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Pakistan evades blacklist, given time till February to curb...

October 18, 2019 (MLN): Financial Action Task Force (FATF) held its plenary meeting with Pakistan today, by the end of which it decided that the country must be given time till February to curb terror financing.

As per the media reports doing the rounds, Pakistan managed to evade being put in the blacklist by FATF, given its unrelenting efforts to control money laundering and counter-terrorism financing.

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Imports into Pakistan surge by 8% YoY in September

October 18, 2019 (MLN): Imports into Pakistan during the month of September 2019 amounted to Rs. 591 billion as against Rs. 589 billion in August 2019 and Rs. 545 billion during September 2018, showing an increase of 0.2% over August 2019 and 8.36% over September 2018.

As per the data gathered by Pakistan Bureau of Statistics, the imports in September 2019 in terms of US dollars stood at $3.78 billion as compared to $3.73 billion in August 2019, showing an increase of 1.42% but a decline of 13.9% as compared to $4.39 billion in September 2018.

Imports during July-September 2019 totaled Rs. 1.77 trillion as against Rs. 1.75 trillion during the corresponding period of last year, showing an increase of 0.93%.

In terms of US dollars the imports during July-September, 2019 totaled $11.2 billion as against $14.1 billion during the corresponding period of last year, showing a decrease of 20.59%.

Main commodities of imports during September 2019 were Petroleum products (Rs. 65.9 billion), Natural gas, liquified (Rs. 56.9 billion), Petroleum crude (Rs. 53.6 billion), Plastic materials (Rs. 22.9 billion), Palm oil (Rs. 21.9 billion), Iron and steel scrap (Rs. 20.5 billion), Iron and steel (Rs. 16.8 billion), Electrical machinery and apparatus (Rs. 16.5 billion), Mobile phone (Rs. 16.4 billion) and aircraft, ships & boats (Rs. 14.6 billion).

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Hafeez Shaikh, IMF director discuss implementation of Fund program

October 18, 2019: Adviser to Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh and members of Pakistani delegation met International Monetary Fund’s Director Middle East and Central Asia Department (MCD), Jihad Azour.

According to Finance Ministry’s short statement, they discussed the ongoing implementation of the IMF programme.

The IMF director appreciated the progress made towards stablization of Pakistan's economy and government's commitment to the reform process.

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Philip Morris Pakistan remains in losses

October 18, 2019 (MLN): The ongoing year seems to be a tough business year for Philip Morris Pakistan Limited (PSX: PMPK), a major Tobacco firm in Pakistan as it has reported net losses worth Rs 1.37 billion for nine-month ended September 2019 in a meeting held earlier today.

The loss per share (LPS) for the period locked in at Rs 22.31 per share.

As per the financial statement issued by the company to the bourse, the losses were recorded mainly due to the management decision to reorganize its operational footprint by closing its factory in Kotri.

The other major factors that attributed to losses were a rise in the cost of sales by 15%, a colossal upsurge in the company’s other expenses and finance cost by Rs 2.4 billion and Rs 24.7 million respectively. Moreover, a marginal decline in net revenues along with a considerable increase in the cost of sales led the gross margins to shrink by 9 percentage points.

In addition, the company also enjoyed tax incentives of Rs 394.9 million during the period which provided some comfort to the earnings.

Financial Results for the nine months ended September 30, 2019 ('000 Rupees)

 

Sep-19

Sep-18

% Change

Turnover - net

 11,039,713

 11,157,186

-1.05%

Cost of sales

 7,232,880

 6,295,689

14.89%

Gross profit

 3,806,833

 4,861,497

-21.69%

Distribution and marketing expenses

 1,989,263

 2,440,898

-18.50%

Administrative expenses

 1,101,958

 992,166

11.07%

Other expenses

 2,825,153

 390,178

624.07%

Other income

 381,716

 156,044

144.62%

Operating profit

 (1,727,825)

 1,194,299

 

Finance cost and bank charges

 40,735

 15,982

154.88%

Profit before taxation

 (1,768,560)

 1,178,317

 

Taxation

 (394,930)

 296,894

 

Profit after taxation

 (1,373,630)

 881,423

 

Earnings per share - basic and diluted (Rupees)

 (22.31)

 7.18

 

 

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Pakistan’s exports grow by 29% YoY in September

October 18, 2019 (MLN): Total exports from Pakistan during the month of September 2019 amounted to Rs. 276.2 billion (provisional) as against Rs. 294.3 billion (provisional) in August 2019 and Rs. 213.7 billion in September 2018, showing a decrease of 6.13% over August 2019 but an increase of 29.24% over September 2018.

According to the provisional figures compiled by the Pakistan Bureau of Statistics, the exports in September 2019 in terms of US dollars were $1.77 billion (provisional) as compared to $1.8 billion (provisional) in August 2019, showing a decrease of 4.99% but an increase of 2.67% as compared to $1.72 billion in September 2018.

Exports during July-September, 2019 totaled Rs. 871 billion (provisional) as against Rs. 666  billion during the corresponding period of last year, showing an increase of 30.65%.

In terms of US dollars, the exports during July-September, 2019 totaled $5.5 billion (provisional) against $ 5.3 billion during the corresponding period of last year, showing an increase of 2.75%.

Main commodities of exports during September, 2019 were Knitwear (Rs. 37.1 billion), Bed wear (Rs. 31.3 billion), Readymade garments (Rs. 31.2 billion), Cotton cloth (Rs. 27.2 billion), Cotton yarn (Rs. 13.6 billion), Rice others (Rs.12.2 billion), Rice Basmati (Rs. 9.2 billion), Towels (Rs. 8.6 billion), Made-up articles (Rs. 7.4 billion) and Fish & fish preparations (Rs. 6.7 billion).

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