Shell Pakistan Limited announced a significant 81% decline in its profit after tax, as revealed by the company’s financial results for the quarter ended March 2019, approved by the board of directors in their meeting held on Tuesday.
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PSO declares 55 percent decline in net profit for nine-month period
KARACHI: The net profit of Pakistan State Oil (PSO) has declined substantially by 55 percent to Rs5.92 billion for the period July – March 2018/2019 as compared with Rs13.22 billion in the corresponding period of the last fiscal year.
According to financial results submitted to Pakistan Stock Exchange (PSX) on Monday for nine-month period ended March 31, the earning per share of the company also fell to Rs15.15 as compared Rs33.80 in the same period of the last year.
The gross sales of the company was flat at Rs950.93 billion during July – March 2018/2019 as compared with Rs930.38 billion in the same period of the last fiscal year.
The gross profit of PSO reduced to Rs23.88 billion for the nine-month period ended March 31, 2019 as compared with Rs28.87 billion in the same period of the last fiscal year.
The profit of the company for the quarter January – March 2019 also fell to Rs1.67 billion as against Rs4.70 billion, posting 64 percent decline.
Analysts at Topline Securities said that the company recorded loss of around Rs2.3 billion on petrol, while, gain of around Rs2 billion and Rs95 million on Furnace Oil (FO) and HSD respectively.
Further, volumetric decline of 6 percent YoY in HSD/Petrol and 31 percent YoY decline FO sales also weighed on overall gross profits of the company.
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Ghandhara Nissan declares 44 percent decline in net profit for nine-month period
KARACHI: Ghandhara Nissan Limited, the assembler of light commercial and heavy vehicles in Pakistan, has posted significant decline in net profit by 44 percent for nine-month period ended March 31, 2019.
The company submitted its finance results for July – March 2018/2019 to Pakistan Stock Exchange (PSX) on Monday.
The company declared Rs135.92 million profit after tax for the period as compared with Rs242.85 million for the corresponding period of the last fiscal year.
The earnings per share also fell to Rs2.38 for the period under review as compared with Rs4.91 in the same quarter of the last fiscal year.
The revenue off the company was stagnant at Rs1.7 billion for the first nine months of the current fiscal year as compared with Rs1.74 billion in the same period of the last fiscal year.
After excluding the cost of sales the gross profit of the company was at Rs300.89 million as against Rs358.95 million in last year.
The profit before taxation of the company stood at Rs178.84 million for the nine-month period ended March 31, 2019 as compared with Rs316.82 million in the same period of the last fiscal year.
The profit after tax for the third quarter (January – March) 2019 was sharply declined by 85 percent to Rs6.87 million as compared with Rs45.8 million declared for the same quarter of the last year.
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Zubyr Soomro appointed as NBP board chairman
KARACHI: Zubyr Soomro has been appointed as chairman of Board of Directors of National Bank of Pakistan (NBP), said a notice to Pakistan Stock Exchange (PSX) on Thursday.
A day earlier the finance division notified appointment of chairman and directors on the board of NBP with immediate effect.
According to the notice the following members have been appointed on the NBP board:
01. Zubyr Soomro, chairman on vacant slot
02. Mohammad Sohail Rajput AFS (IF/Inv), Finance Division, Director representing the government. He has replaced A Akbar Sharifzada, Ex-AFS, Finance Division
03. Tawfiq Asghar Hussain, Director, who replaced Muhammad Imran Malik
04. Ms. Sadaffe Abid, Director, who replaced Asad Munir
05. Zafar Masud has been appointed as director on the vacant slot
06. Imam Bakhsh Baloch has been appointed as director on the vacant slot
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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.
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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.
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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.
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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.
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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.
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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.