PRO 26-10-2012_Layout 1 10/26/2012 3:38 AM Page 1
Friday, 26 October, 2012
No misfortune for Lucky g
EXPORT IN FIRST QUARTER
Vegetable up, fruit down
Lucky Cement records 33.79% increase in net profit for the 1st quarter KARACHI
L
APP
UCky Cement Limited declared a profit after tax of Rs. 2,014 million for the quarter ending 30th September 2012, which is 33.79% higher than last year’s first quarter net profit of Rs. 1,506 million. A statement here on Thursday said that the Earnings per Share (EPS) of the Company increased to Rs. 6.23 per share versus Rs. 4.66 per share achieved in the same period last year. It said that the gross profit for Lucky Cement, which is Pakistan’s largest cement manufacturer increased by 32.87% during the quarter as its net sales revenue improved by 18.09% to Rs. 8,852 million against Rs. 7,496 million of the same period last year. Higher sales volume in the domestic markets in line with the company’s strategy attributed to the increased profits. The local sales volume during the quarter under review registered a
Pakistan’s liquid foreign reserves over $14b
ISLAMABAD APP
The total liquid foreign reserves held by the country stood at $ 14,389.8 million on October 19, 2012, a statement of the Central Bank issued on Thursday said. Giving the break-up of the foreign reserves position, the statement said that Foreign reserves held by the State Bank of Pakistan stood at $ 9,829.4 million while the Net foreign reserves held by banks (other than SBP) were recorded at $ 4,560.4 million as on October 19,2012. “The total liquid foreign reserves stood at US $ 14,389.8 million”, the statement added.
growth of 5% that rose to 0.86 million tons sold as compared to 0.82 million tons sold during the same period last year. However, the export sales volume declined by 9% from 0.62 million tonnes to 0.56 million tons during the first quarter ending 30th September 2012. This was mainly due to intentional focus on the domestic markets, which contributed in increasing the overall profitability of the company. The company also managed to decrease its financing cost by 76 % during the quarter under review as compared to the same period last year. The Company also reported progress on its Joint Venture investment for Cement Plant in DR Congo where plant and machinery has been negotiated and finalized with a renowned European supplier, and on its Joint Venture investment for a Grinding facility in Iraq where the teams for the project have been mobilized at the site. As a part of its diversification strategy and following on from the signing of Share Purchase Agreement with Akzo Nobel N.V. for acquisition of ICI
ISLAMABAD APP
Pakistan shares, the company also reported the net purchase price of Rs. 186.42 per share, finalized on October 11th 2012 as per the Lock Box Mechanism agreed in the SPA. As a responsible corporate citizen, Lucky Cement also disclosed its efforts
towards education with various scholarships given to students in local and international universities, as well as in the health sector with donations to a charitable organization for providing medical treatments to poor and needy people of Pakistan.
SECP turns environmentalist g
Strong regulatory environment vital for corporatisation of economy: SECP ISLAMABAD ONLINE
There is strong need for strengthening of regulatory environment in Pakistan for the development of a modern corporate sector, Chairman, Security and Exchange Commission of Pakistan (SECP) Muhammad Ali said. He was addressing the participants of a workshop” Economic Reporting on Financial Development Index”, organized by the SECP here Thursday. AGAHI and CIME were the collaborating partners for the event. The workshop aimed at briefing the business journalists regarding ways and methods to analysis the various economic indicators. Amir Jhangir, CEO Mishal, Mrs Puruesh Chaudhary, CIME Ambassador to Pakistan. Senior journalists Amir Zia and Ehtisham-ul-Haq gave their presentations on reportage of economy. Briefing the journalists on financial market reforms and regulatory framework of the SECP, Muhammad Ali said that the SECP has been establishing high standard of governance across the capital market to generate greater investor confidences. Muhammad Ali said that in past the government’s attitude has been to not
