PRO 24-04-2012_Layout 1 4/24/2012 12:30 AM Page 1
Nope, no overseas investment either Page 02
profit.com.pk
POWER PLAY
cOMMENT
APTMA’S RENDEZVOUS WITH ZARDARI
Sindh throws caution to the wind Agrees to allot land for wind power projects… finally g Has also agreed upon revising its land utilisation policy to woo investors g Govt has aims to produce 1000 MW from wind energy by 2013 g
ISLAMABAD
President gives industries a high five Assures 5 days-a-week gas to industries g Instruction given to petroleum minister to chalk out a plan g APTMA demands reasonable interest rate considering present circumstances g Equitable price to be fixed for all products g
AMER SIAL
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Tuesday, 24 April, 2012
Fter much convincing, the provincial government of sindh finally agreed to allot land on priority for wind power projects to speed up installation of wind masts to show commitment of the incumbent government in countering the massive energy crisis before the upcoming general elections. An official source said that the sindh government agreed to speed up allotment of land at a specially convened meeting by the Minister for Water and Power syed naveed Qamar and attended by the Chairman sindh Board of investment, Zubair Motiwala, secretary sindh BOi, naheed durrani, CeO AedB, Arif Allauddin and senior officials of sindh government. sindh, the source said was reluctant to lease any land to investors on the recommendations of the Alternate energy development Board (AedB) saying that after 18th amendment the matter was fell under the jurisdiction of provincial government. the repeated requests of the board to check the illegal land grabbing and demand from extortion from investors fell on deaf years. the sindh government agreed to allot land to private investors, only after it was informed that it was desire by the party supreme command to show some kind of activity in the wind corridor of Gharo Keti Bandar having estimated 50,000 MW potential before the next general elections. it was agreed that the sindh government will be kept in the loop in finalizing wind energy projects in the province. so far land has been allotted for three projects even though more than a dozen applications were lying with the AedB. sindh agreed to revise its land utilization policy to facilitate the investors and draft will be sent to the Ministry of Water and Power with in couple of days. the land will be provided to the investors within 15 days after incorporating input from the Ministry in land utilization policy. it was also agreed that allotment of land for those projects will be cancelled which have not completed formalities despite getting LOis from AedB and sindh BOi. it was also decided that the land will be allotted to the investors as per the capacity of the project. Many influential people had applied for land leases just to make money by offering it to interested investors. the government has set a target to produce 1000 MW from wind energy by 2013. the government has already notified a feed-in tariff for the wind power projects to expedite investment in the sector.
KARACHI
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GHULAM ABBAS
resident Asif Ali Zardari has assured the crisis hit industries of uninterrupted gas supply for five days a week from next month. the ministry of Petroleum and natural Gas resources has been instructed to work out a plan to improve the gas supply to the textile industry especially in Punjab from the first week of May. the president has given the direction during his meeting with a delegation of All Pakistan textile Mills Association (APtMA) here at Bilawal House on Monday. talking to Pakistan today, Mohsin Aziz Chairman APtMA said that the industrialist have informed the grave situation of energy crisis in the country and its implications on the industrial growth. the president, he claimed, has informed that the Government was making all efforts to address power shortage issue of the textile industry. the present challenges call for greater and active partnership of the private and the public sector so as to adopt consensus based policies and to overcome issues being faced by the country. He said that the association also informed the president that there should be a free market mechanism to facilitate every sector to grow. the intervention of trading Corporation of Pakistan (tCP), as it was proposed earlier,
