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Category: Corporate

  • Amazon declares $2 billion net loss for second quarter

    Amazon declares $2 billion net loss for second quarter

    SEATTLE, Washington: Amazon.com, Inc. has announced net loss of $2 billion for the second quarter against the net income of $7.8 billion in the second quarter of 2021.

    Second quarter 2022 net loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc.

    READ MORE: Amazon Software Technology Park inaugurated

    Operating cash flow decreased 40 per cent to $35.6 billion for the trailing twelve months, compared with $59.3 billion for the trailing twelve months ended June 30, 2021.

    Free cash flow decreased to an outflow of $23.5 billion for the trailing twelve months, compared with an inflow of $12.1 billion for the trailing twelve months ended June 30, 2021.

    Free cash flow less principal repayments of finance leases and financing obligations decreased to an outflow of $33.5 billion for the trailing twelve months, compared with an inflow of $0.6 billion for the trailing twelve months ended June 30, 2021.

    Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations decreased to an outflow of $26.1 billion for the trailing twelve months, compared with an inflow of $4.2 billion for the trailing twelve months ended June 30, 2021.

    Common shares outstanding plus shares underlying stock-based awards totaled 10.6 billion on June 30, 2022, compared with 10.4 billion one year ago. All share and per share information throughout this release has been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022.

    Net sales increased 7 per cent to $121.2 billion in the second quarter, compared with $113.1 billion in second quarter 2021. Excluding the $3.6 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 10 per cent compared with second quarter 2021.

    Operating income decreased to $3.3 billion in the second quarter, compared with $7.7 billion in second quarter 2021.

    “Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network,” said Andy Jassy, Amazon CEO.

    “We’re also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year, exclusive access to NFL Thursday Night Football games starting September 15, and releasing the highly anticipated series The Lord of the Rings: The Rings of Power on September 2.”

  • Bank Alfalah posts 25% increase in half year profit

    Bank Alfalah posts 25% increase in half year profit

    KARACHI: Bank Alfalah has declared 25 increase in net profit for the half year ended June 30, 2022.

    According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared profit after tax at Rs8.70 billion for the half year ended June 30, 2022 as compared with Rs6.93 billion in the same half of the last year.

    READ MORE: Pakistan Tobacco’s profit falls on high taxes

    The bank also announced earnings per share at Rs4.9 for the half year (January – June) 2022 as compared with Rs3.90 EPS in the same half of the last year.

    The board of directors of Bank Alfalah met on July 28, 2022 and recommended an interim cash dividend for the half year ended June 30, 2022 at the rate of Rs2.50 per share i.e. 25 per cent.

    Analysts at Insight Research said that the result remained below from expectations of rs2.8 per share, primarily due to higher both provisions charge and effective tax rate during the quarter.

    READ MORE: Habib Bank posts 33% decline in half year profit

    Net Interest Income remained in line with estimates to clocked in at Rs17.8 billion (up by 53 per cent/25 per cent YoY/QoQ), which is attributable to repricing of assets as bank’s investment book is fully geared up for current monetary policy settings.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

    Non-markup income improved significantly in 2QCY22 to reached Rs6.5 billion (up 57 per cent/49 per cent YoY/QoQ) mainly due to massive foreign exchange income, which is clocked in at Rs3.4 billion amid better market share in remittances/trade and volatility in FX market. Whereas, fee income remained in-line with the estimates.

    On the provision front, bank posted a net charge of Rs3.6 billion vs. expectation of Rs0.8 billion, as bank raised its general provisioning due concern on the economic slowdown.

    Effective tax rate (ETR) remained above from estimates of 54 per cent to clock in at 59.2 per cent.

    READ MORE: Hyundai announces second quarter financial results

  • Pakistan Tobacco’s profit falls on high taxes

    Pakistan Tobacco’s profit falls on high taxes

    KARACHI: Pakistan Tobacco Company (PTC), the largest cigarette manufacturer in the country, has declared a 10 per cent decline in half year profit ended on June 30, 2022 mainly attributed to about 100 per cent increase in payment of taxes.

    According to the financial results submitted to the Pakistan Stock Exchange (PSX), the company declared profit after tax (PAT) at Rs8.51 billion for the half year ended on June 30, 2022 as compared with Rs9.45 billion in the same half of the last year.

    READ MORE: Habib Bank posts 33% decline in half year profit

    The company declared profit before income tax at Rs15.71 billion for the half year ended on June 30, 2022 as compared with Rs13.12 billion in the same half of the last year.

