PRO 06-07-2012_Layout 1 7/6/2012 4:13 AM Page 1
Friday, 6 July, 2012
Govt sets meaty export target Vies to produce 3.3m tonne meat in 2012-13 g
ISLAMABAD APP
The government has set target of producing about 3.3 million tons of meat during the current financial year to fulfill the domestic demand as well as for export purposes. An official in the Ministry of National Food Security and Research told APP here on Thursday that meat production in the country was increased by 5.76 percent during last financial year. As many as 3.2 million ton meat was produced during the year 2011-12 as against the set target of 3.0 million tons posting 5.76 percent increase in its production, he added. He said that beef production target has been set at 1.8 million ton and mutton production at 0.643 million as against the last year's achievements of 1.76 million tons and 0.629 million tons respectively. He said that beef and mutton production during the year 2011-12 had registered a growth of 4.7 percent and 3.4 percent respectively.
Ministry ignores OGRA safety guidelines ISLAMABAD ONLINE
Ministry of Petroleum and Natural Resources has ignored the safety guidelines of Oil and Gas Regularity Authority (OGRA) as it allowed launching 2.7 tones LPG mobile filling stations in the country. Well informed sources in the ministry of petroleum and natural resources has told online that to promote LPG in the country ministry of petroleum is utilizing all available resources on immediate basis and mobile LPG station is part of these efforts. In this regard, Advisor to Prime Minister for petroleum and Natural resources Dr Asim Hussain inaugurated first LPG mobile filling station on April 28. However, sources said that Oil and Gas Regulatory Authority (OGRA) has showed its concerns over installation of mobile filling station as this mobile filling station is of 2.7 tones instead of 3.0 tones. Source told this LPG mobile plant should be of three tones while LPG association has fully ignored this element and introducing LPG mobile filling stations in the country which are not ideal and may result into loss of innocent human lives. Sources told that OGRA has showed its concerns that required standards pertaining to the mobile LPG filling stations have not been adopted and authority has also informed LPG association that mobile filling below 3 tones would be dangerous for human lives.
KSE volumes trace the apex of aridity g
Apex regulators due at KSE to ascertain why trading volumes are still dry KARACHI ISMAIL DILAWAR
T
HE apex regulators from Securities and Exchange Commission of Pakistan (SECP) are due here at Karachi Stock Exchange (KSE) Thursday next week to discuss, among other long pending issues, why volumes on the country’s largest bourse are still dry. Thursday saw trading volumes at the KSE nose-diving to 38.844 million against 100.826 million of the previous day. This shows a huge dip of 62 million shares or 61.4 percent. The stocks analysts believe that as the listed corporate entities were all set to announce their annual results the risk-averse equity investors were looking at the situation cautiously. “(The) stocks closed lower amid thin trade as investors remained cautious ahead of corporate earning announcements,” viewed ashen Mehanti, senior analyst and director at Arif Habib Securities. The analyst said the benchmark, 100share index, traded in a narrow range despite improved Pak-US relations and expectations for early release of $1.5 billion US’s Coalition Support Fund. Other factors that supported the index to close above
days low, Mehanti said, were the record cement dispatch data and positive sentiments in fertilizer sector on constant GIDC on feedstock. According to KSE, a team of SECP, led by Chairman Muhammad Ali, would arrive at Karachi bourse on Thursday, July 12, to hold meetings with the KSE’s Governing Board of Directors. Visiting on the invitation of the KSE, the SECP has notified agenda of the meetings that includes long-pending issues ranging from reasons for low volumes to the provision of internet software to KSE members. As per SECP agenda, the meetings would discuss
as to why the market volumes are still dry, how to revive the MIS, how to ensure a successful SLB product, the functioning of NCCPL as a Central Counter Party (Establishment of Settlement Guarantee Fund and Shifting of RMS), the development of derivative segment, debt market, establishment of Bond Pricing Agency, Revised Regulatory Regime for Credit Rating Agency, enhancement of per default contribution from IPF, SIVIE Counter/Exchange, Inter Exchange Trades, establishment of Securities Investor Protection Corporation, investor protection (trade confirmations by