was not justified. the president was informed that “though indiahas banned the export of yarn, we will not suggest such ban or restriction but there should only be equitable prices of goods in the country.” He said that the president has also given a positive response to the demand made by the industrialist to rationalize the ‘interest rate’ under the present situation of energy crisis and other unfavorable environments in the country. “Under present interest rate we can not survive,” he added. the industrialists, he claimed also requested the President to take initiatives to reduce the cost of borrowing and ensure uninterrupted supply of gas and electricity to the industry in order to create new jobs, increase exports and revive fresh investment in the manufacturing. textile was the country’s largest industrial sector, which employs 47 per cent of the non-farm labour, constitutes up to 60pc of the export revenues, and contributes over nine per cent to the gross domestic product. Mohsin Aziz, also briefed the meeting on the prospects of the already decreasing export of textile products and also spelled out the problems being faced by the textile sector. those who were present during the meeting included Mohsin Aziz, Chairman APtMA, Gohar ijaz Former Chairman, Ahsan Bashir, Chairman Punjab Zone, sheikh Muhammad Akbar, Vice Chairman Centre, Yasin sid-
dique, Chairman sindh/Balochistan Zones, Asif inam, Chairman (Cotton Committee) and other executive members of APtMA. Makhdoom Amin Fahim, raja Pervaiz Ashraf, dr. Asim Hussain, Makhdoom shahabuddin, syed naveed Qamar, rehman Malik, federal secretaries and other senior officials of the concerned departments were also present during the meeting. earlier, while briefing about the meeting spokesperson to the President senator Farhatullah Babar said that the President said that textile industry was playing an important role in the country’s exports and there was a need to adopt out of the box solutions to address the issues being faced by the industry and to enhance value added exports of textiles. the President emphasized upon the need for closer cooperation between the public sector research centers and the manufacturers/producers in private sector so as to create an enabling environment for enhancing productivity. He said that research efforts on developing new varieties of cotton with higher production potential, diverse and distinct characteristics must be geared up for meeting the future demands of cotton. the President said negligible investment in the past few years has cost the country its technological edge in the basic textiles which it used to enjoy once over the neighbouring countries.
Agriculture concerns
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HiLe the government’s inability to honour promises of expanding exports and subsequently revenue is no surprise, news of the agriculture sector itself on a downcurve definitely is. remember, this is the year when bulky loan-repayments are due, foreign aid (civilian and military) is shrinking, debts and deficits have ballooned in unprecedented ways and despite promises no efforts have been made to stem the rs4b odd annual loss from Pses. then there’s the election just around the corner, mandating a fiscal position the finance ministry is in no position of adopting, meaning further downward pressure on growth and worse deficits. Yet there’s not a thing to be done. Or maybe there is. so long as agriculture remains the economy’s backbone – largest national employer, bedrock of export industry – it behooves the government to ensure resource allocation is not only adequate, but also utilised in the best manner possible. it reflects poorly on a predominant agri economy that its r&d base is the lowest in the region, and what little is allocated either disappears to money heaven or is spent according to systems implemented in a bygone era. in an era of trade blocs, rapid globalisation and falling regional barriers, our agri-base will have to get its act together. rising competition from india and elsewhere, where farmers are much better protected, will only speed the decline we find ourselves in failing immediate measures. We stand at a crucial crossroads. With little in earning and heavy hemorrhaging, we have long depended on exogenous shots to keep our financial lifeline intact, a fact amply reflected in the government’s ridiculous addiction to local debt now that foreign avenues are drying. And at the risk of repetition, both debt and deficit tell of extremely difficult times ahead. this being election year, with its own people-friendly compulsions, it is difficult to see a financial breather for islamabad anytime soon. Unfortunately, that just means more austerity for the people. But if agriculture continues with its deterioration, the unemployment situation, with all its harmful spillover on society, is set to slide further.
