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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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)
SALES TAX AND DISCOUNTS
COST OF SALES
OTHER OPERATING INCOME
OTHER OPERATING EXPENSES
SHARE OF PROFIT/(LOSS) OF ASSOCIATE
PROFIT BEFORE TAXATION
PROVISION FOR TAXATION
PROFIT AFTER TAXATION
EARNINGS PER SHARE
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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.
August 23, 2019 (MLN): Bank of Punjab’s half yearly net income has widened by 4.3% compared to last year as it has been recorded at Rs.4 billion (EPS: Rs.1.52 per share) compared to Rs.3.9 billion (EPS: Rs.4.46 per share) witnessed last year.
A massive leap of Rs.2 billion in net provision and write offs resulted in a mediocre increment in bottom line gains as the bank’s total income (Rs.15 billion) expanded by 35.5% (or Rs.3.9 billion) while the total non-mark-up expenses grew by only 19.2% (or Rs.1.1 billion) to Rs.7 billion.
Moreover, BOP’s tax payments grew by 23% to Rs.2.9 billion, marking a total rise of Rs.552 million.
Profit and Loss Account for the half year ended June 30th 2019 (Rupees in '000)
Net mark-up/return/interest income
NON MARK-UP/INTEREST INCOME
Fee, commision and brokerage income
Foreign exchange income
Income/(loss) from derivatives
Gain / (loss) on securities - net
Total non-mark-up/interest income
NON MARK-UP/INTEREST EXPENSES
Workers welfare fund
Total non-mark-up/interest expenses
Profit before provisions
Provisions/(reversals) and write offs - net
Extra ordinary/unusual items
Profit before taxation
Profit after taxation
Earnings per share - Basic and Diluted (in Rupees)
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August 23, 2019: The government has released Rs 198.153 million for various ongoing and new projects of Revenue Division under the Public Sector Development Programme (PSDP) for the current fiscal year (2019-20).
The government, in its Federal PSDP, had earmarked Rs 1918.238 million for the Revenue Division projects, with foreign exchange component of Rs 250 million, according to the latest data released by of Ministry of Planning, Development and Reform.
The government released Rs 76 million for development of Integrated Transit Trade Management System (ITTMS) for which an amount of Rs 480 million has been allocated in the federal PSDP 2019-20, including foreign aid of Rs 100 million.
An amount of Rs 56.350 million have been released for establishment of Inland Revenue Offices in Pakistan for which Rs 331.770 million amount was earmarked in the current PSDP.
The government released Rs 30 million for construction of Model Customs Collectorate at Gwadar for which Rs 200 million have been earmarked in the current PSDP.
The government also released Rs 3.83 million for construction of warehouse for Model Customs Collectorate at Khokar Niaz Baig Lahore for which Rs 19.171 million were allocated this year.
It is pertinent to mention here that the federal government has so far released Rs 15.4 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs 701 billion.
Under its development program, the government has released an amount of Rs 10.2 billion for federal ministries, whereas Rs 4.6 billion for special areas, according to a data released by Ministry of Planning, Development and Reform.