Category: Corporate

  • Emirates uplifts record cargo from Pakistan amid coronavirus pandemic

    Emirates uplifts record cargo from Pakistan amid coronavirus pandemic

    DUBAI: Emirates SkyCargo completed an industry record uplift of 62 tonnes in a Boeing 777-300 operating from Karachi to Dubai, surpassing its own previous record of 56 tonnes achieved earlier in the week, a statement said on Thursday.

    Amid these unprecedented times in the wake of the COVID-19 pandemic, Emirates SkyCargo continues to underline its commitment to Pakistan by breaking not just one but two records last week to transport essential supplies.

    Exports from Pakistan included perishables like meat, fish and vegetables while imports were mainly pharmaceuticals, testing machines, other medical accessories, industrial machinery, drilling equipment and general courier.

    Given the current challenges with global air cargo capacity due to restrictions on passenger flights, Emirates SkyCargo continues to ensure that commodities such as food and medical supplies are transported to and from Pakistan with four weekly cargo flights each from Karachi and Lahore.

    The much needed capacity will help connect and reach essential commodities to places that need them most, keep global supply chains open, and support communities and businesses in Pakistan and worldwide.

    In recent weeks, Emirates SkyCargo has transported close to 100 tonnes of relief material, including hospital equipment to Milan, and over 55 tonnes of highly temperature-sensitive pharma to New York.

    In March and April, the cargo airline will operate nine charter freighters to Budapest to transport face masks and equipment. Emirates SkyCargo is also playing a vital role in transporting food across the Middle East, and its special flights from the subcontinent and Africa are bringing in tonnes of perishables to Dubai and onwards to other destinations within the Middle East.

    Nabil Sultan, Emirates’ Divisional Senior Vice President, Cargo said: “In these trying times, we more than ever stand by our commitment for Emirates SkyCargo to act as a conveyor belt for the transport of much needed commodities such as food and medicines and also for flying in equipment, machinery and other components which are vital for business continuity across essential industries in Pakistan.

    “As an extremely agile and customer-focused business, we have been able to establish a new network and schedule for our cargo operations within a very short period of time, utilising lower deck capacity on our wide-body Boeing 777 passenger aircraft which supplement the cargo capacity we offer on our freighter aircraft.

    “Additionally, in order to consolidate operations and reduce costs, we have also temporarily shifted all our cargo handling operations to Dubai International Airport (DXB). Taken together, we are making sure that we react more quickly to requests coming in from every part of the globe from our customers.”

    Emirates SkyCargo’s new flight schedule for its global cargo operations also includes cargo flights operated on its Boeing 777 passenger aircraft.

    These flights will offer around 40 tonnes of lower deck cargo capacity per flight and will supplement the cargo capacity being offered on Emirates’ fleet of freighters.

    These cargo only flights are scheduled to operate to over 30 destinations across the Middle East, Africa, Asia, Europe and Australia with a majority of destinations being served with multiple weekly and daily flights.

    From 1 April 2020, Emirates SkyCargo will consolidate all its cargo handling operations at Dubai International airport, temporarily suspending operations at Emirates SkyCentral DWC, the terminal handling its freighters, the statement said.

    The move will help streamline cargo operations between its freighters and the new dedicated cargo flights on Emirates’ passenger aircraft.

  • ICI Pakistan suspends production

    ICI Pakistan suspends production

    KARACHI: ICI Pakistan Limited on Thursday announced temporarily closing down its polyester plant and office locations due to measures taken by the government to contain coronavirus.

    In a notice sent to Pakistan Stock Exchange (PSX), the company said that in accordance with directives of the government with regard to containment of COVID-19, the company has temporarily closed its polyester plant and office locations (which do not fall within the definition of essential services) till further orders and has moved to work from home arrangements to the extent possible.

    The company shall keep the stock exchange updated of any further material developments.

  • SECP announces relief for corporate sector to dilute coronavirus impact

    SECP announces relief for corporate sector to dilute coronavirus impact

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Wednesday announced regulatory relief for corporate sector in order to dilute impact of coronavirus.

