Cement firms set to announce results
LAHORE (Staff Reporter): The boards of directors of several cement companies are scheduled to meet next week to announce FY13 results. In 4QFY13, industry experts anticipate high growth which is largely margined driven on the back of higher cement prices. Moreover lower energy costs are also likely to aid margins this quarter due to 5 per cent QoQ decline in international coal prices. They said that Fauji Cement Company Limited is scheduled to meet on August 21, 2013 to announce FY13 results.
In 4QFY13 experts anticipate the company to post profit of Rs762 million, which translates into a growth of 85 per cent annually and 18 per cent quarterly. They said that the company is likely to register gross margins of 33.1 per cent versus 32.7 per cent in 3QFY13.
In the same way, Lafarge Cement Pakistan Ltd is likely to report profit after tax of Rs451 million in 2Q2013, up 35 per cent YoY and 37 per cent QoQ. That said, selling and distribution costs are expected to rise by a sharper 24 per cent YoY on account of higher freight charges. Further fueling the profitability is reduction in financial costs (-6 per cent QoQ) on the back of diminishing debt burden.
Australia to import mangoes from Pakistan
LAHORE (APP): Government of Australia has issued a notification for allowing import of mangoes from Pakistan. Pakistan PHDEC, Ministry of Commerce, Government of Pakistan has received the notification, PHDEC Chief Executive Officer Bashir Hussain and other officials including Director Marketing Ms. Nudrat Hussain Khan and General Manager Supply Chain Razzaq Ahmed Malkana and Chief Executive M/s Durrani Associates A.Q. Khan Durrani said at a joint press conference here on Saturday.
The CEO said that Pakistani mangoes would be allowed in Australian territory after Hot Water Treatment by Pakistan Hortifresh Processing (PVT) Ltd.
He said that the successful market access of Australia for Pakistani mangoes had come through due to relentless efforts of Pakistan Horticulture Development & Export Company, Department of Plant Protection (DPP), Pakistan High Commission Australia, and Pakistan Hortifresh Processing (PVT) Ltd Karachi.
“This national goal of adding one more lucrative market for Pakistan’s exotic mangoes has been achieved through the collective efforts of all concerned, however it could not have been possible without the valuable contribution of M/s. Durrani Associates, Karachi”, he said.
Australia imports around 20,000 tons of mangoes annually. The opening of Australian market for Pakistani mangoes would help increase foreign exchange earnings.
During the current mango season PHDEC has also successfully displayed Pakistani mangoes in Sofia Bulgaria which will prove a central hub for promotion of Pakistani mangoes in Central and Eastern Europe as well as Black Sea region.
The opening of these markets was made possible by improving mango supply chain where PHDEC closely worked together with growers, exporters, and other related organizations to improve the supply chain management of mango from farm to fork, in accordance with required SPS compliances, the CEO said.
APPMA team to leave for China on tomorrow
LAHORE (APP): A 12-member delegation of the All Pakistan Paper Merchants Association (APPMA) is leaving for a 9-day visit to China on August 19 to explore new business avenues. Khamis Saeed Butt is leading the delegation while other members include Safeer Hayat Butt, Abdul Wajid Butt, Muhammad Naeem, Khawaja Nadeem Saeed Wain, Malik Ahad Amin, Mansur Ali, Malik Maqsood Ahmad, Sher Muhammad, Ahsan Munir Ghauri, Zahid Raza and Muhammad Raza.
The delegation will have joint and one-on-one meetings at various chambers and offices of trade associations in China. The delegation will visit the 10th International Paper Expo China at Poly World Trade Expo Centre.
The delegation will also meet the Consulate General of Pakistan at Guangzhou and visit Sinxin City and attend lunch by the Pakistani Welfare Association.
Khamis Saeed Butt said the visit would not only strengthen mutual relations but would also open new doors for joint ventures.
‘Rs 6 rise in power tariff determined by ex-govt’
KARACHI (APP): A spokesman of the Ministry of Finance has contradicted reports being aired by private television channels that a power tariff adjustment of Rs six has been made by the federal govt. The correct position is that there has been no increase in the tariff rates of domestic consumers up to 200 units. The new rates that have been revised relate to increase in the tariffs of industrial, bulk and commercial consumers which were determined during the previous govt as well as the caretaker set up.
The speculations that is increase in their power tariff by Rs six are unfounded, the spokesman of the Ministry of Finance added.
Process for LNG import to be transparent: Baloch
KARACHI (APP): Chairman of the Senate Standing Committee on Petroleum and Natural Resources Senator Muhammad Yousuf Baloch has denied a news report about the import of LNG from Qatar. Talking to media persons after a meeting of the standing committee here at the head office of SSGC, he said that the whole process for the import of LNG would be transparent and through tenders. About the Pak-Iran Gas pipeline, Senator Yousuf Baloch said, ”We shall do what will be in the interest of the nation.”
Earlier, the Senate committee meeting held under the chairmanship of Muhammad Yousuf Baloch, was informed that Rs 88 billion were outstanding against various organisations. However, efforts were being made to recover the amount.
The meeting was informed that the gas theft was negligible due to a fool-proof system.
The meeting was also briefed on the operational, distribution and recovery matters of the SSGC.
The committee also discussed matters related to Pak-Iran Gas Pipeline and import of LNG.
Senators Hamza Rozi Khan Kakar, Rubina Irfan and Dr Jahangir Badar, Secretary of the Committee Hafeezullah Shaikh, Managing Director of SSGC Zubair Siddiqui and other officials attended the meeting.
Water level rises in Tarbela and Mangla Dams
ISLAMABAD (INP): A remarkable increase in water levels in both Tarbela and Mangla Dams was recorded on Saturday due to surge in inflow of water caused by recent torrential rains. At Tarbela Dam water level was recorded at 1548 feet, which is only two feet below the maximum level. Water intake was 2,35,800 cusecs and discharge at 2, 06, 500 cusecs and the usable water reserve in the Dam stood at 64, 67, 000 acre feet. below the maximum level. Water inflow was recorded at 46,570 cusecs and outflow was 15,000 cusecs.
Usable water reserves in both the Dams went up to 1,24,56,000 acre feet.