Pkrevenue.com

Category: Corporate

  • PTCL quarterly revenue grows by 11 percent

    PTCL quarterly revenue grows by 11 percent

    ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced group’s revenue growth by 11 percent for first quarter ended March 2019.

    The financial results announced at the Board of Directors’ meeting held in Islamabad on April 17, 2019.

    PTCL Group’s revenue for the quarter has grown YoY by 11 percent to Rs.33.5 billion as a result of an accelerated growth in the Ufone and Ubank revenues.

    Ufone revenue has increased double digits YoY, UBank, a microfinance banking subsidiary of PTCL, has shown significant growth of 53 percent in its quarterly revenue over last year.

    PTCL Group’s operating profit and net profit for the quarter have improved by 34 percent and 95 percent respectively as a result of the revenue growth.

    PTCL revenue of Rs.17.9 billion for the quarter is slightly lower than last year.

    PTCL’s flagship Fixed Broadband services posted revenue growth of 5.8 percent over last year.

    PTCL continues its journey to upgrade top 100 exchanges under Network Transformation Project (NTP) in different parts of Pakistan.

    For the 76 exchanges fully transformed to date in 12 cities YoY revenue growth is even higher at 12 percent and there is 40 percent reduction in customer complaints.

    Corporate business continued its growth momentum from a strong 2018 and has achieved a double digit growth YoY. Growth drivers for corporate business are Cloud Infrastructure, IT, Security and Managed Services projects.

    Wireless revenue for the quarter has declined on year-on-year basis due to strong competition by the cellular companies providing wireless data services.

    There is continued decline in domestic and international voice revenues due to illegal/grey traffic termination, continued conversion of subscribers to OTT and cellular services resulting in declining voice traffic volumes.

    PTCL posted a Net Profit after Tax which is 10 percent higher than last year.

    Operating profit for the quarter remained under pressure compared to last year mainly due to increase in operating cost on account of significant hike in power tariffs.

    However, non-operating income has increased due to higher income on investments as a result of significant increase in benchmark interest rates by the State Bank of Pakistan.

  • Meezan Bank, Regal Auto sign MoU for Sharia financing solutions

    Meezan Bank, Regal Auto sign MoU for Sharia financing solutions

    KARACHI: Meezan Bank, Pakistan’s leading Sharia compliant bank, has signed a Memorandum of Understanding (MoU) with Regal Automobile Industries Limited to provide exclusive Shariah-compliant financing solutions and value-added services to its customers.

    Arshad Majeed – Group Head Consumer Finance, Meezan Bank signed the MoU with Sohail Usman, Chairman, Regal Automobile Industries Limited – in Karachi, along their respective senior team members.

    Arshad Majeed, while speaking at the occasion, expressed his appreciation to Regal Automobile Industries for creating an opportunity to enhance customer experience by offering priority processing, fast track vehicle delivery as well as after-sales benefits.

    He further added: “As a leader in Islamic Car Finance in the country, Meezan Bank aims to enhance its product offering by actively working with new automobile manufacturers such as Regal Automobile Industries Limited to offer additional value-added services to its customers.

    “We are hopeful that this recent alliance will prove to be mutually beneficial for both the organizations and help in reaching to a larger market.”

    Regal Automobile has recently entered into the Pakistani auto market, with a license to locally produce the DFSK (Dongfeng) vehicles originating from China, under the ‘Prince’ brand name. DFSK (Dongfeng) comes under the umbrella of Dongfeng Motor Corporation, the state-owned auto giant.

    As per the MoU, Meezan Bank will facilitate the provision of Shariah-compliant car financing solution while Regal Automobile’s brand ‘Prince’ will ensure priority delivery of Vehicles including Glory 580, K07 and C37 with after-sales support services to Meezan Bank’s customers across Pakistan.

  • LG dualcool air conditioners attract visitors at InnoFest MEA

    LG dualcool air conditioners attract visitors at InnoFest MEA

    KARACHI: LG Electronics (LG) attracted visitors at InnoFest MEA with its new split air and floor standing dualcool air conditioners for 2019.