allow small and medium sized companies and risky ventures which resulted in accumulation of assets with banks and national savings. He pointed out that in Pakistan, banking sector and National Savings have 90 per cent of total assets of the financial sector. Oftentimes, entrepreneurs are not entertained by our banking –centric financial system and it is not possible to raise money from other sources. In a bid to enhance access to finance and develop a debt capital market, the Secp has introduced various new concepts like SME exchanges, pension’s schemes, micro-insurance for crops and livestock and commodity trading facility to mutual funds, where the small investors would utilized their savings. He emphasized on need for raising people awareness and education regarding capital market and mentioned that during last one decade the return percentage was 20 per cent in gold and it was 30 per cent for investments made in stock market. The other areas, where the SECP has been focusing are access to capital, widening of product portfolio in stock exchanges, good governance and reforms and improving the standards of human resources of capital market. Amir Jhangir, CEO Mishal briefed
the participants about the procedure adopted by the World Economic Forum in the development of Financial Development Index. Amir said that the Index assembles a vast amount of data to create an assessment of the different aspects of\ complex financial systems, including the institutional environment, the business environment, financial stability, banks, capital markets, and overall capital availability and access. Senior Journalist Amir Zia encouraged the journalist to use social media to report their news. He said that the Pakistan has lost its position in World Financial Index in past years and journalists should report on reasons that contributing in decline in Pakistan’s ranking in Global Financial Index. The interactive session covered various subjects including editorial balance and content evaluation, scope of business reporting in Pakistan and economic reforms. Recently, the Global Competitiveness Report (2012-13) issued by the World Economic Forum has appreciated the performance of the Securities and Exchange Commission of Pakistan (SECP) as the SECP has been ranked 55th in 2012-13, as compared to 70th in 2011-12.
The export of vegetables has increased by 3.4 percent during the first quarter of the current fiscal year as compared to the same period of last year. The exports were recorded at US$26.716 million during July-September (2012-13) against the exports of US$25.838 million during July-September (2011-12), according to the data of Pakistan Bureau of Statistics. The vegetable exports witnessed surge 18.46 percent during the month of September 2012 as against the exports of the same month of last year. However the vegetable exports during September 2012 shrunk by 23.79 percent when compared to the exports of August 2012. According to the data, the total vegetable exports during September 2012 stood at US$ 8.003 million against the exports of US$6.756 million in September 2011 and US$10.501 in August 2012. On the other hand, the fruit exports in the first quarter of the current year decreased by 4.24 percent to US$61.714 million when compare to the exports of US$64.447 million recorded in the same period of last year. The exports of fruit in September 2012 decreased by 3.19 percent and 21.59 percent when compared to the exports of Septemer 2011 and August 2012 respectively. The fruit exports during September 2012 stood at US$ 20.510 million against the exports of US$21.185 million in September 2011 and US$26.158 in August 2012. The overall food exports were recorded at US$878.680 million in the quarter under review against the exports of US$993.352 million during the same period of last year. The overall exports from the country witnessed positive growth of 4.26 percent while the imports decreased by 2.37 percent during the first quarter, indicating a positive trends in the overall trade volume of the country. Exports from the country during July-September (2012) were recorded at US$6.187 billion against the exports of US$5.934 billion during the same period of last year. On the other hand, the imports into the country decreased from US$11.117 billion last year to US$10.853 billion during the current fiscal year, the data revealed. Based on these figures, the overall trade deficit has been recorded at 9.9 percent as it shrunk reduced from the deficit of US$5.183 billion last year to US$4.666 this year.