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Tuesday, 24 April, 2012
news
ANOTHER DOWNWARD SPIRAL
Nope, no overseas investment either FDI decreases by 46.6 percent g Banking support vital to minimise pressure on country’s economy: Experts g
KARACHI
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STAFF REPORT
itH decrease of 46.6 percent and continuous downward trend of Foreign direct investment, the Pakistani economy would have seen further pressure if local business houses had not shown interest in acquiring the assets and operations left by foreign investors, experts said while commenting on interest shown by local banks in HsBC operations. According to experts, the country has witnessed 46.6 percent decrease in Fdi including Privatization proceeds in 2011-2012 (Jul-Feb) as compared to 2010-2011 (Jul-Feb) and it is indeed a good omen for the economy that local business groups are showing interest in buying assets left by some foreign groups. they said that the investment inflow in various parts of the world is declining and the multinational businesses are shrinking operations due to various reasons. For example, Chevron which is world’s largest Oil Company, has decided to exit its retails oil business from Australia, egypt, india and Pakistan due to prevailing business conditions & prospects in these countries. in india, one of the europe’s largest banks society General withdrew a life insurance joint venture with nBFCs in the country & is now focusing on cutting back its private banking operations in phased manner. similarly, despite economic reforms in nigeria and rest of the Africa, the foreign investment in these regions is declining sharply due to inconsistent policies, power outages, increasing input cost & crippling poverty etc., which are scaring away the foreign investors. in such scenario, it is a good sign that the country’s big banks have shown an interest in ac-
quiring operations of HsBC Bank. “the report that local business groups have applied for due diligence in HsBC is not only a sign of recovery of country’s economy but also shows strength of local business groups which if supported by the Government can provide the much needed boost to local currently fragile economy,” said intezar Mehdi a corporate lawyer working on foreign investment development projects. “the private sector has been playing its due role successfully in the country’s economic growth and developing businesses models of international standard,” Mr. Mehdi said. during last few years, many foreign investment groups decided to shut down their businesses in Pakistan and other countries due to various reasons, but the local private sector was there to replace them. in the privatization process in Pakistan, the local business groups acquired some big banks like Allied Bank Limited and MCB Bank and proved their ability to run these banks successfully showing tremendous growth despite global economic meltdown and prevailing security situation in the region. After the privatization in 2004, the deposits of ABL have increased by 18 percent, advances 22 percent, total assets 19 percent and 59 percent increase was seen in the tax paid by the bank. the bank offered more jobs and 10 percent increase was seen in the total employees of the bank. in the same way, MCB Bank also showed tremendous performance after privatization as its deposits increased by 14 percent,
advances 13 percent, total assets 14 percent, taxes 24 percent while the bank’s employees increased by two
Zubair Motiwala talks up the prospect of the commerce chamber for both countries g Believes existing $3b trade volume could be doubled in three years g
KARACHI STAFF REPORT
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UHAMMAd Zubair Motiwala, Chairman sindh board of investment and president PAJCCi said that the formation of Pakistan-Afghanistan Joint Chamber of Commerce and industry (PAJCCi) is a breath of fresh air for both the countries. despite existing political upheavals and sensitive socio-cultural issues, the push for economic collaboration from business community across the border has always been explicit. this he said while holding a meeting at his office. Muhammad Zubair Motiwala said that the economic platforms are eagerly rethinking their bilateral relationship and discussions are underway with respect to reviving the economic ties, curtailing smuggling and preventing flow of pro-
hibited goods. this pressing need was sensed by business representatives in both the countries and they mutually agreed to establish a cooperative body on a private initiative in order to bring the business communities of the two countries closer together. He said this dream was realized when Pakistan-Afghanistan Joint Chamber of Commerce and industry was established and its offices started functioning in February 2012. the entity is duly recognized and licensed by islamic republic of Afghanistan as well as Government of Pakistan. in its first board meeting held on March 13 th , 2012, Mr. Muhammad Zubair Motiwala was unanimously chosen as President and Mr. Khan Jan Alokozai as Co-President of the PAJCCi board. Mr. Motiwala expressed his belief that the existing trade volume of $3 billion can be enhanced to $6 billion in next three years with the active role of PAJCCi members.
PASScO’s wheat procurement drive from May 1 Gunny bag distribution to start from April 28 g Farmers to be paid Rs 1050 per 40 kg at procurement centres g
LAHORE STAFF REPORT
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percent after its privatization in 1991. now when some foreign banks are planning to shut down their businesses in Pakistan, the experts suggested that after the success of ABL and MCB Bank, the local investors should be given a chance to take over these banks as they are more competitive and strong enough to replace the foreign investors successfully.
