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CJP asks for K-Electric’s CEO’s name to be placed...

August 11, 2020 (MLN): The Chief Justice of Pakistan, Gulzar Ahmed, has asked for the name of K-Electric Company’s CEO to be placed on Exit Control List (ECL).

According to reports from various media outlets, the CJP, who was heading a bench hearing cases at the Supreme Court on Tuesday, showed disappointment over K-Electric’s handling of load shedding as well as the several electrocution deaths that had occurred during the recent rains in Karachi.

He also ordered to register First Information Reports (FIR) against the company for the deaths that occurred due to electrocution.

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Gold price plunges to Rs 126,100 per tola, follows...

August 11, 2020 (MLN): Gold prices tumbled today as the US dollar held onto gains against other currencies in the wake of upbeat US data jobs. In the international market, gold prices reached $1,988 an ounce, down by $47, receding from a record high of $2072.50 last week. The other precious metal, silver, was pegged at $28.28 per ounce.

On the domestic front, gold price fell more than 2% on Tuesday following global markets which retreated from record mark.  During the session, gold declined by Rs 2,900 to Rs 126,100 per tola in bullion markets. The precious yellow metal of 24-Karat had closed at Rs 129,000 per tola on the last day.

According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed a decrease of Rs 2,487 to settle at Rs 108,110 against the previous close of Rs 110,597 per-gram.

On the other hand, the silver prices remained flat at Rs 1,670 per tola.  Similarly, 10-gram silver remained stable at Rs 1,431.75.

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FBR intensifies action against corrupt elements, suspends ten more...

August 11, 2020 (MLN): The Federal Board of Revenue (FBR) has intensified action against irregularity, corruption and inefficiency and suspended ten more officers.

The suspended Customs officers included seven Inspectors, two Superintendents and one Appraising Officer.

Since July, so far 36 officers and 19 officials have been suspended, whereas, three employees have been dismissed from service.

FBR is determined to rid the organization of corrupt and inefficient elements. Prompt action will be taken against the officers and officials found involved in irregularity and inefficiency. The image of the organization will be raised and the perception of the taxpayers and people about the organization will be improved so that the taxpayers’ can pay their due taxes in time without any hesitation and suspicion thinking that their paid taxed would be utilized on the progress of the country and welfare of the people.

An Integrity and Performance Management Unit (IPMU) has been established in FBR to address the complaints of the taxpayers against any employee. The complainant can send his complaint through telephone, e-mail and letter which will be scrutinized and investigated by senior officers. FBR will continue to put its efforts to raise revenue for the Government and will strive to achieve the objectives of the organization at all costs.

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K-Electric earns profits of Rs 2.79 billion during 1HFY20

August 11, 2020 (MLN): K-Electric Limited has announced its financial results for the half year ended December 31, 2019, as per which, it has earned profits of Rs. 2.79 billion (EPS: 0.10), i.e. almost 47% lower than the earnings recorded in same period of last year.

The topline income of the company improved by around 9%, whereas the cost of sales surged by 10.8%, resulting in the gross profit showing a mere change of 0.4%.

The increase in the company’s non-core income by 86%, along with an 86% decline in non-core expenses, served as a saving grace during the period.

However, increase in the finance costs by 2.05x as well as income tax expense by 1.84x negated the impact of aforementioned factors.

Financial Results for the half year ended December 31, 2019 (Rupees in '000)

 

Dec-19

Dec-18

% Change

Sale of energy - net

105,692,090

97,510,657

8.4%

Tariff adjustment

52,695,870

47,931,216

9.9%

REVENUE

158,387,960

145,441,873

8.9%

Purchase of electricity

(51,878,712)

(46,907,251)

10.6%

Consumption of fuel and oil

(70,153,358)

(63,252,030)

10.9%

Expenses incurred in generation, transmission, and distribution

(12,127,064)

(10,967,123)

10.6%

COST OF SALES

(134,159,134)

(121,126,404)

10.8%

GROSS PROFIT

24,228,826

24,315,469

-0.4%

Consumers services and administrative expenses

(10,148,361)

(9,463,329)

7.2%

Impairment loss against trade debts

(6,547,859)

(7,067,793)

-7.4%

Other operating expenses

(288,520)

(2,105,957)

-86.3%

Other income

5,619,789

3,014,199

86.4%

PROFIT BEFORE FINANCE COST

12,863,875

8,692,589

48.0%

Finance cost

(8,047,035)

(2,636,145)

205.3%

PROFIT BEFORE TAXATION

4,816,840

6,056,444

-20.5%

Taxation

(2,022,219)

(710,963)

184.4%

NET PROFIT FOR THE PERIOD

2,794,621

5,345,481

-47.7%

EARNINGS PER SHARE

0.10

0.19

-47.4%

 

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PMEX Commodity Index closes 24 points higher

August 11, 2020: On Monday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,996, up by 24 points. The traded value of Metals, Energy, COTS/FX and Indices was recorded at PKR 9.526 billion and the number of lots traded was 12,048.

The major business was contributed by Gold amounting to PKR 5.766 billion, followed by Silver (PKR 1.508 billion), Copper (PKR 635.835 million), Platinum (PKR 541.652 million), NSDQ 100 (PKR 380.290 million), Currencies through COTS (PKR 244.917 million), DJ (PKR 213.647 million), Crude Oil (PKR 131.884 million), Natural Gas (PKR 85.458 million) and SP500 (PKR 17.469 million).

In agriculture commodities, 2 lots of Cotton amounting to PKR 1.057 million were traded.

Press Release

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