Tag: MALDIVES

August 6, 2020 (MLN): United Bank Limited (UBL) has announced its financial results for the 1HCY20 ended June 30, 2020. As per the results, the bank has posted its net profits of Rs 10.72 billion (EPS: Rs 8.94), showing an increase of 17% YoY against net profits of Rs 9.16 billion of the same period last year.

Here, it is pertinent to mention that the earnings per share are largely in line with market expectations.

The profitability of the bank went up primarily due to higher net interest income (NII), up by 31% YoY to Rs 40 billion on the back of a 29.5% YoY increase in bank’s interest income.

During the period under review, the bank’s non-funded income (NFI) declined by 26% YoY due to lower dividend income  (down by 38% YoY) and lower FX income (down by 24% YoY) along with losses from derivatives of Rs 13million.  

However, according to Arif Habib Limited,  capital gains for the bank went up by 177% YoY as the bank most likely booked gains on fixed income securities. Fee income took a major 25% sequential hit owing to the impact of the pandemic on economic activity as well as SBP waivers on digital transactions.

Meanwhile, the bank’s provisioning expenses stood at Rs 9.95 billion, up by 2.7times YoY, most likely on the overseas book as GCC countries are going through a major economic meltdown following the pandemic outbreak, the research revealed.

During 1HCY20, the tax expenses decreased by 13% YoY to Rs 7.52 billion.

Copyright Mettis Link News

August 6, 2020 (MLN): Avanceon has been selected to provide a comprehensive Building Management solution for the new Business Hub building by DHA Lahore.

This contract of approx Rs 30 million marks yet another success for Avanceon’s growing Building Management Systems and Infrastructure portfolio.

Avanceon is excited about the new infrastructure opportunities within Pakistan and looking forward to adding value to green buildings concept, an official notification to Exchange revealed.

The DHA Business Hub is a purpose-built corporate tower which will facilitate the local and international business community.

A project of DHA Lahore, the corporate tower is strategically located near Allama Iqbal International Airport. Spread over 26 Kanals with covered area of 637,527 sq ft, the building boasts 11 floors and 2 basements with a capacity to accommodate 700 cars.

The building will also come equipped with a state-of-the-art security system and a dedicated Energy Center for 24/7 uninterrupted power supply. Avanceon will be providing a comprehensive Building Management Solution for this project.

The scope of work for Avanceon will include:

• Engineering, Supply, Installation Supervision, Programming and Commissioning of Building Management System and Integrated Building Management System
• Complete Control HVAC System including FAHU, TFAHU and Ventilation Systems
• PlantRoom Optimization
• Supply of VFDs
• BTU Meters for the entire facilityFor this project, Avanceon will be partnering with Siemens Building Technologies.

Avanceon offers a comprehensive portfolio of products and solutions for demand based, efficient control of heating ventilation and air conditioning (HVAC) systems including fire alarm and detection.

Copyright Mettis Link News

August 06, 2020 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 1 day OMO to mop-up funds from the market.

Quotes timing is: 11:15 PST while result will be announced at: 11:45 PST

Settlement is same day - August 06, 2020

Copyright Mettis Link News

Aug 6, 2020: Asian markets were mixed Thursday following a two-day rally, with nervous investors keeping an eye on stuttering stimulus talks in Washington, while China-US tensions continued to weigh on confidence.

And while there were hopes over the development of a vaccine, the rapid spread of the disease around the world and fresh flare-ups that have caused renewed lockdowns, were keeping a lid on buying sentiment and sending safe-haven gold soaring to record highs.

All three main indexes on Wall Street ended with gains Wednesday -- the Nasdaq at another record -- on bets US lawmakers will eventually reach a deal on another much-needed stimulus for the world's top economy.

 However, the two parties remain far apart on their proposals with Democrats' $3.5 trillion plan more than three times bigger than the Republicans' offer with a key sticking point the supplementary jobless benefits, which ran out last week.

"I feel optimistic that there is light at the end of the tunnel," Democratic House Leader Nancy Pelosi told reporters. "But how long the tunnel is remains to be seen."

Still, there is agreement that they will eventually have to compromise at some point and Republican Senate Majority Leader Mitch McConnell said next week's recess could be put off so a deal can be reached.