AKistAn Agricultural storage and services Corporation (PAssCO) have announced to start wheat procurement drive from May 01, 2012 with start of gunny bag distribution from April 28, 2012. ‘though Corporation was scheduled to launch its wheat procurement drive earlier than this but recent spell of rain and higher moisture content in wheat has forced it to delay its procurement drive for a few days,’ said a spokesman of the Corporation here on Monday. the Corporation would launch its procurement drive simultaneously in Punjab, sindh and Balochistan and all the arrangements to buy two million tons of wheat have also been finalized. sixty five per cent of the total required gunny bags for procurement of two million tons of wheat,
have already been reached at the procurement centers set up in its designated areas by the Corporation and rest of the 35 per cent would reach the destination within next few days, the spokesman added. Farmers will be paid rs 1050/- per 40 kilograms at the procurement centers besides rs 7 per bag as delivery charges. Corporation will buy wheat in 15 tehsils of Punjab including Hafizabad, Pindi Bhattian, Gojra, Okara including renala Khurd, Pakpattan, Mailsi, Burewala, Mian Channu, Lodhran, Kehror Pucca, Bahawalnagar, Minchanabad, Alipur including Jatoi, Khanpur and Layyah. PAssCO has set up 200 procurement centers in these areas of the Punjab province to facilitate the growers. it has set up 11 procurement centers in sindh area of sobo dero, Kund Yaro and sukrund while 9 procurement centers have been established in naseerabad and Jafferabad tehsils of Balochistan.
PAAPAM cHAIRMAN’S LETTER
PSO wins some, loses some PSO’s EPS down by 3pc as profit swells beyond Rs25billion KARACHI ISMAIL DILAWAR
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Finally a breath of fresh air in the AfPak region
ON OVERDRIVE
UP AND DOWN
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PAKISTAN-AFGHANISTAN JOINT cHAMBER OF cOMMERcE AND INDUSTRY
He Pakistan state Oil Company announced 9MFY12 the earning per share (ePs) of rs 52.32, marking what the analysts said a minor decrease of 3 percent compared to rs 53.98 recorded in the same period last year. the corporate result was accompanied by a cash dividend of rs 3 per share. “the primary reason behind the decline in earnings is the normalization of effective tax in 9MFY12 compared to last year,” said nauman Khan of topline research. “Barring the tax effect witness last year, we estimate the company to have posted an earning growth of 37-38 percent,” added the analyst. the increase in the company’s recurring profitability, he said, was due t higher oil prices that culminated into higher absolute margins in nonregulated products. the company’s gross profit rose by 18 percent to rs 25.6 billion as against rs 21.7 billion in the same period last year. support to bottom-line also came from higher other income and curtailed financial cost. the company’s other income grew by a massive 132 percent to rs7.4 billion with major income being booked in third quarter of FY12. the PsO’s financial cost declined by 3 percent to rs 8.8 billion against last year’s rs 9.1 billion. “though still awaiting the detail accounts, we believe restricted financial expense is function of payment received in
lieu of last tFC issued by the government,” said Khan. the growth in the recurring income was partially diluted by 92 percent increase in the company’s other operating expense on account of rupee depreciation against the greenback. in the 3Q, the PsO posted an ePs of rs 25.6 up 106 percent as against rs 12.4 in the same period last year, while is up 110 percent from rs 12.2 reported in last quarter. the analyst however remains wary of the PsO’s ability to reproduce a strong earning growth on recurring basis. “Our reservations stems from government’s inability to resolve the circular debt at least in the short-run that has in-trapped the cash flow of PsO,” Khan viewed. Another market observer Khurram schehzad added that the 3QFY12 was expected to see the company’s foreign exchange reserves losses to remain limited amid relatively a stable Pak rupee against the Us dollar. “While financial charges are expected to have come down by 10 percent QoQ amid decline in company’s short term borrowings post repayment from the iPPs (government payments to the iPPs post tFC issue of rs138bn to banks during 3Q),” the analyst said. schehzad expects the company’s scrip to continue to underperform on the single biggest risk of severe liquidity facing the company owing to recurring circular debt issue, with only ad-hoc efforts made by the government so far.