Cotton exports declining due to unavailability of cotton seed ISLAMABAD ONLINE
A parliamentary Panel on Thursday was informed that certified cotton seed is not available in the country therefore cotton exports of the country are declining. During a meeting of Senate Subcommittee on Textile Industry that was held under the chair of senator Mohsin laghari to discuss issues of textile sector and to make recommendations for the resolution of those issues. During the meeting chairman Pakistan Cotton ginner association PCGA told the committee that cotton seeds are imported from abroad and under certain names sold at expensive rates
in the country. He said that imported seeds are not well compatible with our lands therefore they give less production and leaves bad impacts on whole industry. He said that it is very unfortunate that certified cotton seed in not available in the country and in this regard our institutes have been failed. Chairman Pakistan Cotton Ginners association said that good quality seed is not available in the country therefore not only industry suffers but country faces loss of billion of rupees. Convener of the committee Mohsin Laghari said that we should not put all the responsibility on government to take steps for improvement of cotton and textile industry in the country but market forces should
also do works. Chairman Pakistan knitwear and sweater exporters association said that energy shortage is badly affecting the entire textile industry in the country and during last six month sixteen to seventeen textile units from karachi have been shifted to other countries. He said that non availability of gas and power resulted into30% loss into our textile production. Chairman Pakistan knitwear and sweater exporters association said that government should provide gas to the export industry of the country on priority basis. He said that whole industry does not demands any kind of subsidy from the government but we always demanded is to provide smooth supply of gas and power.
PRO 26-10-2012_Layout 1 10/26/2012 3:39 AM Page 2
Business 02 Euro gains on hopes for Greece help
Crude higher in Asia on China manufacturing data SINGAPORE
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TOKYO AFP
The euro rose in Asia on Thursday, boosted by speculation Greece will be given more time to put in place reforms to help rein in its huge public debt, while the dollar also rose against the yen. The single currency bought $1.2975 and 103.73 yen in Tokyo morning trade, up from $1.2972 and 103.49 yen in New york late Wednesday. On Thursday, the dollar moved toward the 80 yen level, trading at 79.94 yen in Tokyo, up from 79.79 yen in New york. There are growing expectations that the Bank of Japan will take further easing steps at a policy meeting next week, which has put pressure on the yen. But currency markets were likely take a waitand-see stance owing to a lack of fresh trading cues, said a senior dealer at a Japanese bank. “There are no signs of big movements as the weekend approaches,” he told Dow Jones Newswires. Worsening business sentiment in Germany accelerated euro selling in the United States, sending it to as low as $1.2921 at one point, but hopes Greece will get an extra two years to get itself back on track provided the single currency some support. On Wednesday, Greece’s finance minister said he had agreed on a new austerity package with Athens’ international creditors and won more time to fix the debt-crippled nation’s finances. However the European Union and International Monetary Fund said only that there had been progress but no firm deal, as Greece also looks to unlock its latest batch of rescue cash.
AFP
IL prices climbed in Asian trade Thursday on data showing a slight pick-up in China’s manufacturing sector, but weak US energy demand and eurozone worries capped gains, analysts said. New york’s main contract, light sweet crude for delivery in December was up five cents to $85.78 a barrel while Brent North Sea crude for December advanced four cents to $107.89. HSBC’s preliminary purchasing managers’ index (PMI) Wednesday showed manufacturing in the world’s largest energy consumer at its highest level in three months, sparking talk of “green shoots of recovery in the Chinese economy”, IG Markets said in a report. The PMI hit 49.1 this month, up from 47.9 in September. A reading above 50 indicates growth and anything below points to shrinkage. “yesterday’s improvement in HSBC’s
manufacturing activity survey has got tongues wagging that the Chinese economy is bottoming out,” the IG Markets report stated. But crude gains were capped by a weekly US inventories report issued by the Energy Information Administration (EIA) showing a spike in stockpiles in the world’s biggest economy. The EIA data showed reserves jumping 5.9 million barrels in the week to October 19, more than triple analyst forecasts of a 1.9 million barrel rise. “The overall report points to more downside risks ahead,” Phillip Futures said in a market commentary. In the eurozone, private sector business activity fell at its fastest rate since June 2009 to a 40-month low, a closely watched survey by the Markit research firm showed. Adding to negative sentiment was news that German business confidence slumped to a two-and-a-half-year low in October.