 And analysts said there are broad expectations that upcoming elections will push congress to eventually reach a deal, while Donald Trump has raised the prospect of using an executive order to push through tax cuts and a ban on evictions.

 "For now our sense is that no politician in the US wants to be blamed for a failure to deliver a new round of stimulus ahead of the elections in November," said National Australia Bank's Rodrigo Catril.

 "US Treasury Secretary Mnuchin remarked that while differences remain, at least there was an agreement to set a timeline. So the story continues to be about when the deal will be agreed, rather than if."          

- Eyes on election day -

The need for an agreement was laid bare with data showing the US added a below-forecast 167,000 private-sector jobs in July, while a broadly positive report on business activity was clouded by a weak employment component.

The China-US standoff continues to jar nerves, with Beijing on Wednesday warning that a planned visit by US healthy secretary Alex Azar to Taiwan was a threat to "peace and stability".

The trip to the island, which China claims as its own territory, would further sour relations between the superpowers, who have already clashed over several issues including Hong Kong, the virus and Huawei.

And there are worries the rows could lead to a renewal of their economically painful trade war.

"China will likely interpret the trip as a provocative move ahead of planned US-China trade talks on August 15," said Stephen Innes at AxiCorp, adding that the US move was seen as part of Trump's anti-China drive leading into the election.

 "Even if trade war risk fades, President Trump will be rushing the podium with his latest technology beef in hand, and the nonstop barrage of China browbeating will likely extend into the November election."

 In early trade, Hong Kong slipped more than one percent, while Tokyo went into the break 0.3 percent lower and Shanghai shed 0.8 percent.

 Wellington also fell, though Sydney, Seoul, Taipei, Singapore and Jakarta all rose.

 Manila was also slightly higher as traders looked past data showing the Philippines economy contracted 16.5 percent in the second quarter, the worst on records dating back to 1981 and putting it into recession.          

- Key figures around 0300 GMT -             

Tokyo - Nikkei 225: DOWN 0.3 percent at 22,440.69 (close)

Hong Kong - Hang Seng: DOWN 1.6 percent at 24,713.11

 Shanghai - Composite: DOWN 0.8 percent at 3,351.04

 Euro/dollar: UP at $1.1866 from $1.1863 at 2100 GMT

Dollar/yen: DOWN at 105.53 yen from 105.60 yen

 Pound/dollar: UP at $1.3125 from $1.3113

  Euro/pound: DOWN at 90.41 pence from 90.47 pence

Gold: FLAT at $2,040.71 an ounce

West Texas Intermediate: DOWN 0.1 percent at $42.15 per barrel

Brent North Sea crude: UP 0.1 percent at $45.23 per barrel

New York - Dow: UP 1.4 percent at 27,201.52 (close)

London - FTSE 100: UP 1.1 percent at 6,104.72 (close)

AFP/APP

August 06, 2020: Fauji Fertilizer Company Limited (FFC) recently announced its first half-yearly financial results for the period ending 30 June 2020. The same was released to all electronic, print, and web media through a Press Release. The company announced the profitability of Rs. 9.14 billion translating into earning of Rs. 7.18 per share which was published on 28 July 2020 by a number of Urdu and English dailies. On the contrary, it was observed that certain newspapers reported somewhat different results/ conclusions causing doubts in the minds of shareholders.

An appraisal divulged that findings of misquoting were based on consolidated financial statements of the complete FFC group (comprising several subsidiary / associated entities) instead of separate financial statements of FFC itself. They also focused their analysis to the 2^nd quarter (March – June) of 2020 in most parts of the report.

One newspaper stated that the profitability for the half-year has decreased by 14% whereas in actual it has been increased by 14%. The newspaper did not state that this profitability related to the consolidated and not the separate financial statements of the company. Another newspaper reported that this profitability has increased by 11% instead of the actual increase of 14%. The confusion was further escalated by reporting on a mix of figures as per consolidated as well as separate financial statements.

FFC has a legacy of being a quality conscious and transparent company while ensuring good returns to the stakeholders as substantiated by its position among the top 25 companies of PSX and maintaining 1^st position among them for the last consecutive 9 years. Therefore, it is hereby clarified that FFC has performed exceptionally well even under the prevailing pandemic conditions by earning a profit of Rs. 9.14 billion on a standalone basis with a 3% increase over the last year.

Press Release