Dear FBR, Stop harassing industries Yours agitatedly, PAAPAM LAHORE
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STAFF REPORT
n order to maximize revenue near the end of the current fiscal year, the directorate of intelligence & investigation of the Federal Board of revenue has again resorted to picking up individuals, creating the atmosphere of unnecessary confusion and harassment in industry circles. this was stated in a letter written by PAAPAM Chairman syed nabeel Hashmi to FBr Chairman Mumtaz Haider rizvi, urging him to restore srO 648 (i) 2011 which allowed amnesty on penalty and surcharges, besides applying it to those companies, which are not complying with required conditions. He said that the Association does not support any illegal activities, fully endorsing recovery drive initiated by the tax department. However we feel that it is not prudent or fair to take such drastic and unrealistic actions which lead to shutdown of the tax paying unit. He maintained that the recommendations of industry would ensure the economy keeps working while the government will get its stuck-up revenue without
litigation, hassle and harassment to tax payers. He said that the manufacturers, who are facing lot of hardships due to prolonged electricity and gas loadshedding, disapprove of the FBr move and will not tolerate any arm-twisting step by the tax department. He said that almost all the leading economies are being given incentives to expedite economic activities in their respective countries -but in Pakistan, the people who are sitting at the helm of affairs are doing the otherwise—when almost all the businesses are facing a number of internal and external challenges. nabeel Hashmi observed in the letter that the auto vending industry is quite conscious of its national obligations but the decision to issue unnecessary notices to them would only vitiate business atmosphere. He urged the taxpayers and tax collectors be on the same page as both are striving to serve the nation. He said that it would be wiser on the part of the FBr to strengthen its institutional capacity for bringing more people into the tax net instead of squeezing the existing taxpayers. He said that in order to cultivate the culture of voluntary tax payments, the taxpayers should be facilitated and guided, and instead of imposing harsh penalties, minor mistakes should be rectified. “notices without deciding specific criterion in consultation with the industry is not acceptable and discretionary and arbitrary powers of the tax officials in this regard should be curtailed forthwith,” he added. “the anomalies in the sales tax and income tax laws should be removed.” He said that the business community knew well that the government needs revenues to run its affairs and it was willing to pay taxes but the process and laws for collection should be made simple and less burdensome. PAAPAM recommended the FBr to consider long-term installment plan which would encourage many to settle directly with FBr. it suggested that adjustment of any amount in the form of refunds of income tax or sale tax may be allowed against this liability. Once the department receives the adjustment or PdCs it must guarantee quashment of Fir against co-operating member companies.
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Tuesday, 24 April, 2012
03
news
Banks’ farming out gestures Fireworks at KSE as RUNNING OVER BARRIcADES
Farm loans disbursement up by 17pc to cross Rs197bn in first nine months KARACHI STAFF REPORT
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He disbursement of farm loans by the banks witnessed an increase of 17 percent on year-on-year to stand at rs 197.361 billion during first nine months of the current fiscal year, July-March FY12, said the central bank Monday. in absolute terms, the state Bank said, the disbursement of credit to the agriculture sector surged by over rs 28.674billion during the period under review as compared to total disbursement of rs 168.687 billion in the corresponding period of FY11. the overall credit disbursement by five major commercial banks including Allied Bank Limited, Habib Bank Limited, MCB Bank Limited, national Bank of Pakistan and United Bank Limited stood at rs 107.640 billion in July- March, 2012 compared with rs 93.268 billion disbursed in July- March 2011 depicting an increase of rs 14.372 billion or 15.41 percent. Zarai taraqiati Bank Limited, the largest specialized bank, disbursed a total of rs 37.844 billion in July- March, 2012, up by 1.26 percent when compared with rs 37.371 billion disbursement in the same period of the last fiscal year. Punjab Provincial Co-operative Bank Limited disbursed rs 6.012 billion in July- March, 2012 up 36.82 percent when compared with rs 4.394 billion disbursement in the same period of the last fiscal year. Fourteen domestic private banks also loaned a combined amount of rs 37.338 billion in July- March, 2012 up by 10.95 percent compared with rs 33.654 billion disbursement in the same period of the last fiscal year. the five microfinance banks, including Khushhali Bank, nrsP Microfinance Bank, First Microfinance Bank, Pak Oman Microfinance Bank and tameer Microfinance Bank disbursed a total of rs 8.527 billion.