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  • Attock Refinery warns complete shut down on lower uplifting

    Attock Refinery warns complete shut down on lower uplifting

    KARACHI: Attock Refinery Limited has issued a grave warning regarding the continuation of its operations, stating that a complete shutdown is imminent within a week if the current situation regarding product uplifting does not improve significantly.

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  • Philip Morris suspends operations

    Philip Morris suspends operations

    KARACHI: Philip Morris (Pakistan) Limited, a tobacco manufacturing company, has announced to suspend operations for indefinite period due to spread of coronavirus.

    In a letter to Pakistan Stock Exchange (PSX) on Tuesday, the company said in compliance with directives of provincial governments to contain the spread of COVID-19 it has been decided to temporarily suspend operations of the company and its offices until further notice.

    The company will inform the stock exchange when operation resume.

  • Shanghai Electric allows to make offer for K-Electric till June 26

    Shanghai Electric allows to make offer for K-Electric till June 26

    KARACHI: Securities and Exchange Commission of Pakistan (SECP) has granted extension of 90 days to make public announcement of offer by Shanghai Electric Power Company Limited to acquire shares of K-Electric.

    In an announcement on Monday, K-Electric with reference to the public announcement to acquire 66.4 percent shares of K-Electric Limited made by the acquirer on September 30, 2019, Arif Habib Limited is acting in the capacity of Manager to the Offer for the acquisition.

    As part of the acquisition process, the acquirer had requested an extension of 90 days in making public announcement of offer which was to be made by March 28, 2020 as per the law.

    In this regard SECP granted extension of 90 days up to June 26, 2020.

  • Pirani appointed CEO Pak-Qatar Family Takaful

    Pirani appointed CEO Pak-Qatar Family Takaful

    KARACHI: Pak-Qatar Family Takaful has announced appointment of Azeem Iqbal Pirani as its new Chief Executive Officer (CEO) effective March of 2020.

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  • Pak Suzuki stops factory, sales operations

    Pak Suzuki stops factory, sales operations

    KARACHI: Pak Suzuki Motors Company Limited on Tuesday announced to stop operations in compliance with the government efforts to contain spread of coronavirus epidemic.

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  • Engro chemical halts production on coronavirus lockdown

    Engro chemical halts production on coronavirus lockdown

    KARACHI: Engro Polymer and Chemical on Tuesday announced halt of production facility at Port Qasim owing to lockdown to contain spread of coronavirus.

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  • Philip Morris declares Rs2 billion after tax loss

    Philip Morris declares Rs2 billion after tax loss

    KARACHI: Philip Morris Pakistan, the leading cigarette manufacturer in the country, has declared after tax loss of around Rs2 billion for year ended December 31, 2019.

    The losses have been mainly attributed to Rs2.44 billion operating losses, the company said on Monday.

    Philip Morris Pakistan is a Pakistani tobacco manufacturing company, which is a subsidiary of Philip Morris International, has declared loss after tax of Rs1.98 billion for the year 2019 as compared with profit of Rs543 million in the preceding year.

    The company declared loss per share of Rs32.15 for the year under review as compared with earnings per share of Rs1.68 in the year 2018.

    The company recorded an operating loss before tax of Rs2.44 billion for the year ended December 31, 2019 compared with an operating profit before tax of Rs640 million in 2018.

    The operating loss before tax was mainly due to management decision to reorganize its operational footprint by closing its factory in Kotri, which was essential to ensure long term sustainability of the business in Pakistan considering the unpredictable fiscal environment.

    The company further said that excluding the one off impairment / employees separation costs which was a result of the closure of the Kotri factor and GLT Voluntary Separation Scheme, the company would have recorded an operating profit before tax of Rs357 million for the year ended December 31, 2019 instead of operating loss before tax.

    The company declared net turnover of Rs13.33 billion for the year as compared with Rs16.199 billion in the year 2018.

    The company declared gross profit of Rs4.19 billion in the year 2019 as compared with Rs6.02 billion in the preceding year.