Pkrevenue.com

Author: Faisal Shahnawaz

  • Byco Petroleum posts 80 percent decline in net profit

    Byco Petroleum posts 80 percent decline in net profit

    KARACHI: Byco Petroleum Pakistan Ltd. has posted around 80 percent decline in net profit for nine-month period ended March 31, 2019, according to financial results presented to Pakistan Stock Exchange (PSX) on Tuesday.

    Earnings per share of the company also fell to Rs 0.14 compared to Rs 0.66 last year.

    The company attributed the decline in profit that the oil refining sector in Pakistan experienced a challenging business environment in the first nine months of the current fiscal year marked by the economic slowdown, volatile oil prices, devaluation of the Rupee, and weak upliftment of furnace oil (FO).

    The company’s gross sales increased by 32 percent from the corresponding period of the prior year to Rs 182.9 billion. Net sales increased by 35 percent to Rs 145.2 billion.

    Byco Petroleum’s gross profits fell 58 percent to Rs 3.03 billion in the first nine months of the ongoing fiscal year.

    Operating profit for the period came in at Rs 2.30 billion compared to Rs 5.85 billion in 2018.

    The company earned a net profit of Rs 719.6 million compared to Rs 3.53 billion a year earlier.

    Amir Abbassciy, CEO of Byco Petroleum Pakistan Limited, said commented on the financial result: “Despite many factors which have been working against us, including oil prices, currency weakness, and an evolving fuel mix for the nation, we are hopeful for better results in the near term.”

    Byco expresses its deepest appreciation and gratitude to the government, its shareholders, customers, and strategic partners for offering cooperation in this period.

    The company reiterates its resolve to manage this difficult time to the best of its abilities and will continue to strive to deliver optimum results for its stakeholders.

  • Bank Alfalah signs MoU to promote Musharakah products

    Bank Alfalah signs MoU to promote Musharakah products

    KARACHI: Bank Alfalah Islamic Banking has recently signed Memorandum of Understanding (MoU) for Strategic Partnership with Centre for Islamic Finance (CIF) at Lahore University of Management Sciences (LUMS) to jointly setup a research initiative to promote Pakistan’s first ever asset side Musharakah based financing product.

    According to a statement on Tuesday, the agreement between one of the leading Islamic Banking Institution and Pakistan’s top business school will encourage innovation through developing new products and would help the industry to align itself with the regulator’s preference towards participatory modes of Islamic financing.

    Dr. Muhammad Imran, Group Head Bank Alfalah Islamic, at the occasion of the signing ceremony said that this partnership will go a long way in realizing the Bank’s vision to launch products and initiatives based on the Islamic principles of Musharakah and Mudarabah.

    He said, “Innovation is the cornerstone of banking at Bank Alfalah Islamic and this initiative with LUMS would further strengthen Bank Alfalah Islamic’s position as a leader in innovative Islamic banking”.

    Dr. Saad Azmat, Chair Centre for Islamic at LUMS said: “I am delighted that we have signed this MoU and look forward to working with Bank Alfalah Islamic in promoting the use of Musharakah and Mudarabah based financing by Islamic Banks.

    “This collaboration would help us undertake research on risk sharing, which is one of the core principles of Islamic Finance. This MoU signed will help us to deepen our understanding of Islamic finance, along with developing institutions and instruments to support sustainable and inclusive growth of the Islamic Finance industry in Pakistan.”

    Syed Ali Sultan, Group Head, Bank Alfalah Treasury and Capital Markets provided an insight on the overall economic situation and the importance of Islamic Financial transaction in the global economic landscape.

    Dr. Alnoor Bhimani, Honorary Dean, LUMS welcomed the enthusiasm of Bank Alfalah Islamic to help drive a better understanding of Islamic banking.

  • Hutchison Ports Pakistan deploys five new hybrid yard cranes

    Hutchison Ports Pakistan deploys five new hybrid yard cranes

    KARACHI: Hutchison Ports Pakistan has announced to deploy five new hybrid yard cranes as the terminal continues with its productivity enhancement program and to provide better customer service.

    It brings the terminal’s total number of hybrid yard cranes to 31, said a statement on Tuesday.

    This new batch of equipment will improve the overall service potential of the terminal and will greatly increase berth productivity as well as landside deliveries.

    “We are constantly in pursuit of improving our industry and everything it touches”, said Captain Syed Rashid Jamil, General Manager and Head of Business Unit, Hutchison Ports Pakistan.

    “The addition of more hybrid cranes will enable us to further enhance the speed of our operations, directly and indirectly benefiting our customers. Moreover, we truly care for the communities around the port area.

    “The deployment of hybrid cranes will significantly help us reduce emissions as well as to protect and conserve air quality in our surrounding areas. We take this as our responsibility and will do everything we can to reduce the impact of our operations.”

    In October 2019, Hutchison Ports Pakistan will receive 11 state-of-the-art electric remote-controlled yard cranes. This induction will make Hutchison Ports Pakistan the only terminal in the region to deploy such equipment.

    Hutchison Ports Pakistan is situated at the estuary of the Keamari Groyne basin, providing the most convenient access to ships entering Karachi.