    The sharp decline in net profit may be attributed may be attributed to significant rise in the payment of taxes. The company paid an amount of Rs7.20 billion as taxes during the half year ended June 30, 2022 as compared with Rs3.68 billion in the same half of the last year, showing an increase of 95.7 per cent.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

    The PTC declared basic and diluted earnings per share (EPS) at Rs33.32 for the half year ended on June 30, 2022 as compared with EPS of Rs36.98 in the same half of the last year, showing a decrease of 9.9 per cent.

    The total gross turnover of the company increased to Rs113.45 billion for the first half (January – June) 2022 as compared with Rs99.85 billion in the same half of the last year, showing an increase of 13.62 per cent.

    The total net turnover of the company increased to Rs45.01 billion for the first half (January – June) 2022 as compared with Rs37.14 billion in the same half of the last year, showing an increase of 21.2 per cent.

    READ MORE: Hyundai announces second quarter financial results

    The company declared the total gross profit at Rs21.18 billion for the half year ended on June 30, 2022 as compared with Rs17.85 billion in the same half of the last year, showing an increase of 18.66 per cent.

    The operating profit of the company increased to Rs15.09 billion during the half year under review as compared with Rs12.77 billion in the same half of the last year, showing an increase of 18.17 per cent.

  • Habib Bank posts 33% decline in half year profit

    Habib Bank posts 33% decline in half year profit

    KARACHI: Habib Bank Limited (HBL), one of the largest banks in Pakistan, has posted 33 per cent decline in profit for the half year ended June 30, 2022.

    According to financial results submitted to the Pakistan Stock Exchange (PSX), the bank declared profit after tax at Rs12.11 billion for the half year ended June 30, 2022 as compared with Rs18.03 billion in the same half of the last year.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

    The sharp decline in net profit may be attributed to significant rise in payment of taxes. The bank paid an amount of Rs22.48 billion as taxes during the half year ended June 30, 2022 as compared with Rs13.17 billion in the same half of the last year, showing an increase of 71 per cent.

    The HBL issued the condensed interim consolidated profit and loss account (unaudited) for the six months ended June 30, 2022. It declared basic and diluted earnings per share at Rs8.10 for the half year ended June 30, 2022 as compared with EPS of Rs12.04 in the same half of the last year.

    READ MORE: Hyundai announces second quarter financial results

    Net mark-up income of the bank increased to Rs73.89 billion for the first half (January – June) 2022 as compared with Rs64.86 billion in the same half of the last year.

    Total non-mark up income of the bank also increased to Rs23.67 billion for the half year under review as compared with Rs17.61 billion in the same half of the last fiscal year.

    READ MORE: PTCL declares 39% growth in half year net profit

    This brings the total income of the HBL at Rs97.57 billion for the half year ended June 30, 2022 as compared with Rs82.47 billion in the same half of the last year.

    The operating expenses of the bank increased to Rs59.05 billion during the half year under review as compared with Rs46.85 billion in the same half of the last year.

    READ MORE: Honda Cars declares 40% surge in annual profit

  • Suzuki Motors warns plant shutdown in Pakistan

    Suzuki Motors warns plant shutdown in Pakistan

    KARACHI: Suzuki Motors Co. Ltd. on Thursday warned shutting down its production plant in Pakistan due to import restrictions.

    In a communication sent to Pakistan Stock Exchange (PSX), the auto manufacturer said that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKD) vide circular No. 09 of 2022 dated May 20, 2022.

    READ MORE: Indus Motors rebuts plant shutdown reports

    “Restrictions had adversely impacted clearance of import consignments of the company from the ports which might result in shutdown of the plant in near future,” the company said, adding that Pak Suzuki has stopped bookings of its products since July 01, 2022.

    The company further clarified that at present it had not plan to shut down the plant. “The production schedule of the company and any non-production days remain contingent on a number of external factors,” it said.

    READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation

    The company is actively monitoring its production and operations and is closely working with the government of Pakistan and the central bank to alleviate the present challenges.

    A day earlier, Indus Motors Company– the manufacturers of Toyota cars in Pakistan, also issued a statement in this regard.

    READ MORE: Toyota lowers July production in Japan

    The IMC said that the auto sector was facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.

    “The unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry,” the IMC said.

    The company clarified that as of today (July 27, 2022), there are no plans fixed for complete plant shutdown for more than two weeks in the month of August 2022.

