July 23, 2019 (MLN): Pakistan Tobacco Company (PAKT) has observed a Rs.708 million increase in its half yearly net income which translates into a rise of 11% year-on-year and a net profit of around Rs.7 billion (EPS: Rs.27.61 per share).
The improvement in profit came about as a result of enhanced turnover (Rs.80.3 billion) and higher net finance income (Rs.538.6 million).
PAKT’s operating profits stood at Rs.9.6 billion and had improved by merely 2%, YoY.
Cost of Sales
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Jul 23: The imports of edible oil including soyabean and palm into the country during last financial year witnessed negative growth of 21.04% and 9.57% respectively as compared the imports of the corresponding period of last year.
During the period from July-June, 2018-19, import of soyabean oil into the country reduced by 21.04% and was recorded at US$107.386 million as compared the US$136.00 million of same period of last year, according the data of Pakistan Bureau of Statistics.
About 150,912 metric tons of soyabean oil imported in last year to fulfill the domestic requirements as against the import of 156,718 metric tons of same period of last year.
Meanwhile, import of palm oil came down from US$2.038 billion in financial year 2017-18 to US$1.884 billion in the year 2018-19, showing reduction of 9.57% on year on year basis.
About 3,147,549 metric tons of palm oil imported in 12 months of the year 2018-19 as against the import of 1,843,351 metric tons of same period of last year.
During the period under review, over all food group imports into the country decreased by 8.35% as it came down from US$6.184 billion to US$5.668 billion.
During the period under review, imports of milk, cream and food for infants reduced by 16.64% and it was reached to US$230.187 million as against US$276.125 million of same period the last year.
In 12 months of last financial year about 94,165 metric tons of the above mentioned commodities imported as against 99,760 metric tons of the same period of last year.
Meanwhile, the imports of dry fruits, nuts and others came down by 56.84% as 25, 247 metric tons of dry fruits and nuts valuing US$43.036 million imported as compared the imports of 70,219 metric tons worth of US$99.709 million of same period last year.
However, the imports of tea into the country grew by 3.59% as country consumed tea worth US$571.691 million as compared the consumption of 551.879 million of same period last year.
In last financial year about 223,054 metric tons of tea imported to fulfill the domestic requirements as compared the import of 181,853 metric tons of same period of last year.
The spices import during the period under review also decreased by 2.77% as about 138,579 metric tons costing US$162.493 million imported as compared the imports of 135,755 metric tons valuing US$167.126 million of same period of last year.
The imports of pulses during the period under review also reduced by 5.40%, where as the data reveled that the imports of the other food items during last year decreased by 7.37%.
July 23, 2019 (MLN): Pakistani rupee (PKR) depreciated by 6 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.59 per USD, against yesterday's closing of PKR 160.53 per USD.
The rupee traded within a very narrow range of 59 paisa per USD showing an intraday high bid of 160.75 and an intraday Low offer of 160.25.
Within the Open Market, PKR was traded at 160/161.50 per USD.
Alternatively, the currency gained 54 paisa against the Pound Sterling as the day's closing quote stood at PKR 199.55 per GBP, while the previous session closed at PKR 200.09 per GBP.
Similarly, PKR's value strengthened by 51 paisa against EUR which closed at PKR 179.55 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.76.8 billion for 3 days at 13.36 percent.
The overnight repo rate towards close of the session was 13.30/13.40 percent, whereas the 1 week rate was 13.35/13.45 percent.
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July 23, 2019 (MLN): Avanceon Limited has signed a distribution agreement with Dover Fueling Solutions (DFS) to offer high-end integrated control and automation solutions for the retail fueling stations in Pakistan.
The agreement was signed in the DFS offices in Dubai, UAE and see the two companies collaborate on a number of high-profile projects in the near future.
Under this agreement, Avanceon will serve as a local distributor, sales representative and service provider for all of the DFS product brands, promoting all of DFS’ products, services and solutions including the products brands of OPW FMS, ProGauge, Tokheim and Wayne Fueling Systems.
Dover Fueling Solutions, a part of Dover Corporation, delivers advanced fuel dispensing equipment, electronic systems and payment, automatic tank gauging and wet-stock management solutions to customers worldwide. This partnership will mark Avanceon’s entry into the retail fuel station automation space and will assist in capturing a significant market share in this highly specialized, expanding downstream industry segment in Pakistan.
Syed Adeel Haider, Senior Business Manager Oil & Gas from Avanceon commented, “With Avanceon’s years of expertise in control and automation combined with DFS’ world class fueling solutions, we aim to provide true value to the key players in fuel retail and oil marketing companies in Pakistan.”
Jeroen de Gruijter, DFS Managing Director, EMEA commented added, “We are very much looking forward to developing DFS’ relationship with Avanceon and through working closely together. We are confident that we can deliver an innovative portfolio of products and solutions that will exceed customer expectations in the region.”
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July 23, 2019: The United Arab Emirate (UAE) will set up Asia’s biggest visa center at Karachi in September this year.
The UAE ambassador in Pakistan Hammad Ubaid Alzabi made the announcement while addressing a ceremony hosted by Karachi Chamber of Commerce and Industry.
The ambassador said the embassy is closely following up on the progress of projects the UAE is implementing in Sindh, covering vital sectors such as telecommunications, agriculture, water, aviation, banking services, property, port management, oil and gas, renewable energy and infrastructure.
Ambassador Al Zaabi also visited the Karachi Chamber of Commerce and Industry and the main financial market in Karachi and discussed with officials measures to strengthen economic cooperation.