Implementing planned projects, for a chance, would indeed help industry g
Projects' implementation to help industry grow 4.1pc ISLAMABAD APP
With the implementation of various projects, the overall Industrial sector is projected to grow at 4.1 percent during the ongoing fiscal year (2012-13) with major contribution of manufacturing sector, which will expand by 4.4 percent. The manufacturing sector would grow by 4.4%, while 3.0% and 7.5% growth rates have been fixed for large scale Manufacturing and Small Scale manufacturing respectively, official sources said. The main growing industries in 2012-13 would be chemicals, automobile, pharmaceuticals, electronics, leather products, paper & boards, cement and non-metallic minerals. Similarly Textile sector is expected to grow at a higher pace in 2012-13 as it
is expected that its products would be exported in huge quantity to European Union after approval of concessions by WTO to Pakistani textile products in February 2012. The exporters are expected to comply with different international obligations, like ISO Certifications, produce and export quality product and ensure timely exports. The sources said that for promoting the industrial sector during the ongoing year, Rs 2,049 million have been allocated to manufacturing sectorn including Rs 775 million for Ministry of Industries, Rs 612 million for Ministry of Production and Rs 227 million for Ministry of Textile. Major manufacturing projects to be carried out are include, Establishment of Chromite Beneficiation Plant at Muslim Bagh, District Killa Saifullah, Balochistan (Rs 104 million); Woman Business Development
Centre, Karachi (Rs 59 million); Red Chilies Processing Centre, Sindh (Rs 256 million) and Water Supply Scheme for Hub Industrial Estate phase-II (Rs 247 million). In addition the funds would also be utilized for the projects like Meat Processing and Butchers Training Centre, Multan (Rs 265 million) and establishment of Castor Oil Extraction Plant at Uthal District Lasbela (Rs 300 million). Similarly, the major projects of textile to be executed during the year include Pak-Korean Garments Technology Training Institute, Karachi (Rs. 300 million); Lahore Garment City Company, Lahore (Rs 587 million); Faisalabad Garment City Company, Faisalabad (R. 499 million) and Providing & Laying Dedicated 48 inch Diameter Mild Steel Water Pipeline for the Pakistan Textile City Karachi (Rs 637m).
stock exchanges), activation of ETFs and options, introduction of Islamic products and Shariah-compliant investment alternatives, utilization of CIIPF for intra-day margins, strengthening of surveillance capacity of the stock exchanges and introduction of SPAN margins, implementation of the Investor Education Plan, image building, integration and demutualization of stock exchanges, implementation of effective inspection plan, broker-to-broker trading on the same Exchange, Back Office Software, and the provision of internet software to the stock members. “The Chairman SECP has agreed that he along with his team shall meet the officials of the Exchange and Members of the Governing Board of Directors… to discuss and deliberate all matters of mutual interest for the development of capital market and some market related pending issues that need discussion for their resolution,” Haroon Askari, deputy managing director KSE, told the stock members. The KSE has asked the members for their views and feedback on any other issue or areas of concern that they feel should be discussed with the SECP in the said meeting. The members are to give the feedback latest by Monday, July 9.
PM ups the ante on Diamir-Bhasha Dam work ISLAMABAD APP
Prime Minister Raja Pervez Ashraf on Thursday directed that work on the multibillion dollar Diamir-Bhasha Dam be expedited as it was a project of national importance. Talking to Minister for Kashmir Affairs and Gilgit-Baltistan Mian Manzoor Ahmad Wattoo here at the PM House, Raja Pervez Ashraf said that the government had approved Rs. 41 billion as compensation for the people affected due to the project. Manzoor Wattoo appreciated the Prime Minister for keen interest in taking measures to solve the energy crisis, reduction in oil prices, issue of missing persons and resumption of NATO supply lines. The minister apprised the Prime Minister about the unanimous passage of the budget in AJ&K Assembly. He also apprised him about the progress on mega hydel projects, including Mangla Dam Raising Project.