    The new facility is the closest Pakistan port to the shipping lanes in the Arabian Sea. Its prime location offers the shortest steaming time from the Fairway Buoy, and will bring real benefits to customers, relating to time, cost, reduction in risk of delays, and reduced carbon emissions.

    Hutchison Ports Pakistan is a member of Hutchison Ports, the port and related services division of CK Hutchison Holdings Limited (CK Hutchison).

    Hutchison Ports is the world’s leading port investor, developer and operator with a network of port operations in 51 ports spanning 26 countries throughout Asia, the Middle East, Africa, Europe, the Americas and Australasia.

    Over the years, Hutchison Ports has expanded into other logistics and transportation-related businesses, including cruise ship terminals, airport operations, distribution centres, rail services and ship repair facilities.

  • PSX warns PIA of suspending its share trading for non-compliance

    PSX warns PIA of suspending its share trading for non-compliance

    KARACHI: Pakistan Stock Exchange (PSX) has warned Pakistan International Airline (PIA) of suspending share trading from May 22, 2019 for non-compliance of regulations.

    In a notice issued on Tuesday, the PSX referring to the notice issued on October 09, 2018 to PIA regarding non-compliance, said that PIA has still failed to hold its annual general meeting for the year ended December 31, 2017.

    “Further, the deadline for holding the AGM for the year ended December 31, 2018 has expired on April 30, 2019, which was required to be held within 120 days from the date of closure of financial year,”

    The non-holding of AGM and non-submission of annual audited accounts for two consecutive years attracts action of suspension of trading in its shares under PSX Regulations.

    The PSX said that trading in shares of the company is required to be suspended immediately, however, in order to avoid immediate suspension in the interest of investors, PIA has been advised to rectify the defaults within 14 days i.e. by Tuesday May 21, 2019, failing which trading in its shares shall be suspended with effect from May 22, 2019.

    It further said it should be noted that upon failure of the company to rectify its default within seven trading days i.e. by Friday May 10, 2019 trading in the shares of the company shall be converted to SPOT (T + 0) settlement for the next seven trading days i.e. till Tuesday, May 21, 2019.

  • EOBI disburses Rs35 billion to pensioners in current fiscal year

    EOBI disburses Rs35 billion to pensioners in current fiscal year

    KARACHI: Employees Old-Age Benefits Institution (EOBI) has disbursed Rs35 billion to pensioners during the current fiscal year.

    “The disbursement will increase to Rs46 billion during the next fiscal year,” Azhar Hameed, Chairman, EOBI, said on Monday while addressing members of Korangi Association of Trade and Industry (KATI).

    President KATI Danish Khan, Senior Vice President Faraz-ur-Rehman, Head of KATI’s Standing committee on EOBI and SESSI Zahid Saeed, Zubair Chaya, Johar Qandhari and others welcomed the chairman at KATI.

    The EOBI chairman said that the institution was planning to celebrate pension day to spread awareness among the employers and to honor the dedicated contributors.

    He also assured that audit should be confined to once a year and he would not allow making this a tool of harassment in the hands of officials.

    President KATI Danish Khan said that after 18th amendment there is a lot of confusion regarding the role of EOBI and ongoing litigations in the courts also cause uncertainty.

    He said that employers are ready to provide every possible facility and contribution for the welfare of the workers.

    Zahid Saeed said that there is need to give awareness to the employers regarding the role and importance of the institution.

    He also suggested establishing a special desk in industrial areas of Karachi.

    Zubair Chhaya said that due to incompetence of worker’s social welfare departments EOBI also suffers the credibility.

    While responding to issues raised by participants Azhar Hameed asked KATI to nominate a focal person to work with the institution and resolve urgent matters.

  • KSE-100 falls by 242 points on concerns over economy in IMF program

    KSE-100 falls by 242 points on concerns over economy in IMF program

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 242 points on Tuesday due to concerns over economic condition in post IMF program.

    The share market closed at 36,784 points as against 37,026 points showing a decline of 242 points.

    Analyst at Next Capital Limited said that the stock market plunged amid growing concerns on economy post IMF program and concerns over additional taxes to be implemented in the upcoming budget.

    As per news reports, Pakistan and IMF have launched the final round of talks over the $8 billion bailout package for Islamabad, a deal that’s expected to be signed next month.

    The round started on Monday in the capital and is expected to last till May 7.

    Market participation for the 100 index decreased to 82.5 million shares from 132.4 million shares in the previous session (-37.7 percent on d/d basis).

    Major contribution to total market volume came from UNITY, PAEL, and BOP churning 28.0 million shares out of the total market volume of 110.6 million shares.

    Daily traded value for the 100 index decreased to USD28.2 million from USD38.2 million in the previous session.

    Analysts at Topline Securities said that the index extended losses for the second consecutive day as investors remained wary on upcoming events like Budget and Amnesty Scheme.

    Further, IMF technical team is also in town till May 07, which is likely to dictate key revenue measures for upcoming federal budget.

    Consequently, index lost 0.65 percent today, closing at 36,784.

