Concern over street crimes in Korangi industrial area
karachi (Staff Reporter): Mohammad Zubair has expressed concern over street crimes in Karachi especially at Korangi industrial area in broad day light and failure of law enforcing agencies to curb these incidents. He said that unscrupulous persons are creating atmosphere of panic and confusion among the industrialists. He demanded Sindh government to control the criminal elements. Industrialist Zahid Hussain said that criminal elements and extortionists are trying to paralyze businessmen and factory owners.
due to which business activities are badly suffered.
He further said that incident of firing on the son of former KATI chairman by some scrupulous persons is unacceptable and these criminal elements are freely deteriorating the law and order of the city. He said that government should take notice of these incidents and ensure the security of life of industrialist and the people.
Tangible measures to spur regional growth
Lahore (Staff Reporter):Trade and Tourism Ministers of Maldives have urged for tangible and resulted-oriented measures to spur up the economic integration process in S Asia and to move SAFTA at required pace. While addressing the 58th EC meeting of SAARC CCI held under the chair of president Vikramjit Singh Sahney the other day in Maldives, Mohammad Ahmed, Trade Minister of Maldives suggested for action-oriented public-private partnership model to unleash the true potential and strengthen the regional mechanism.
He invited the business leaders from South Asia to take advantage of the open economic policies of Maldives and invest in areas of mutual benefits including renewable energy, tourism, hotels and hospitality industry.
Mohammad Adeeb, tourism minister, informed that tourism was the fastest growing sector of Maldivian economy, projecting arrival of more than 1.0 million tourists in 2013. He identified shortfall of hotels sought FDI in multi-specialty hospitals, while referring Government plan envisioned for Maldives as Health Tourism destination.
Immediate former president of SAARC CCI, Annisul Huq (Bangladesh), Iftikhar Ali Malik, Vice President (Pakistan), Ismail Asif, Vice President Maldives National Chamber of Commerce & Industry, Pradeep Kumar Shrestha, VP( Nepal), Kosala Wikramanayake, VP (Sri Lanka) also presented their view point during interactive session with Maldivian Ministers. Jashimuddin, Vice President SAARC CCI (Bangladesh) was also present at the occasion.
Uplift work in DHA
ISLAMABAD (Staff Reporter): Defence Housing Authority Rawalpindi and Islamabad President Lt. Gen. Javed Iqbal on Wednesday inaugurated the outstanding development work in Phase-1 Extension (renamed as Phase-IV). Unveiling the plague on the occasion along with Vice President Maj. Gen. Junaid Rehmat and Administrator Brig. Saadullah Fatmi, the DHA Rawalpindi and Islamabad President directed for expediting the development work and also expressed his team’s resolve to provide best available facilities to the residents of DHA. He also inaugurated the supply of Sui gas and electricity to K.L.M. and N sectors of DHA Phase-II.
PPL earnings up slightly
Lahore (Staff Reporter): Pakistan Petroleum Limited (PPL) reported almost flattish trend in YoY earnings as FY13 PAT clocked in at Rs41.95 billion compared to Rs40.93 billion in FY12. The company exited on lower note with 4QFY13 EPS declining by 21% QoQ. The result announcement was also accompanied by final DPS of Rs5.5 cumulating full year payout to Rs10.5. Also, 20% bonus shares were also declared. The earnings were below consensus expectations owing to higher than estimated effective tax rate and above estimated field expenditures.
Net sales of the company surged by 6.4%YoY to Rs102b in FY13 as against Rs96.2b last year, depicting an increase of 6.4% YoY. The decent uptick in sales can be attributed to 12% YoY higher oil production, 10%-11% YoY higher wellhead prices and notable deterioration in PKR/USD value by 9% YoY.
GE-Ashoka online contest
Lahore (Staff Reporter): GE and Ashoka Changemakers launched an online competition in search of innovative solutions that will advance economic opportunities for women in Pakistan, Turkey, the Middle East and North Africa. Women Powering Work: Innovations for Economic Equality is calling for initiatives that enable women to achieve economic equality, strengthen their families and communities, and benefit equitably from economic growth. Three prizes, each totalling $25,000 in unrestricted funding, will be awarded to the winning entries.
Today, in many countries, more women attend university than men. However, there is a disproportionate number of women that participate in the workforce—half the rate of the global average.
FCCL reports profit of Rs2.1b
Lahore (Staff Reporter): Fauji Cement Company Limited (FCCL) reported a profit after tax of Rs2.1 billion in FY13 versus profit after tax of Rs553 million reported in FY12. Note that adjusted for the preference share dividend payment the diluted EPS of the company arrived at Rs1.42. Although the company has registered a healthy bottom-line growth of 280%YoY, the result is below expectation of Rs2.33 billion (basic EPS: Rs1.75). The below expected PAT is largely due to lower than expected revenue reported by the company. Consequently the company has reported a gross margin of 31.8% versus expectation of 32.8pc.
However, the main highlight of the result is the company’s decision to announce an above expected cash dividend of Rs1.25/share.
