Local cars sale up by 6.7pc
to 52,384 units
Lahore (Staff Reporter): Pakistan’s locally manufactured cars sale (including LCVs, vans and jeeps) during 5MFY14 increased by 6.7% to 52,384 units compared to 49,092 units in same period last year. During Nov 2013, local car sales stood at 9,588 units, 3.7% down as compared to 9,955 units last month. Amongst individual companies, Pak Suzuki (PSMC) has sold 29,511 units during 5MFY13, up 4.1% as compared to 28,337 units last year. However, on monthly basis, PSMC sales increased to 5,989 units, up 7.8% as compared to 5,556 units last month.Indus Motors 5MFY13 sales have remained stable at 13,197 units as compared to 13,128 units in 5MFY12.
On monthly basis, INDU sales declined to 2,183 units, 15.9% down as compared to 2,595 units in Oct’13 while 2.7% up as compared to 2,125 units in Nov’12.
Honda Atlas Cars sales have jumped to 9,334 units during 5MFY13, 25.6% up as compared to 7,429 units in 5MFY12. Increase in sales is primarily attributed to 27.1% YoY rise in ‘Civic’ sales. However, volumes dropped to 1,310 units in Nov 2013, down 23.8% on monthly basis due to year end phenomenon.
Industry expert from Topline Muhammad Tahir Saeed stated that the growth of 6.7% in 5MFY14 is in-line with assumption of 5% to 8% growth in FY14..
KCCI pledges to make ‘My
Karachi – Oasis’ event successful
Karachi (Staff Reporter): The office-bearers of the Karachi Chamber of Commerce and Industry (KCCI) and Managing Committee members have pledged to ‘go the extra mile’ to make the 11th sequel of My Karachi – Oasis of Harmony 2014 exhibition successful by effectively utilising maximum resources. The Exhibition is scheduled to be held from June 20 to June 22, 2014 at Karachi Expo Center. During the first meeting of Special Committee of My Karachi – Oasis of Harmony, the Managing Committee members gave valuable inputs and suggestions to further improve the facilities at My Karachi Exhibition.
The meeting was presided over by President KCCI, Abdullah Zaki whereas Senior Vice President KCCI, Muffasar A. Malik, Vice President KCCI, Muhammad Idrees, Chairman Special Committee, My Karachi – Oasis of Harmony, Ismail Muhammad Suriya, Chairman of Fairs, Exhibitions & Trade Delegations, Naveed Farooki, Secretary General KCCI, SMH Rizvi and other Managing Committee members were also present at the meeting.
President KCCI, Abdullah Zaki, while reviewing the plan of action for My Karachi – Oasis of Harmony 2014, said that every suggestion and innovative idea by Managing Committee members for further improving KCCI’s exhibition will be prioritised. “All available resources are being utilised to maintain the tradition of making this exhibition yet another resounding success”, he added.
APMSPIDA demands withdrawal of imported goods assessment
karachi (Staff Reporter):All Pakistan Motorcycle Spare Parts Imports and Dealers Association (APMSPIDA) has rejected sudden upward revision of assessment of imported goods valuation and demanded of the government to revert it to previous level. They termed the increase to bring wave of price increase of essential goods besides encourage smuggling of the products. In a letter to Federal Finance Minister Ishaq Dar, Senior Vice Chairman of APMSPIDA, Khurram Riaz said they received a list of 96 items as criteria for revised assessment of imported goods which include Sr No 58, 80, 85, and 86 belonging to motorcycle spare parts.
He pointed out that major portion of metal parts manufactured from CRC (mainly secondary quality) metal sheet which is used as raw material for parts and lighting equipment contain some glass material and both the materials are not more than $450 to 550 per M/ton range and after adding manufacturing cost which is not more than 25 to 30 percent; if finally worked out as $725 per M/ton for finished product. The assessment criteria were $1.10 per kg which was also enhanced to $1.20 during last year.
The senior vice chairman said at present around 80 percent of motorcycle spare parts is routed on legal way through Federal Board of Revenue (FBR) channel in which government earns a revenue of approximately Rs2 billion yearly. Rest 20 percent trade which contain carburetors, CDI unit, crank case and break hubs, etc., which are being assessed $4.50, $3, $3.73 and $2.33 per kg (as per valuation ruling) and are not on the legal import channels due to their higher valuation rates which are almost double of the automobile (4wheel parts).
He further pointed out that due to sudden increase in assessment without the consent of stakeholders, importers are facing heavy loss in items of dammarage, detention and loss of sale.
Hassan Ali joins BMA Capital
Lahore (Staff Reporter):BMA Capital Management Limited announced the appointment of two senior management positions to strengthen its high-profile corporate finance & advisory team in Pakistan. The two executives bring with them rich and varied experience in banking. Syed Hassan Ali, a member of the Association of Chartered Certified Accounts (UK), has joined BMA Capital as Senior Vice President, Corporate Finance & Advisory. At the same time, Usman Saeed has also joined BMA as Vice President, Corporate Finance & Advisory; he brings with him seven years of experience in corporate finance & equity research having previously been employed at Arif Habib and Taurus Securities.
He is an MBA in Finance and Bachelors of Science (Honors).
Students visit LSE
Lahore (Staff Reporter): A general visit by the students of School of Management Studies, the University of Faisalabad Jinnah Campus has been organized by the Lahore Stock Exchange where LSE’s officials interacted with the students. Managing Director and Chief Executive of Lahore Stock Exchange Aftab Ahmed Chaudhry was the chief guest. At the event Corporate Communications Department-LSE gave a detailed presentation covering all spheres of capital and financial markets. The students were briefly informed about the regulatory framework, market indicators, investment products, financial services & opportunities accessible to investors in Pakistan.
Hifsa Siddiqi- Deputy Manager Corporate Communications quoted practical examples about various investment avenues obtainable in the market and their role in the economic structure of the country.
Lahore (Satff Reporter): An Australian delegation led by High Commissioner Peter Heyward called on Managing Director PIA Muhammad Junaid Yunus in latter’s office. Australian High Commission First Secretary Ms. Melissa Kelly and Business Development Manager for South Pakistan Tahir Mahmood were in the delegation. Deputy Managing Director Engineering PIA Air Vice Marshall Qasim Masood Khan was also present during the meeting. The participants of meeting discussed matters of mutual interest and of bilateral cooperation. Australian High Commissioner praised the efforts of MD PIA for the betterment of airline especially steps taken towards revenue enhancement and cost saving plans.
He showed his keen interest in expansion of PIA and particularly having direct air link with Australia. The Australian High Commissioner offered his cooperation and support for PIA.