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Prime Minister performs ground-breaking of KCR

Sep 27, 2021: Prime Minister Imran Khan Monday performed ground-breaking of Rs 207 billion Karachi Circular Railway project, at a ceremony held here at Cantt Railway Station and termed it as a revolutionary project and a big gift to Karachiites facing serious transport problems over decades.

The ceremony was also attended by Federal Minister for Information and Broadcasting Fawad Chaudhry, Federal Minister for Planning and Development Asad Umer, Federal Minister for Railways Azam Khan Swati, Federal Minister for Information Technology Amen-ul-Haq, Federal Minister for Maritime Affairs Ali Zaidi, Pakistan Tehreek-e-Insaf’s members of National Assembly and MPAs from Karachi besides a large number of the party office bearers.

On this occasion, Federal Minister for Railways Azam Khan Swati said that KCR was a public-private partnership project with an estimated completion period of 18 to 24 months. It would be a state-of-the-art project having all modern facilities including fast electric trains.

By pursuing the vision of Prime Minister Imran Khan, the PTI government was writing a new history for Karachi as it was the most important city of the country. Besides KCR, there were seven other big Federal Government development projects for Karachi in the pipeline.

He recalled the grandeur of the city during the 1970s when he was studying here; also mentioned the tram-train service. Instead of further development, he regretted, over last forty years this international city had been ruined.

He said in the 1960s Pakistan Railways coaches were much better than those of Iran and Turkey.

He assured that within the next few months Pakistan Railways would be turned into a profitable state organization.

Federal Minister for Planning and Development Asad Umer said Green Line service would be formally operational in November 2021, which would be inaugurated by the Prime Minister.

He said K-4 bulk water supply project was scheduled to start supplying water to Karachi in October 2023, but he desired its completion before August 14,2023.

He informed that the work on another mega project of Freight Corridor would start soon; feasibility was ready and a proposal for it had also been received from a Chinese company.

He said though innovations Pakistan could do a lot in different sectors despite limited resources.

He said in addition to many development projects launched or to be initiated for Karachi by the federal government, the work on development projects in other 14 priority districts of Sindh province were on full swing.

APP

Govt committed to engage IMF to broaden economic development...

September 27, 2021: Federal Minister for Industries and Production Makhdum Khusro Bakhtyar Monday said the government is committed to engage the International Monitoring Fund (IMF) to broaden the economic development in the country.

He said this while talking to IMF County Representative for Pakistan Teresa Daban Sanchez who made farewell courtesy call on him. She was accompanied with Esther Perez Ruiz newly appointed IMF country representative in Pakistan, said a press release.

The minister welcomed the appointment of Ruiz in Pakistan and conveyed well wishes to outgoing resident representative Teresa Daban.

During the interaction, the sides exchanged views on economy of Pakistan in post-pandemic situation.

The minister highlighted the government's endeavors to develop a long-term sustainable and viable economic plan to address issues pertaining to the fiscal and monetary situation in Pakistan.

Teresa lauded the efforts of government of Pakistan to curb the negative impact of the pandemic through well-timed monetary and exchange rate policies.

She also commended Pakistan's response to the health and economic crisis amidst the pandemic and said the vital economic reforms needed to achieve the sustainable economic growth in Pakistan.

APP

Power generation of Tarbla dam decreased to 3283 MW

September 27, 2021: The water level of Tarbela Dam reservoir Monday has reduced to 1515.72 feet while power production also declined to 3283 megawatts.

According to the Tarbela dam spokesperson, water inflow and power production once again started reducing and today it was 4020 megawatts where 16 power generations units out of 17 were working with full capacity and one power unit was shut down.

The water inflow in the Tarbaila Dam reservoir which remained 75000 cusec feet and outflow was 110000 cusecs.

It was also disclosed that today no water was released for Pehur High-Level Canal (PHLC) to supply water for some areas of KPK for irrigation.

APP

Sitara Peroxide: Higher input cost hurts profitability

September 27, 2021 (MLN): Sitara Peroxide Limited (SPL) announced its FY21 results today, as per which the company posted profits after tax of Rs34.7mn which was 53% YoY lower than the profits of Rs74.26mn in FY20.