‘CNG stations selling fuel at cheaper price’ MULTAN APP
ALL Pakistan CNG Association (APCNGA) central vice chairman Fayyaz Gilani said on Thursday that CNG stations were purchasing gas from the companies at higher price as compared to other industrial and business consumers. Talking to APP here,he said despite of this discrimination, CNG stations were selling CNG at lower prices as compared to industry and businesses which were getting the same facility at
lower tariff but selling their products at high price. He explained that CNG stations were purchasing gas at Rs 750 per MMBTU and also pay Rs 230 per MMBTU as gas infrastructure development cess (GIDC) which translate into Rs 980 per MMBTU cost for the CNG sector. Contrary to this, the industry was getting gas at Rs 460 per MMBTU while GIDC was only Rs 13 per MMBTU.And for fertilizer factories, it was only Rs 60.60 per MMBTU while GIDC was Rs 116.27 per MMBTU.
Major Gainers OPEN 330.75 324.78 112.00 122.32 117.33
COMPANY Island TextileXD National FoodsXD Gatron Ind.XD Ismail IndustrXD J.D.W.Sugar
HIGH 347.28 341.01 117.50 128.43 121.99
LOW 347.00 308.55 117.00 122.00 116.00
CLOSE 347.28 334.05 117.33 127.62 121.77
CHANGE 16.53 9.27 5.33 5.30 4.44
TURNOVER 500 36,100 1,500 4,000 2,100
760.00 356.11 1460.00 251.25 177.50
713.00 356.11 1387.00 227.77 161.55
713.00 356.11 1444.00 227.77 162.95
-37.00 -16.25 -16.00 -11.98 -7.10
3,300 100 300 3,900 30,400
52.49 18.75 8.00 97.40 2.89
50.77 17.57 7.60 93.00 2.45
51.73 17.57 7.82 93.27 2.54
-0.57 -1.00 0.17 -3.82 -0.33
16,997,000 11,809,000 5,302,500 5,180,800 5,122,000
Major Losers Siemens Pakistan Mithchells Fruit Bata (Pak) SPOT Pak Gum & Chemical Service Industries
750.00 372.36 1460.00 239.75 170.05
Volume Leaders D.G.K.CementXD P.T.C.L.A JS Growth Fund Engro Corporation Telecard Limited
52.30 18.57 7.65 97.09 2.87
Interbank Rates US Dollar UK Pound Japanese Yen Euro
95.8064 154.6028 1.1953 124.7208
Dollar East BUY US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
SELL
95.00 122.73 152.12 1.1726 94.82 12.07 25.75 25.15 97.66
95.60 124.40 154.16 1.1883 96.60 12.29 26.07 25.43 100.42
Koreans to benefit from SMEDA’s SME development LAHORE: SMEDA has developed a wide range of innovative services/projects for SME development in Pakistan and korea can benefit from it,said Dr. Jang Ho Chioi,head of 3-member korean delegation on thursday. During their visit to head office of Small and Medium Enterprises Development Authority (SMEDA) the delegation head remarked: “Pakistan and korea could spur their pace of economic development by sharing knowledge and experience in the SME sector”. He appreciated the initiatives taken by SMEDA under SME Policy 2007.The visit was aimed at obtaining information on SMEDA initiatives for SME development in Pakistan. Senior officials of SMEDA assured the visiting delegation of complete cooperation in sharing knowledge and experience of SMEDA under knowledge sharing program chalked out jointly by the government of Pakistan and korea. APP
CORPORATE CORNER whereas, White Oil grew by 3% reflecting an increase in PMG and HSD consumption of 9% and 1% respectively. In the period under review, PSO enhanced its domination of the market with its share in both the Black Oil and White Oil segments improving to 80% and 57.4% respectively. This resulted in PSO achieving an overall market share of 68.1% as compared to 64.3% during corresponding period last year.
Qatar Airways to launch flights to Cambodia KARACHI: A revered spiritual leader Shaykh Fadhlalla Haeri gave an enlightening presentation entitled “The Quest for Wholesomeness and Happiness” as a keynote speaker in the 31 st edition of Company’s Distinguished Speakers’ Series at Sui Southern Gas Company’s auditorium on October 25, 2012. Company’s Sr. General Manager (MS) seen presenting a commemorative shield and a flower bouquet to the learned scholar.