bulls stampede over 14,000 barrier
KSE 100-share index skyrockets by 146 points KARACHI
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STAFF REPORT
n first working day of the week Monday the bulls kept dominating Karachi stocks market with the benchmark, Kse 100-share index skyrocket 146.96 points. the day saw the index closing up by 1.05 percent at 14,083.44 points against 13,936.48 points of the last week. “(the) stocks closed bullish amid thin trade led by blue chip oil, banking and cement stocks ahead of major earnings announcements this week,” viewed Ashen Mehanti, director at Arif Habib securities. the trading volumes at the ready-counter were recorded lower at 213.340 million shares against 244.205 million shares of the previous day. the trading value was too surged to rs 5.367 billion compared to rs 6.485 billion of the previous session. the intraday high and low, respectively, stood at 14,098.05 and 13,936.48 points. the market capitalization grew modestly and increased to rs 3.605 trillion from rs 3.568 trillion a day earlier. Of the total 384 traded scrips, 193 gained, 123 lost and 68 finished as unchanged. the free-float Kse-30
index also gained 143.36 points to close at 12,366.41 points against the previous 12,223.05 points. the Kse all-share index closed with a gained of 101.80 points to 9,899.15 points as against 9,797.35 points. Fauji Cement was the day’s volume leader counting its traded shares at 23.436 million with the opening and closing rates standing at rs 6.77 and rs 7.04, followed by Bank Al-Falah Xd, Jahangir siddiqui Company, d.G.K. Cement and Bank of Punjab with turnover of 18.037 million, 13.991 million, 13.670 million and 11.870 million shares respectively. On the future market, the turnover recovered remarkably by over 10 million shares to 23.426 million against 11.236 million shares of last week. the Unilever Pakistan Limited and Unilever Food Xd, up rs 139.99 and rs 95.91,led highest price gainers while, rafhan Maize Xd and Fazal textile, down rs 88.87 and rs 17.86 respectively, led the losers. “strong earning announcement and payout by PsO, renewed institutional interest on strong earnings outlook played a catalyst role in bullish sentiments despite fall in global stocks, commodities and concerns for delay in implementation of revised CGt regime,” said analyst Mehnati.
Major Gainers Company
Open
High
Low
Close
Change
UniLever Pak Ltd Bata (Pak) XD Indus Motor Company Shezan Inter. National Foods
5930.00 649.17 270.65 129.49 122.58
6215.00 681.62 283.75 135.96 128.70
5900.00 650.00 262.10 124.10 121.00
5971.83 678.19 280.17 135.89 128.37
41.83 49 29.02 96 9.52 1,739 6.40 1,208 5.79 18,837
Turnover
Major Losers Rafhan MaizeXD Indus Dyeing Nestle PakXD Colgate Palmolive Packages Ltd.XD
2717.88 384.61 4318.45 791.00 102.74
2750.00 365.50 4530.00 805.00 105.00
2582.00 365.38 4252.00 776.00 97.61
2590.31 365.40 4301.05 781.00 98.35
13.82 14.27 18.98 5.53 7.02
12.88 13.20 18.00 4.85 6.68
13.09 13.92 18.09 5.15 6.77
-127.57 306 -19.21 121 -17.40 225 -10.00 60 -4.39 43,739
Volume Leaders Engro Polymer P.T.C.L.A Jah.Sidd. Co. Lafarge Pakistan Fauji Cement
12.82 13.27 18.83 5.41 6.88
0.27 0.65 -0.74 -0.26 -0.11
27,867,103 22,743,410 18,563,518 14,894,981 12,882,622
Interbank Rates Us dollar UK Pound Japanese Yen euro
90.7126 146.0110 1.1096 119.4504
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
91.00 119.48 145.88 1.1033 90.98 11.57 24.70 24.20 93.24
91.60 120.60 147.21 1.1133 92.32 11.74 24.90 24.39 95.55
CORPORATE CORNER Indus Motor company announces Third Quarter 2011-12 results KARACHI: the Board of directors of indus Motor Company Limited met on April 23, 2012 to review company’s financial and operating performance for the 3rd quarter ended March 2012. As per the statement issued, during 3 rd quarter combined sales of toyota and daihatsu brands (CKd & CBU) for the quarter ended March 2012 stood at 15,002 units, compared to 15,084 units sold in similar period last year. Correspondingly the production has increased by 4.7% to 15,677 units as against 14,969 units produced in the same period. On year to date basis, combined sales of toyota and daihatsu brands (CKd & CBU) grew 3.6% only to 39,343 units compared to 37,987 units for 2011. the company’s combined sales