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FATF to hold Plenary meeting on October 16: FATF...

August 23, 2019 (MLN): In a response to the news circulating by the Indian media regarding Pakistan being downgraded to the black list by FATF, the FATF official has cleared that the decision regarding black listing or removal lies with the FATF Plenary meeting which is expected to hold on October 16-18 at Paris.

The official said that, “at meeting in October, FATF will examine Pakistan’s progress on its existing action plan and consider the next steps.”

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Govt. hires Mr. Masoud Naqvi as chairman of Securities...

August 23, 2019 (MLN): The Federal Government of Pakistan has decided to replace Mr. Khalid Mirza as chairman of Securities and Exchange Policy Board, with Mr. Masoud Naqvi, announced an official notification undersigned by Deputy Secretary of Finance Division, Mr. Farooq Ghani.

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Weekly SPI decreases by 0.08 percent

Aug 23, 2019 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.08% during the week ended Aug 22, 2019 while the SPI increased by 18.91% compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 271.83 compared to 272.05 on Aug 16, 2019 while the index was recorded at 228.6 a year ago, on Aug 16, 2018

Out of the 53 monitored items, the average price of 24 items increased, 7 items decreased whereas 22 items registered no change during the week.

The weekly SPI percentage change by income groups showed a mixed trend with SPI ranging between -0.12% and 0.04%.

The Lowest Income Group witnessed a weekly increase of 0.04% while the highest income group recorded a decrease of 0.12%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 15.63% and 21.81%.

Yearly SPI for the Lowest Income Group increased by 15.63% while the highest income group recorded an increase of 21.81%.

The average price of Sona urea stood at Rs.1875 per 50 kg bag which is 0.05% higher than last week’s price and 13.22% higher when compared to last year.

Meanwhile, average Cement price was recorded at Rs.578 per 50 kg bag, which is 0.52% lower than the previous week and 0.34% lower than prices last year.

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Earning Review: Pak Elektron reports 32.6% decline in PAT

August 23, 2019 (MLN): Pak Electron Limited (PAEL) has announced its financial results for the half year ended on June 30th 2019, as per which the company reported its Profits after tax declined by 32.6% to Rs 275.7 million with EPS clocked in at Rs 0.51.

The decrease in earnings has come largely from meagre sales volume and higher cost of sales which declined company’s gross profits marginally to Rs 1.66 billion.

Moreover, a jump in finance costs by 29% due to rising cost of borrowing also declined company’s profitability.

On expenses front, company’s administrative expenses and distribution expenses surged by 8% and 2.6% respectively, whereas, its other operating expenses declined by 32%.

However, the company enjoyed reduction in tax payments of about 9%, but the impact failed to elevate company’s net profits.

Consolidated Financial Results for the half year ended June 30th 2019 ('000 Rupees)

 

Jun-19

Jun-18

% Change

GROSS SALES

 16,006,595

 14,980,131

6.85%

SALES TAX AND DISCOUNTS

 (2,256,930)

 (2,041,342)

10.56%

NET SALES

 13,749,665

 12,938,789

6.27%

COST OF SALES

 (12,081,830)

 (11,254,158)

7.35%

GROSS PROFIT

 1,667,835

 1,684,631

-1.00%

OTHER OPERATING INCOME

 21,449

 9,057

136.82%

DISTRIBUTION COST

 (316,242)

 (307,943)

2.69%

ADMINISTRATIVE EXPENSES

 (360,241)

 (333,821)

7.91%

OTHER OPERATING EXPENSES

 (25,098)

 (36,931)

-32.04%

FINANCE COST

 (706,733)

 (546,017)

29.43%

SHARE OF PROFIT/(LOSS) OF ASSOCIATE

 -  

 -

 

PROFIT BEFORE TAXATION

 280,970

 468,976

-40.09%

PROVISION FOR TAXATION

 (5,241)

 (59,721)

-91.22%

PROFIT AFTER TAXATION

 275,729

 409,255

-32.63%

EARNINGS PER SHARE

 0.51

 0.78

-34.62%

 

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CDNS achieves net target of Rs 23 billion by...

August 23, 2019: The Central Directorate of National Savings (CDNS) has achieved a net target of Rs 23 billion as of August 10, in the current fiscal year 2019-20.

The CDNS has set Rs 350 billion annual net target for the year 2019-20 as compared to Rs 324 billion for the previous year 2018-19 to enhance savings and promote saving culture in the country. The CDNS has also revised and increased the gross target of Rs 1570 billion for fiscal year 2019-20.

CDNS had collected Rs 410 billion by June 30, 2019 exceeding the target of Rs 324 billion set for the year while during the preceding year of 2017-18, wherein it collected Rs155 billion. The total savings held by the CDNS stood at Rs 1,150 billion by June 30, while the directorate had Rs 774 billion savings by the same date, a year ago.

Due to the rationalization of CDNS certificates’ rates, the directorate had collected more savings than expected; therefore CDNS revised its target upward from Rs 224 to 324 billion for FY 2018-19.

The Central Directorate of National Saving (CDNS) has already increased rates on various savings certificates aimed at promoting savings culture in the country.

“The CDNS notified upward revision in the profit rates for various saving certificates with effect from 1st July 2019, encouraging people to invest in various schemes of National Savings,” an official from CDNS said.

He was of the view that the upward revision of these certificates would generate more revenues that could be utilized as budgetary support by the government to overcome budget deficit problems.

He informed that the new rate for Defense Savings Certificate has been increased from 12.47 percent to 13.01 percent while the rate of Special Saving Certificate from 11.57 to 12.90, Regular Income Certificate from 12 percent to 12.96 percent.

Likewise, the rates of Savings Accounts have been increased from 8.5 percent to 10.25 percent while the rates of Bahbood Savings Certificates and Pensioners’ Benefit Account were increased from 14.28 percent to 14.76 percent.

He informed that the government had also increased the short-term (3 months), medium-term (6 months) and long-term (12 months) certificates to attract more people towards savings and investments with CDNS.

The new rates for short-term certificates have been increased from 9.8 percent to 12.08 percent, medium-term from 9.88 percent to 12.18 percent while the rate of long-term certificate has been enhanced from 9.98 percent to 12.28 percent, he added.

 “The instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide a market-based competitive rate of return to the investors of National Savings”, the official said.

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