL) has witnessed a turnaround in earnings as its profits after tax for the CY20 clocked in at Rs 6 billion against the net loss of Rs 8.37 billion in CY19.

This reflected in the company’s earnings per share which stood at Rs 6.23 in the period mentioned above as opposed to a loss per share of Rs 6.15 per share in the previous year.

The company managed to post positive earnings largely on the back of an uptick in DAP volumes along with an uptrend in DAP prices, a decline in fuel gas prices due to GIDC elimination, and better pricing dynamics.

During the year, the company registered a 20.3% YoY increase in revenues while its cost of sales jumped by 14.5 % YoY, as a result, the gross profits of the company witnessed a growth of 52.7 % YoY. In addition, the gross margins of the company jumped by 4ppts from 15% to 19%.

The company’s earnings further strengthened by lower finance cost (down by 15.8% YoY) and a higher share of profits from associates (up by 44.5% YoY).

With regards to FFBL’s major expense heads, its admin cost declined by 16.9% YoY, Selling and distribution cost nosedived by 9.3% YoY and its tax expenses shrank by 24% YoY, all these further provided support to pull the company’s bottom-line in green.

Consolidated Profit and Loss for the year ended December 31, 2020 ('000 Rupees)

 

Dec-20

Dec-19

% Change

Sales-net

                     98,060,962

                     81,520,667

20.3%

Cost of Sales

                  (79,159,441)

                  (69,139,520)

14.5%

Gross Profit

                     18,901,521

                     12,381,147

52.7%

Selling and distribution cost

                     (6,441,218)

                     (7,103,557)

-9.3%

Administrative expenses

                     (2,005,635)

                     (2,412,601)

-16.9%

 

                     10,454,668

                       2,864,989

264.9%

Finance costs

                     (8,344,459)

                     (9,909,862)

-15.8%

Other operating expenses

                        (555,196)

                        (807,238)

-31.2%

Allowance for expected credit losses

                        (505,040)

                        (391,459)

29.0%

Other Income

                       1,260,906

                       1,369,318

-7.9%

Share of profit of associates and joint venture- net

                       4,454,881

                       3,082,969

44.5%

Remeasurement gain in GIDC-net

                       2,740,855

                                      -  

#DIV/0!

Profit/Loss before taxation

                       9,506,615

                     (3,791,283)

 

Taxation-net

                     (3,473,107)

                     (4,580,554)

-24.2%

Profit/Loss after taxation

                       6,033,508

                     (8,371,837)

 

Earnings/Loss per share - basic and diluted (Rupees)

                                  6.23

                               (6.15)

 

 

 

 

PKR strengthens by 16 paisa against greenback

January 26, 2021 (MLN): Pakistani rupee (PKR) appreciated by 16 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.64 per USD, against yesterday's closing of PKR 160.8 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 15 paisa per USD showing an intraday high bid of 160.73 and an intraday Low offer of 160.59.

Within the Open Market, PKR was traded at 160.50/161.20 per USD.

Meanwhile, the currency gained 1.4 rupees against the Pound Sterling as the day's closing quote stood at PKR 218.99 per GBP, while the previous session closed at PKR 220.41 per GBP.

Similarly, PKR's value strengthened by 85 paisa against EUR which closed at PKR 194.93 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.95/7.10 percent, whereas the 1 week rate was 7.05/7.10 percent.

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Hi-Tech Lubricants starts expansions at plant site of its...

January 26, 2020 (MLN): The Executive Management of Hi-Tech Lubricants Limited (HTL) has initiated expansions at the Plant Site of Hi-Tech Blending (Pvt.) Ltd. (HTBL) (a wholly-owned subsidiary of HTL) considering future high volumes of sales projections and increase in demand of locally blended products;

  • Installation of One (01) additional Filling & Packing Line, which will boost the needed filling & packing capacity by approximately 57%;
  • Installation of One (01) additional Extrusion Blow Molding Machine & Feeding Recycling System, which will boost the existing bottle manufacturing capacity by approximately 26%;
  • Construction of Two (2) additional Storage Tanks of 700 KL each along with Piping & Instrumentation (P&I), which will boost the existing storage capacity by approximately 40%.

The aforementioned information was announced by HTL via Pakistan Stock Exchange.

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Ministers discuss and review progress in the transaction of...

January 26, 2020: Federal Minister for Privatisation Mohammed Mian Soomro and Federal Minister for Industries and Production co-chaired an important meeting to review and discuss the progress made in the revival of Pakistan Steel Mills (PSM).  Federal Secretary Privatisation, Secretary, Additional Secretary Industries, and other senior officials of the Ministry attended the meeting. Chairman and CFO PSM participated via video link.

The revival of PSM would be undertaken as per the approved decision of CCoP/ Cabinet: transfer of core assets of PSM to a subsidiary owned wholly by the PSM which will be followed by the sale of majority shares of the subsidiary thus formed without transfer of full ownership.

The Ministry of Privatisation is actively following the scheme of arrangement and transaction structure is already approved and a meeting to that effect is also being held today.

In the meeting today, the ministers were briefed about the current status and progress and probable timeline for the completion of said transaction. The valuation of core assets to be transferred to a new subsidiary is underway and will likely be completed by 31st January; 2021. Moreover, the other matters relating to the use of jetty, registration of a new subsidiary and others were deliberated upon in detail.

Federal Minister said that we must strictly follow the timeline and complete the task in the defined period and both the Ministers resolved to extend their support to the maximum extent to solve the issues which may have arisen.

Press Release

 

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