    (more…)
  • Bank Alfalah, Ghandhara Industries sign MoU

    Bank Alfalah, Ghandhara Industries sign MoU

    In a strategic move aimed at enhancing their market presence, Bank Alfalah Islamic and Ghandhara Industries Limited (GIL) have entered into a Memorandum of Understanding (MoU) to jointly promote the Isuzu D-Max Pickup variants through tailored auto finance solutions.

    (more…)
  • FBR lodges FIR against Shaheen Air for tax fraud

    FBR lodges FIR against Shaheen Air for tax fraud

    KARACHI: Federal Board of Revenue (FBR) has lodged First Information Report (FIR) against Shaheen Air International Limited for committing tax fraud to the tune of Rs 1 billion.

    According to a copy of FIR made available to PkRevenue.com, the registered person has committed tax fraud as defined under section 2(37) of Sales Tax Act, 1990 in contravention to Section 11 (1) and 11 (4A) of the Sales Tax Act, 1990 read with the Sales Tax General Order No. 03 of 2004, dated June 12, 2004 and Section 4, 14 and 19 (1) of the Federal Excise Act, 2005 read with sub-rule 9 of the rule 41A, 47 and 60(1)(2)(3)(4) Table II etc.

    The registered person M/s. Shaheen Air International (Pvt) Limited has failed to deposit government revenues, which the payment has collected / withheld from various passengers / travelers who opted to travel through the defrauder’s airline and has committed tax fraud within the maning and scope of tax laws.

  • GlaxoSmithkline’s drugs seized for illegal price increase

    GlaxoSmithkline’s drugs seized for illegal price increase

    ISLAMABAD: Federal Minster Aamer Mehmood Kiani and Chief Executive Officer (CEO) Drug Regulatory Authority of Pakistan (DRAP) Asim Rauf visited UDL distribution along with area Federal Inspector of Drugs.

    “Stock of GlaxoSmithkline was seized on unauthorized increase in the price,” said a statement on Thursday.

    In continuation of the crackdown against companies for unauthorized increase in the prices of their medicines, DRAP has been directed to take strict action by Federal Minister of Health.

    Across the country, inspectors of DRAP are involved in active surveillance.

    Various medicines were seized in Lahore, Karachi, Islamabad, Faisalabad and Peshawar.

    Stock of overpriced medicine seized in Faisalabad from IBL distribution. Around 39 medicines with unauthorized increase in pricing were seized from various pharmacies in Lahore.

    Karachi’s MM traders raided by Federal Inspector of Drugs. Huge stock of overpriced medicine seized. Action against unauthorized increase in prices of medicines:

    DRAP seized stocks from various medical stores in Peshawar.

    Balouch enterprises raided in Multan: seizure of stock of overpriced medicine.

    Federal Minister said that legal action will be taken against those involved in unauthorized increase in prices of medicine.

    He added that reduction in prices of 395 prices was notified and strict compliance of the companies shall be ensured.

    The crackdown will continue against those companies who are not selling medicine on approved prices.

  • United Brands Limited stops consumer products’ distributions of leading brands

    United Brands Limited stops consumer products’ distributions of leading brands

    KARACHI: A leading distributor of consumer goods has discontinued distribution of leading brands from its business portfolio which may cause monthly loss of Rs58 million.

    According to a notification to Pakistan Stock Exchange (PSX) on Thursday United Brands Limited, which is involved in distribution of consumer products, informed that it had discontinued following businesses from business portfolio, which would result in loss of revenue by approximately Rs58 million or Rs696 million annual loss:

    a. Mars

    b. Wrigley’s

    c. Haleeb Foods

    d. Unilever

    e. Heinz

    f. IFFCO

  • Car sales down 4 percent on economic slowdown, high prices

    Car sales down 4 percent on economic slowdown, high prices

    KARACHI: The sales of locally assembled cars have declined by 4 percent during first nine months (July-March) 2018/2019 owing to slowdown in economy and recent rise in car prices, analysts said on Wednesday.