    READ MORE: COVID-19 cases reported at Toyota work sites

  • Indus Motors rebuts plant shutdown reports

    Indus Motors rebuts plant shutdown reports

    KARACHI: Indus Motors Company Limited (IMC), the manufacturer of Toyota motors in Pakistan, on Wednesday strongly rebuts the news reports about complete shutdown of its plants.

    In a communication sent to Pakistan Stock Exchange (PSX), the company said IMC acknowledged the auto sector is facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.

    READ MORE: COVID-19 cases reported at Toyota work sites

    “The unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry,” the company said.

    The company clarified that as of today (July 27, 2022), there are no plans fixed for complete plant shutdown for more than two weeks in the month of August 2022.

    READ MORE: Hyundai, Kia sign pact to develop mobility to explore moon

    “The production schedule of the company and any non-production days remain contingent on a number of external and variable factors,” the company said.

    The company is actively monitoring its production and operations, and is closely working with the government and the SBP to alleviate the present challenges.

    The company in its communication said that in the event that there is any material update regarding the aforesaid matter, it will be timely communicated to the PSX as per the requirement of PSX regulations.

    READ MORE: Hyundai announces second quarter financial results

  • KAPCO to contest NEPRA’s show cause notice

    KAPCO to contest NEPRA’s show cause notice

    KARACHI: Kot Addu Power Company (KAPCO) on Tuesday announced to contest a show cause notice issued by a regulatory authority.

    In a communication sent to Pakistan Stock Exchange (PSX), the company said it will contest the show cause notice as per law by, inter alia, submitting a detailed reply within the stipulated period and will vehemently present its case before NEPRA and all relevant forums that there is no breach by the Company of any rules and regulations under the NEPRA Act.

    READ MORE: Pakistan approves LNG at $9 per MMBTU for export sector

    The National Electric Power Regulatory Authority (NEPRA) has issued a show cause notice (received on July 25, 2022) to the Company under section 27B of Regulatory of Generation, Transmission and Distribution of Electric Power Act, 1997 (NEPRA Act) read with relevant rules and regulations alleging prima facie violation of Regulation 6 (2) of NEPRA Interim Power Procurement (Procedures and Standards) Regulations, 2005 in respect of the extension of the Company’s Power Purchase Agreement (PPA) for a period of 485 days pursuant to the terms agreed between the Company and the Power Purchaser for settlement of the liquidated damages dispute between the Company and the Power Purchaser by invoking the terms of the PPA under Other Force Majeure Events (OFME).

    READ MORE: NEPRA to conduct public hearing on KE’s petition on July 28

    Through the show cause notice, NEPRA has sought reply of the Company, to be submitted not later than fifteen days of receipt of the show cause notice, as to why appropriate legal action may not be taken against the Company under relevant rules and regulations of the NEPRA Act, inter alia, including imposition of fine as prescribed.

    It is Company’s position that the extension of the PPA for 485 days is within the terms of the PPA and Company’s application for extension of generation license was filed with NEPRA within the period stipulated in the applicable regulations. Hence, there is no breach by the Company of any applicable regulations.

  • Avanceon partners to upgrade fertilizer company

    Avanceon partners to upgrade fertilizer company

    LAHORE: Avanceon Limited on Tuesday announced that it partnered with Compressor Controls Corporation (CCC) to upgrade a fertilizer company.

    In a communication sent to Pakistan Stock Exchange (PSX) Avanceon Limited said it had partnered with Compressor Controls Corporation (CCC) to retrofit a high value upgradation project for the one of the largest fertilizer companies in Pakistan.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

    The project will entail Total Train Solution (Anti-Surge, Speed Control and Performance Control) for improvement and upgradation of critical compressor turbine systems to achieve smooth and energy efficient operations for the customer.

    Avanceon is a Channel Partner of CCC for the Pakistan region. CCC is strategically positioned around the globe to ensure its customers receive the local expertise and dedicated service they expect. Avanceon has more than three decades of expertise and experience within the industrial automation space. It is constantly looking to improve its services portfolio by collaborating with like-minded partners to create value for customers and improve operational effectiveness.