Another two years for NIT g
‘Well-performing’ NIT gets another 2-year government guarantee extension KARACHI STAFF REPORT
The federal government has extended its sovereign guarantee for another two years for the National Investment Trust Limited (NITL) which during FY12 repaid Rs 5.0 billion to one of the lenders of NIT State Enterprise Fund (NIT-SEF) from its internally-generated cash. The official extension came after the partial repayment of financing which has reduced the Government Guarantee from Rs 20 billion to Rs 12.2 billion. “Government of Pakistan has approved to extend its guarantee for another 2 years,” COO NIT Manzorr Ahmed told a briefing here while unveiling the Trust’s results for FY12. Flanked by NIT Chairman and Managing Director Wazir Ali Khoja, the COO said the country’s largest asset management company posted a dividend of Rs 3.50 per unit for the unit holders of NI(U)T for the said year compared to Rs 4.0 per unit for last year. In a detailed presentation, Ahmed said the review period saw outstanding results along with remarkable
payouts for all Funds under NIT’s management. He said the payment of dividend at Rs. 3.50 per unit would involve a huge cash payout of Rs 4,798 million among its unit holders. Ahmed said the Fund had registered a healthy growth of 69.6% in realized capital gains which increased to Rs 1.439 billion from Rs 848 million of previous year. The dividend income earned, he said, also increased by 25% to Rs 2.421 billion in FY12 against Rs 1.931 billion in FY11. During FY12, NI(U)T Fund has earned a net income (excluding unrealized figures) of Rs 5.664 billion translating into an earnings per unit of Rs 4.13. The NAV per unit of NI(U)T increased from Rs. 28.14 (Ex Dividend) to Rs 30.27, thus generating a total return of around 7.6% against the benchmark (KSE100) return of 10.45%. NIT STaTe eNTerprISe FuNd: About the results of NIT-SEF, the COO said NITL had declared a bonus of 9.30% on the face value of Rs 50/- for the unit holders of NIT-SEF. He said in FY12 the Fund realized capital gains of Rs 1.658 billion compared to Rs 1.252 billion last year
showing a growth of 32%, whereas, the dividend income earned by the Fund stood at Rs 1.259 billion against Rs 1.342 billion earned during the previous year. NIT–equITy MarkeT OppOrTuNITy FuNd: The NIT Board has declared a bonus of Rs 6.75 per unit for its unit holders for the year in review. During the period under review, the Fund’s net profit (without impairment) grew by 42.2% YoY to Rs 831 million against Rs 584 million in the corresponding period of last year, translating into an earning per unit of Rs 17.50 and Rs 12.44, respectively. The Fund has realized a capital gains of Rs 433 million in FY12 as compared to the capital gains of Rs 226 million realized in FY11, thus depicting a YoY growth of 91.6%. Similarly, the dividend income earned by the Fund increased by 14.8% to Rs. 357 million in FY12 against Rs. 311 million in FY11. NIT-EMOF has outperformed its benchmark by a sizeable margin of 7.59% during FY12 where the NAV of the Fund increased by 18.04% against the benchmark KSE-100 increase of 10.45%. The COO said another 10% redemption of unit hold-
ing was offered and a redemption amount of Rs 551 million was paid to unit holders. Thus, so far unit holders had been offered 50% redemptions of their respective unit holding since inception of the Fund. NIT GOverNMeNT BONd FuNd: NIT declared a per unit distribution of Rs 1.1094 for unit holders of NITGBF compared to the per unit distribution of Rs 1.0201 for last year. During FY12, the Fund earned a net income of Rs 315 million compared to Rs. 305 million in FY11. Net income translates into per unit earning of Rs. 1.21 as compared to Rs. 1.03 per unit last year. NIT INcOMe FuNd: For NIT-IF, the NIT declared a per unit distribution of Rs 1.1065 compared to FY11’s per unit distribution of Rs 1.0581. The Fund earned a net income of Rs. 283 million as compared to Rs. 207 million earned in the previous year. Earlier, MD NIT Wazir Ali Khoja said the results were being announced after the Trust’s Board of Directors approved the annual accounts of all Funds. Khoja said as of 30th June (2012) NIT was managing five Funds with net assets under management of around Rs 74.152 billion.