revenue, for the 9 months ended March 2012, of the CKd, CBU and Parts business stood at rs. 53.9 billion. Continuous efforts at improving operational efficiencies and partial pass through of risings costs enabled the Company to achieve profit after tax of rs 2.9 billion as compared to rs. 1.6 billion posted for the same period last year. Commenting on quarterly performance and future outlook, spokesperson said that: “the past quarter performance was robust and we expect demand for our products in market to remain strong in view the customers’ preference for our range of toyota products and services.” He further added, “On the policy side, absence of a new long term auto policy to replace the current AidP that expires in June this year is disconcerting. Added to this uncertainty is the desire in some quarters of the government to drastically rationalize the tariff downward, the unabated influx of used cars imports which is likely to exceed 40,000 mark for the fiscal year along with the ban on CnG kit that has effectively frozen CnG vehicle production by OeMs are further dampening the growth prospects of the local industry already reeling under social and economic pressures. PRESS RELEASE
New Sensodyne Rapid Action provides clinically proven sensitivity relief ISLAMABAD: in line with GsK’s plan of over rs. 2 billon investment in consumer healthcare business in Pakistan by 2013, sensodyne has launched a new toothpaste to provide an answer for the large number of people who suffer from sensitive teeth but do not treat the problem. the fast-acting sensodyne rapid Action works in just 60 seconds and offers long-lasting protection from pain of sensitivity. tooth sensitivity, a short sharp pain in the teeth, with the intake of hot or cold food or drink or while brushing, is a common problem affecting 1 in 3 people globally, yet many do not actively address it. dr. Anis-ur-rahman of Park
road dental Practice in islamabad explains, “sensitivity can appear as a symptom from late teens onwards… People generally avoid treating sensitive teeth due to their fear of visiting the dentist”. PRESS RELEASE
Wi-tribe unites global giants to revolutionise Pakistan’s tech industry KARACHI: Continuing its commitment towards bringing new and innovative services, wi-tribe, a Qtel Group company, recently announced the beta launch of “wi-tribe Bazaar”, Pakistan’s first Buy and sell software portal, aimed primarily at contributing towards the effective development and economic proliferation of the local it sector. taking its commitment towards wi-tribe Bazaar a step forward, earlier this week, witribe announced the launch of the Pakistan developers’ Challenge 2012 (PdC 2012); bringing together the greatest young minds of Pakistan onto one, single pioneering platform. recognizing the need for a platform where Pakistani developers can sell and monetize their software, wi-tribe brings local communities, together with local content, on a simple and easy-to-use platform. PRESS RELEASE
Samsung appoints Muller and Phipps as its new official distributor LAHORE: samsung electronics Company Ltd. is a global leader in telecommunications and digital media. this award winning innovator has recently appointed Muller & Phipps Pakistan Ltd. (M&P) as its new official distributor in Pakistan. samsung has introduced numerous innovative products, including the popular Galaxy s2 smartphone, and Galaxy note – the first ever hybrid between smartphone and tablet computer. samsung Pakistan’s Managing director John Park said that we have collaborated with Muller & Phipps to deliver superior services in the Pakistani market. samsung has a firm resolve to provide its customers with revolutionary products and immaculate services, to extend the most fulfilling mobile experience to its customers around the world. We place great importance on Pakistan as a high potential market therefore; samsung has introduced its latest range of popular smart-phones and touch-phones along with the high quality conventional phones for the Pakistani customers”. He further added that, “the appointment of Muller & Phipps as samsung distributor is an addition in current distribution network in Pakistan and will ensure further enhancements in the sophisticated and swift network of sales and service in Pakistan, enabling us to fulfill the needs of our customers, more proactively. Muller & Phipps is among the oldest and largest distribution houses. it boasts modern warehouses, efficient operations, strong financials, cutting edge it, multinational clients and a