    READ MORE: Hyundai announces second quarter financial results

    Avanceon and CCC jointly aim to achieve a totally integrated system that provides safe and efficient surge protection with stable and precise process control for the customer. The scope of work for this project entails,

    • Detailed Site Audit for Reliable and Energy Efficient Operations

    • Supply, Installation, Programming, and Supervision of Compressor Control System with 1. Anti-Surge Control 2. Performance Control 3. Speed Control

    • Start Up and Performance Testing Services

    READ MORE: PTCL declares 39% growth in half year net profit

    Avanceon conducted comprehensive site surveys and discussed the operations with various personnel (Process, Operations, Machinery, and Instrumentation) to improve compressor operations. CCC proposed the control system that would address the customer’s primary control objectives.

    With this project, Avanceon and CCC aim to achieve anti surge control quality, improve compressor availability, save energy, reduce operator interventions and human error, critical event archiving for diagnostics, and improve overall plant efficiency for the customer.

    READ MORE: Pakistan banks register record profit in 1Q2022

  • Honda Cars declares 29% fall in quarterly profit

    Honda Cars declares 29% fall in quarterly profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited on Tuesday announced a sharp decline of over 29 per cent recorded in its net profit for the quarter ended June 30, 2022.

    READ MORE: Honda to slash production on supply constraints

    The company declared Rs658.2 million profit after tax for the quarter ended June 30, 2022 as compared with Rs928.22 million in the same quarter a year ago.

    Honda Atlas Cars (Pakistan) Limited announced earnings per share (EPS) at Rs4.61 for the period under review as compared with EPS of Rs6.5 announced for the same quarter a year ago.

    READ MORE: Suzuki starts producing outboard motors with plastic collecting device

    The board of directors of the company in their meetings held on July 26, 2022 approved the results and recommended no cash dividend, bonus shares or right shares, according to financial results submitted to the Pakistan Stock Exchange (PSX).

    According to the financial results, the company declared sales of Rs30.24 billion for the quarter ended June 30, 2022 as compared with Rs21.764 billion in the same quarter a year ago.

    READ MORE: Hyundai announces second quarter financial results

    The cost of sales increased to Rs28.33 billion for the quarter ended June 30, 2022 as compared with Rs20.17 billion in the same quarter a year ago.

    This resulted in gross profit of the company at Rs1.92 billion as compared with same quarter previous year at Rs1.59 billion.

    The overall expenses of the company rose to Rs821 million for the quarter ended June 30, 2022 as compared with Rs231.25 million in the same quarter of the last year.

    READ MORE: Honda unveils all-new Civic Type R

  • FFBL declares Rs1.7 billion in 2QCY22

    FFBL declares Rs1.7 billion in 2QCY22

    KARACHI: Fauji Fertilizers Bin Qasim Limited (FFBL) on Tuesday declared Rs1.7 billion profit after tax (PAT) for the quarter ended June 30, 2022.

    The company announced financial results for its 2QCY22 results, where it posted unconsolidated PAT of Rs1.7 billion (EPS: 1.38), down 32 per cent YoY.

    This takes cumulative 1HCY22 PAT to Rs3.4 billion (earnings per share (EPS): Rs2.64) vs PAT of Rs3.8 billion (EPS: Rs3.0) in same period last year.

    READ MORE: Hyundai announces second quarter financial results

    The result is above our expectation due to higher other income and higher volumetric sales.

    Company posted topline of Rs46.1 billion vs Rs16.9 billion in same period last year (SPLY), depicting an increase of 173 per cent. The primary reason for higher sales is attributable to higher realized Diammonium phosphate (DAP) prices and 50 per cent increase in DAP volumetric sales.

    On QoQ basis, topline recorded a growth of 86 per cent, on the back of higher volumetric sale and fertilizer prices.

    READ MORE: PTCL declares 39% growth in half year net profit

    Gross margins clocked in at 19 per cent during 2QCY22, down the 270 basis points (bps) on QoQ basis, attributable to higher phosacid prices (up by 9 per cent QoQ).

    Finance cost witnessed a jump of 49 per cent/ 28 per cent on YoY/QoQ basis, amid rising financing cost.

    Other income clocked in at Rs3.2 billion, up by 31 per cent/ 191 per cent YoY/QoQ. The increase is mainly attributable to dividend from PMP.

    Other expenses for 2QCY22, clocked in at Rs2.9 billion, vs Rs0.94 billion in 1QCY22. The significant jump in other charges is due to exchange loss on account of trade payables.

    READ MORE: Pakistan banks register record profit in 1Q2022

    Effective tax rate for the quarter clocked in at 71 per cent, attributable to imposition of super tax and poverty alleviation tax announced in federal budget. As per management, company has recorded super tax of Rs2.7 billion in June, 2022.