This translated into the company’s earnings per share which nosedived from Rs1.35/sh in FY2) to Rs0.68/sh in FY21.

Despite better downstream demand for hydrogen peroxide (H202) from the textile sector which is the major consumer of hydrogen peroxide, and new contracts agreements from food and paper & pulk industries, the lower H202 prices and higher cost pressures kept the earnings in check.

During the year, net revenues of the company increased slightly by 7% YoY to Rs1.86bn mainly backed by an increase in sales volume due to high demand from the textile sector.

The gross margin of the company clocked in at 10% compared to 19% in the previous year. The decline is mainly attributed to lower prices of hydrogen peroxide during the FY21 and higher RLNG costs.

With regards to major expense heads, the company’s admin expenses surged by 22% YoY while its distribution expense increased by 15% YoY to Rs93mn as this segment is connected to the topline of the company.

Moreover, amidst lower interest rates, the financial charges of the company were reduced by 41% YoY to Rs48.5mn. On the other hand, the Other income improved by 2.7x YoY to Rs128mn.

The company also booked impairment loss on financial assets worth Rs28.3mn which was 12 times higher than the loss incurred in the previous year.

On the tax front, SPL observed a tax incentive of Rs21mn against tax payments of Rs14.7mn in FY20.

Profit and Loss Statement for the year ended June 30, 2021 (Rupees)

 

Jun-21

Jun-20

% Change

Sales

           1,865,396,616

           1,745,355,899

7%

Cost of Sales

         (1,674,177,794)

        (1,422,134,718)

18%

Gross Profit

               191,218,822

              323,221,181

-41%

Distribution Cost

               (92,656,845)

              (80,533,486)

15%

Impairment loss on financial assets

               (28,294,850)

                 (2,359,609)

1099%

Administrative expenses

             (134,425,562)

            (110,541,513)

22%

Other expenses

                 (1,993,506)

                 (6,529,154)

-69%

Finance Cost

               (48,502,296)

              (81,996,213)

-41%

Other income

               128,307,176

                 47,713,943

169%

Profit before taxation

                 13,652,939

                 88,975,149

-85%

Taxation

                 21,055,400

              (14,713,173)

-243%

Profit after taxation

                 34,708,339

                 74,261,976

-53%

Earnings per share- basic and diluted

                              0.63

                              1.35

-53%

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Dollar closes all-time high of PKR 169.6

September 27, 2021 (MLN): While maintaining its dominancy in the interbank market against the Pakistani Rupee (PKR), the US dollar closed the trading session on Monday at an all-time high of 169.6.

The highest recorded close of greenback was169.116 against PKR, set on September 15, 2021.

The rupee endured a volatile session and moved within a range of 65 paisa per USD, showing an intraday high bid of 169.75 and an intraday Low offer of 169.10.

Expressing his view about the steps taken by the government to ease off the pressure from PKR, Asad Rizvi, the Former Treasury Head at Chase Manhattan said, “Tax break announced on Afghani imports may help for cash or barter trade based on policy.”

“But along with rising oil prices, both will add pressure on BOP,” he added.  

Hence, I still do not see respite for PKR as the payment size of oil tankers have substantially increased, he said.

Within the Open Market, PKR was traded at 169.50/171.80 per USD.

According to the data compiled by Mettis Global, the local unit has depreciated by 7.11% or PKR 12.05 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 5.76% or PKR 9.76 in CY21, with the month-to-date (MTD) position showing a decline of 1.89%.

Meanwhile, the currency lost 56 paisa to the Pound Sterling as the day's closing quote stood at PKR 232.35 per GBP, while the previous session closed at PKR 231.79 per GBP.

On the other hand, PKR's value strengthened by 5 paisa against EUR which closed at PKR 198.38 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.78.5 billion for 4 days at 7.4 percent.

The overnight repo rate towards the close of the session was 7.30/7.40 percent, whereas the 1-week rate was 7.35/7.45 percent.

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