PSO BOM reviews financial performance in first quarter of FY 13 KARACHI: October 25, 2012: The Board of Management (BoM) of Pakistan State Oil (PSO) convened on Thursday at PSO House to review the company’s performance for the first quarter of Fiscal year 2013 (1QFy13). During the period under review, the Company’s revenues touched Rs 325 billion as compared to Rs 279 billion in the corresponding period last year, representing a growth of 16%. The Company has registered profit after tax of Rs. 4.2 billion as compared to Rs.2.5 billion during the same period last year. Industry’s volumes for Black Oil increased by 1%,
DOHA: Qatar Airways today announced plans to launch daily scheduled flights to the Cambodian capital of Phnom Penh from early next year to further boost its Asia Pacific network. The Doha-based airline will be the only Middle Eastern carrier to operate into Cambodia with services due to start on February 20. Phnom Penh will be Qatar Airways’ latest destination in Asia, which now represents around 30 per cent of the carrier’s 119-strong network of global cities. Its Asian coverage includes diverse business and leisure cities such as Hong kong, Hanoi, Osaka, Tokyo, Perth, Beijing, Shanghai, Melbourne, Perth, Delhi, Mumbai, karachi and Goa. Phnom Penh will also be Qatar Airways’ 11th gateway in the Association of South East Asian Nations (ASEAN), following on from successful operations to kuala Lumpur, Bangkok, Bali, Ho Chi Minh City, Jakarta, Hanoi, Singapore, Manila, Phuket and yangon.
PTCL brings lowest International Call Rates ISLAMABAD: In an unbeatable special offer, Pakistan Telecommunication Company Limited (PTCL) has introduced lowest international call
rates for its landline customers. With this offer, PTCL customers can call at only Rs 1.25 per 30 seconds to over 20 international destinations. PTCL has decreased international calling tariffs to facilitate its customers so that they remain connected with their loved ones all across the world at most economical rates. Being the largest telecommunication company in the country, international calling is one of PTCL’s strength as no other voice operator in Pakistan can match PTCL’s international connectivity and voice quality. The extremely affordable call rates are applicable for Australia, Belgium, Cyprus, France, Germany, Greece, Italy, Japan, Malaysia, Netherlands, Norway, Sweden, South korea, Spain, Taiwan, Uk, Canada, China, Hong kong and USA.
Al Baraka chairman to visit Pakistan
to exchange views on matters of mutual interest.
Najia Anis’ new jewellery colection KARACHI: Najia Anis has launched her new collection which she will showcase at the Pakistan fashion week. This is her fall/winter collection. The collection is called ‘Eternal Splendor’. The collection boasts a whole list of coveted yet regal pieces, each uniquely different from the other. Quality workmanship and classic designs of rich heritage warrants Naaj an unmistakable choice for your very own piece of luxury that would allow you to emanate effortless sophistication with pizzazz. About the overall feeling of her jewelry Najia Anis said, “The idea that every woman can feel amazing and this motto is evident in the classic glamour of her collection. Classic but in vogue.
Bank AL Habib after tax profit surges to Rs 3.876b
KARACHI: Adnan A. yousif, President and Chief Executive of Al Baraka Banking Group (ABG) Bahrain is visiting Pakistan from 29th October to 31st October 2012. During his stay in Lahore he will chair the 11th Board of Directors meeting of Al Baraka Bank (Pakistan) Limited (ABPL) and will also call upon important dignitaries of the country
KARACHI: The profit after tax of Bank AL Habib has increased to Rs. 3.876 billion in the nine month period ended September 30, 2012 as compared to Rs. 2.963 billion earned in the corresponding period in 2011. The board of directors of the bank in its meeting held here on Tuesday declared that the bank’s earning per share has increased to Rs. 3.84 in the period under review against Rs. 2.93 in the same period last year. According to the financial results sent to the karachi Stock Exchange, the bank’s mark-up/ return / interest earning increased to Rs. 31.296 billion in this period against Rs. 26.309 billion in the same period last year while mark-up / return / interest expenses increased to Rs. 19.685 billion against Rs. 16.095 billion.
Friday, 26 October, 2012