    The sales of locally assembled cars fell to 185,023 units during July – March 2018/2019 as compared with 192,734 units in the corresponding period of the last fiscal year, according to Pakistan Auto Manufacturers Association (PAMA).

    Analysts at Topline Securities attributed the decline in car sales to slowdown in economy and rise in recent car prices.

    Indus Motors (INDU) reported 11 percent YoY decline during March 2019 mainly on account of lower sales of Fortuner & Hilux, which were down 63 percent and 65 percent, respectively, YoY.

    The analysts said that this was due to 10 percent Federal Excise Duty (FED) imposed on above 1700 CC engine cars.

    Corolla sales posted growth of 2 percent YoY.

    Pak Suzuki (PSMC) reported 23 percent YoY growth in sales led by growth in Wagon R with growth of 63 percent YoY.

    Other major contributors in overall growth were Cultus, Bolan and Ravi, up by 17 percent, 38 percent and 36 percent YoY, respectively.

    Swift was the only PSMC variant to record decline, down 16 percent YoY.

    Honda cars (HCAR) sales fell 29 percent YoY in Mar 2019, steepest YoY decline during a month since May 2012. In addition to economic factors, decline in City and Civic variants is attributed to anticipation of a launch of new variant (Civic 1.5 Turbo new variant launched in April-19).

    The analysts said that overall demand of automobiles is expected to remain subdued due to recent hike in policy rate (+475bps since Jan 2018 to 10.75 percent), resulting in higher borrowing cost for auto financing.

    Furthermore, incremental cost as a result of rupee devaluation & increasing inflation has led to higher car prices, impacting purchasing power of car buyers.

    To note, the government is mulling over removal of 10 percent FED on engines with 1700CC above, as per news reports.

    However no official announcement has yet been made, adding to the uncertainty to the car sales with engine size of over 1700CC.

  • CDC freezes shares of Ansari Sugar Mills

    CDC freezes shares of Ansari Sugar Mills

    KARACHI: Central Depository Company of Pakistan (CDC) on Tuesday frozen ordinary shares of Ansari Sugar Mills following placement of the company on defaulter segment by Pakistan Stock Exchange (PSX).

    A notification issued by the CDC informed that consequent to placement of Ansari Sugar Mills Limited on the defaulter’s segment by the PSX with effect from April 08, 2019 as informed by PSX dated April 05, 2019 with advise to CDC to freeze the ordinary shares of issuer held in CDS accounts of sponsors, directors and senior management officers of issuer, CDC has frozen the ordinary shares in accordance with the CDC regulations.

    The ordinary shares shall remain frozen in CDS accounts of persons till further notice.

  • High Speed Diesel July- March sales hit decade low

    High Speed Diesel July- March sales hit decade low

    KARACHI: The sales of High Speed Diesel (HSD) have declined to decade low due to slowdown in economy, analysts said on Tuesday.

    In July – March 2018/2019, HSD sales decline (-20 percent YoY in 9MFY19) touched over decade low due to slowdown in economy. While Motor Spirit (MS or Petrol) growth remained limited to 1 percent YoY, almost 9-Year low on account of decline in Cars/Bikes sales by 4.5 percent/5 percent during 8MFY19, said analysts at Topline Securities.

    Pakistan Oil Sales was down 18 percent YoY during Mar 2019, dragged by 50 percent YoY decline in Furnace Oil (FO) and 21 percent YoY drop in HSD sales.

    FO sales decline continues due to its low usage in power generation after commencement of new RLNG and coal based power plants.

    HSD sales remained on lower side on back of slowdown in economy as indicated by 7MFY19 Large Scale Manufacturing (LSM) decline of 2.3 percent vs. 7 percent growth in 7MFY18.

    Further, continuous smuggling from Iran could also be attributed to this decline.

    Pakistan State Oil (PSO) regained its market share during Mar 2019 by 5ppts and 3.5ppts MoM in MS and HSD sales respectively to 39 percent and 41 percent respectively. While, Hascol lost 4ppts and 6ppts MoM in both products.