passionate team of 3500 employees. it serves through 55 strategically located offices across 855 towns to deliver FMCG, Pharmaceuticals, Health Care, telecom and allied products. it is also engaged in Consultancy, imports, marketing, and After-sales support for over 100 years. PRESS RELEASE
citi appoints Nadeem Lodhi as cEO for citibank Pakistan KARACHI: Citi announced today the appointment of nadeem Lodhi as the Chief executive Officer for Citibank in Pakistan. “i am delighted to rejoin Citi after several years, and particularly excited with this opportunity to lead Citi’s Franchise in Pakistan,” remarked Mr. Lodhi on his appointment. Atiq Ur rehman, Citi’s Chief executive Officer for the Middle east region, said: “We are very pleased with nadeem’s appointment. He is a seasoned banker with diverse domestic and international experience. We wish him the very best in this important assignment.” Mr Lodhi rejoins Citi from Abraaj Capital where he was heading the business for sub saharan Africa. Prior to his time at Abraaj Capital, he served in a number of roles at diB Capital. during his tenure at Citi, he held various roles in Pakistan and Africa including serving as the CeO for Uganda. Prior to joining Citi in 1994, nadeem worked in both London and Pakistan for AnZ Grindlays Bank plc. Mr. Lodhi holds a Bachelor of Arts in economics and Finance from Muhlenberg College in Allentown, UsA. Citi has been present in Pakistan since 1961 and remains fully committed to serving its client base in the country. PRESS RELEASE
Engro Foods plans to invest over Rs8bn in dairy sector KARACHI: engro Foods (eFOOds), which posted a profit after tax of rs 486 million during 1QCY12, plans to invest around rs 8.7 billion to expand its powdered milk business. Also, the new investment would be used for expanding the company’s dairy capacity for both UHt and ice-cream segments in the local market. this, the company management believes, would help capitalize on the rising milk and allied products’ demand in the country. this was observed during the company’s analyst briefing held last week on Friday that discussed various issues related to financial results for 1QCY12, current market standing, gross margins in major segments and update on ALsAFA HALAL (recent takeover). the meeting was told that during 1QCY12 the eFOOds’s profit after tax marked a YoY increase of 314 percent with its earning-per-share standing at rs 0.65. “the eFOOds witnessed another healthy quarter where its topline grew substantially by 52 percent YoY to rs 9.6 billion,” it was observed. Meanwhile, better efficiency in managing costs also came in the limelight as gross
margins of the company improved 169 basis points to 23 percent YoY in 1QCY12. the eFOOds management are also planning to further expand its ALsAFA HALAL foods market. STAFF REPORT
Famous brands to open outlets at The centaurus Mall ISLAMABAD: A lease agreement was signed between PakGulf Construction Pvt Limited, developers of the Centaurus and Famous Brands Ltd to open signature outlets of samsonite, Giordano, Famous Watches, storm, Jockey, and Hang ten at the Centaurus Mall. the signing ceremony took place at the Centaurus’ sales and marketing suite, here in islamabad. during the ceremony, the CeO of PGCL, Mr. sardar tanvir ilyas Khan said, “We feel extremely proud that the Centaurus Mall is a place of preference for discerning brand operators both local and international. We shall soon be opening the doors of this world class retail and family leisure center, which is all set to become the most visited destination for all.” PRESS RELEASE
LAHORE: Prominent MNA Mr Haneef Abbasi upon his visit to the Canyon Views Sales Centre. He was warmly received by Mr Haji Muhammad Rafiq Giga, CEO Emaar Pakistan and other senior members of Emaar Pakistan. PRESS RELEASE
ISLAMABAD: President Asif Ali Zardari presents 2 APNS Awards to Shahnoor Ahmed, CEO Spectrum Y&R, at the All Pakistan Newspapers Society awards ceremony 2012. PRESS RELEASE