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Aisha Steel Mills posts net profits of Rs 660...

October 21, 2020 (MLN): Aisha Steels Limited (ASL) has posted net profits of Rs 660.2 million for the quarter ended on September 30th, 2020 against the net loss of Rs 203.9 million incurred in the same quarter last year.

This caused the earnings per share (basic) to clock in at Rs 0.82 against the loss per share of Rs 0.29.

The profitability of the company can be attributed to increase in demand after resumption of economic activity.

The net revenues of the company jumped by 82% YoY from Rs 6 billion to Rs 11.2 billion. The rise in revenues can be due to higher demand from 2/3-wheeler autos segment (2/3-wheeler sales up 22.1%YoY and 1.38x QoQ), said the report from Taurus Securities.

In addition to this, owing to the increase in prices during the quarter, the gross margins of the company rose to 13% from 18.9% in the corresponding quarter last year.

Furthermore, since the company’s books are highly leveraged and with the fall in interest rates gave a breather to ASL’s net profitability as its finance cost declined notably by 38% YoY..

 

Profit and Loss Account for the Quarter Ended September 30, 2020 (Rupees '000)

 

Sep-20

Sep-19

% Change

Revenue from contracts with customers

      11,205,862

                6,160,186

81.9%

Cost of sales

      (9,729,701)

              (5,607,465)

73.5%

Gross Profit

        1,476,161

                    552,721

167.1%

Selling and distribution cost

            (12,112)

                    (11,382)

6.4%

Administrative expenses

            (71,316)

                    (79,173)

-9.9%

Other expenses

            (64,264)

                               -  

 

Other income

              12,156

                      16,365

-25.7%

Profit from operations

        1,340,625

                    478,531

180.2%

Finance cost

          (443,518)

                 (718,556)

-38.3%

(Loss) before income tax

            897,107

                 (240,025)

 

Taxation

          (236,883)

                      36,030

 

(Loss)/ profit after taxation

            660,224

                 (203,995)

-

Earnings/(loss) per share - Basic

                   0.82

                        (0.29)

-

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MEBL approves “Meezan Bank Employees Share Option Scheme” for...

October 21, 2020 (MLN): The Board of Directors of Meezan Bank Limited has approved to initiate "Meezan Bank Employees Share Option Scheme" for employees of the Bank, subject to all regulatory approvals including Securities and Exchange Commission of Pakistan, shareholders' approval through special resolution etc.

The Scheme will be structured in accordance with all applicable laws including Companies Act, 2017, Companies (Further Issue of Shares) Regulations, 2020 etc.

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Pakistan’s trade deficit in services drops by 54% YoY...

October 21, 2020 (MLN): Pakistan’s trade deficit in services stood at $77 million during the month of September, signifying an increase of 6% as compared to the previous month and 20% as compared to the same period of last year.

Likewise, the deficit during the quarter Jul-Sep of the ongoing Fiscal Year was recorded at $539 million, which is around 6% lower than the same quarter of previous year.

According to the latest figures published by the State Bank of Pakistan, the exports of services during the month amounted to $463 million, showing an increase of 30% MoM and 13% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $158 million, followed by Government Goods and Services at $115 million.

On the contrary, the imports of services during the month amounted to $540 million, depicting an increase of 18% MoM and 6% YoY. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $194 million, followed by the Travel Group at $74 million.

Other major items imported during the month include Telecommunications, Computer, and Information Services ($37 million), Insurance and Pension Services ($20 million) and Government Goods and Services ($17 million).

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Treet Corporation Ltd decides to exit the education sector

October 21, 2020 (MLN): Treet Corporation Limited has decided to exit the education sector.

In this regard, the Company has signed a Memorandum of Understanding (MOU) with an interested party on October 20, 2020 for, inter alia, sale of 100 % shares of its subsidiary Global Arts Limited and transfer of control thereof.

Subsequent to signing of the MOU, the interested party shall undertake due-diligence and if satisfied a formal Sale and Purchase Agreement will be executed.

Necessary approvals required to give effect to the exit from the education sector, including proposed sale of shares of GAL shall by sought from the shareholders during the upcoming Annual General Meeting to be held on October 31, 2020. Relevant Special Resolution can be found in the AGM Notice.

The company further informed their Shareholders that the proceeds of proposed sale of GAL shall be primarily used to reduce the Company's borrowing from financial institutions.

The Company also informed that the proposed sale shall have no effect on the performance, functionality, faculty, curriculum and students of IAC.

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PM directs administrative officers to take strict action against...

October 21, 2020:  Prime Minister Imran Khan has directed all administrative officers to take strict action against hoarders and profiteers and ensure ample availability of essential commodities to the masses at approved prices.

Presiding over a high-level meeting in Lahore regarding prices and availability of basic essential items in Punjab, he said any kind of lapse in the provision of relief to the people will not be tolerated.

The Prime Minister was briefed in detail about the prices and availability of essential goods and commodities.

The meeting was informed that secretaries and district administrations would monitor the hoarding and profiteering and they would also be assisted by the Tiger Force.

The Prime Minister said in order to avoid shortage and price-hike, the procurement of wheat and other essential goods should be ensured under the planning.

Federal Minister Syed Fakhar Imam told the meeting that the supply of wheat would be ensured.

Radio Pakistan

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