    During the outgoing month, Index lost 4.8 percent – worst April month in last 14 years.

    E&Ps, Cements, and Banking sector remained top laggards with deletion of 887 points from the index.

    Investors sentiments in E&Ps were affected after offshore drilling hit a snag, while cement sector remained under pressure due to slippage in cement prices as difference of opinion still prevails among manufacturers over uniform pricing.

    Volumetric activity witnessed rise of 33 percent MoM, similarly value was up 9 percent MoM.

  • DISCOs publish list of defaulters above Rs1 million

    DISCOs publish list of defaulters above Rs1 million

    ISLAMABAD: Power Distribution Companies (DISCOs) have published the list of defaulters above Rs 1 million on their website, said a statement on Tuesday.

    It said that on directions of Power Division, the lists of electricity dues defaulters above Rs1 million have been published on the websites of concerned DISCOs.

    An operation against these defaulters is also in full swing. Electricity connections of the running and dead/disconnected defaulters against whom more than Rs 1 million are outstanding in lieu of electricity charges their connections are being disconnected.

    All lists of these defaulters are also published on the website of Power Information Technology Company (PITC) and can be accessed at pitc.com.pk/index.php/defaulters-list.

  • FPCCI deplores ignoring national chamber at China visit

    FPCCI deplores ignoring national chamber at China visit

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly criticized the ministry of commerce for ignoring the apex trade body at the recent important visit of Prime Minister Imran Khan to China.

    President FPCCI Engr. Daroo Khan Achakzai regretted that the ministry of commerce specially the Advisor to Prime Minister on Commerce for not helping the Prime Minister and wasting all his efforts due to their attitude and disconnect with the business community.

    In a statement on Tuesday, he cited an example that during the recent important visit of the Prime Minister to China, MOC arranged Pakistan business forum and B2B meetings between Pakistani and Chinese businessmen.

    “It was surprising that Pakistan Business Council (PBC) represented the business community of Pakistan at this important forum.”

    PBC is a non-elected body of few elite businessmen originally formed under the patronage of present Advisor to PM on Commerce and Industry.

    PBC Irrespective of its Professional merits or demerits, it cannot be a substitute to the democratically elected representatives of business community FPCCI, the national chamber of the country, but somehow the unjustified patronage of Advisor to PM has given it a more prominent role in shaping the trade and economic policies, whereas genuine stakeholders have been sidelined.

    This has resulted in deterioration of Business confidence as the policies are formulated more on intellectual ideas of few instead of input of ground realities based on input from the real stakeholders. Such policies would not help the Government to come out of its present crisis.

    The FPCCI president praised the recent achievements of the Prime Minister during his visit to China. The Signing of FTA-II and ML-1 projects will go a long way in bringing up Country’s economy.

    He said that the vision and hard work of PM is unprecedented in the history of the Country. His five points agenda of at OBR forum of mitigating climate change, establishing a BRI tourism corridor for promoting people-to-people contacts inter-cultural understanding, anti-corruption cooperation, poverty alleviation fund, and further liberalizing trade and investment flows by encouraging private sector and businesses is revolutionary ideas and were appreciated at all levels.

    Unfortunately he has inherited an economy, which is very difficult to manage, and he faces gigantic task to stabilize this. The business community has always resolved support for the Prime Minister in his efforts.

    It is worth mentioning that while Country’s own Ministry of Commerce ignored FPCCI, the apex trade body of the Country while the Councils of Promotion of International Trade (CCPIT) of Chongqing, Tianjin and Xin Jiang Provinces met the President of FPCCI and immediately signed MoUs with him during the Belt and Road Forum at Beijing thus recognizing the importance of the elected representative of the business community.

    President FPCCI has urged the Prime Minister that his hard work and vision will only yield fruitful results, when his team will take the entire business community into confidence instead of patronizing few.

    He requested the prime minister to direct all concerned trade, investment, economic Ministries and departments to engage the elected bodies of Business community specially FPCCI for their input on all economic issues and give weightage to their nominations for advisory and consultative bodies, trade delegations and important forums abroad.

  • Rupee makes gain against dollar

    Rupee makes gain against dollar

    KARACHI: The Pak Rupee made gain against dollar on Tuesday after maintaining levels for 11 consecutive days.

    The rupee ended at Rs141.39 to the dollar from previous day’s closing of Rs141.40 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded a high of Rs141.398 and low of Rs141.39 and closed at Rs141.39.

    Currency experts said that the market was remained range bound and buyers were eying on the talks between Pakistan and IMF for the new loan program.

    The exchange rate in open market was remained unchanged.

    The buying and selling of dollar was recorded at Rs141.80/Rs142.30, the same previous day’s closing, in cash ready market.

  • ExxonMobil chief discusses offshore drilling with minister

    ExxonMobil chief discusses offshore drilling with minister

    ISLAMABAD: Chairman of ExxonMobil, Alex Volkov with his team met Ali Haider Zaidi, Minister for Maritime Affairs here on Tuesday.
    In a tweet message by the minister stated that productive discussions took place on the LNG requirements in Pakistan and the offshore drilling project off the coast of Karachi.