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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

 

Fauji Foods observes 47% YoY decline in net losses...

January 26, 2021 (MLN): Fauji Foods Limited (FFL) ended CY20 with a net loss of Rs 3 billion, though it declined by 47% YoY from Rs 5.78 billion reported in CY19.

This translated into the company’s loss per share which diminished by 57% YoY from Rs 10.74 to Rs 4.62.

Despite a challenging business environment, the Company registered a topline growth of 28% YoY to Rs 7.37 billion from Rs 5.74 billion posted in the previous year.

As a result, FFL returned to posting a gross profit of Rs 62.26 million against a gross loss of Rs 678.8 million during CY19.

On the cost side, the company observed a 34.8% YoY decline in marketing and distribution expenses and 18.9% YoY contraction in administrative expenses which helped the company to recover some of its losses.

In addition, the company saw a whopping decline in tax expenses by 99% YoY to Rs 14.3 million from Rs 1.5 billion in the previous year, further provided a cushion to the company’s income.

Profit and Loss Account for the year ended December 31, 2020 (Rs)                       

 

Dec-20

Dec-19

% Change

Sales-net

 7,373,162,067

 5,744,872,328

28.3%

Cost of Sales

 (7,310,900,013)

 (6,423,699,048)

13.8%

Gross Loss

 62,262,054

 (678,826,720)

-109.2%

Marketing and distribution expenses

 (854,143,010)

 (1,309,604,707)

-34.8%

Administrative expenses

 (355,432,212)

 (438,268,935)

-18.9%

Loss allowance on trade debts

 -  

 (7,678,704)

 

Loss from operations

 (1,147,313,168)

 (2,434,379,066)

-52.9%

Other income

 98,704,064

 98,311,925

0.4%

Other expenses

 (242,918,870)

 (218,794,869)

11.0%

Finance cost

 (1,752,267,407)

 (1,698,166,696)

3.2%

Loss before taxation

 (3,043,795,381)

 (4,253,028,706)

-28.4%

Taxation

 (14,316,124)

 (1,535,908,768)

-99.1%

Loss for the period

 (3,058,111,505)

 (5,788,937,474)

-47.2%

Loss per share - basic and diluted (in Rupees)

 (4.62)

 (10.74)

-57.0%

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Rousch Pakistan Power Ltd initials Agreements with Central Power...

January 26, 2020 (MLN): Rousch (Pakistan) Power Limited (RPPL), a subsidiary of Power Management Company (Private) Limited (which in turn is a subsidiary company of Altern Energy Limited —AEL), and the Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) have initialled a Master Agreement and a Power Purchase Agreement (PPA) Amendment Agreement in furtherance to the Memorandum of Understanding (MoU) executed on August 12, 2020, between the Company and the Committee for negotiating with IPPs.

According to the notice issued to PSX by AEL, these Agreements have been initialled by RPPL, upon the request of the Government of Pakistan ("GOP"), in the larger national interest and in order to maintain the sustainability of the power sector.

Pursuant to the initialled terms of these Agreements, without prejudice to the terms of its generation license, RPPL will have the option to participate in the GOP's scheme to create competitive power markets, via the Competitive Trading Arrangement ("CTA"), once the CTA is implemented and becomes fully operational.

CPPA-G shall assist and support RPPL in entering into a firm Gas Supply Agreement with the Gas Supplier by December 31, 2021.

RPPL and CPPA-G have resolved the dispute of Liquidated Damages ("LDs") levied by CPPA-G on RPPL in 2013 and 2016 as a part of the PPA Amendment Agreement.

Payment of Outstanding receivables as on 30th November 2020 remains an integral part of the Agreements and a plan is being devised to pay off the Company's overdue receivables through cash and financial instruments (the "Payment Mechanism"),

Upon payment of first instalment and till the date RPPL receives its final instalment as per the Payment Mechanism, RPPL shall submit its invoices providing the following discounts in tariff, comprising existing capacity payments and variable O&M shall be reduced by 11% and USD exchange rate and US CPI indexations shall apply on reduced variable 0 & M and 50% of the reduced Escalable Component of the Capacity Purchase Price (collectively referred to as the "Tariff Discount").

On the remaining 50% of the reduced Escalable Component of the Capacity Purchase Price, the current indexation shall continue to be applied until the date the applicable exchange rate under the Tariff reaches PKR/US$ of 168.60, after which this will cease to escalate;

In lieu of the Tariff Discount as detailed above, any heat rate sharing by RPPL per its existing arrangement under the PPA shall cease to exist.

The final terms of these Agreements and their execution are subject to receipt of requisite approvals including inter alia the approval of the Federal Cabinet, RPPL's Board of Directors and RPPL's Shareholders.

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