profitepaper pakistantoday 30th march, 2012

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Bears halt bull surge, index down 16.31 points Page 03

profit.com.pk

Friday, 30 March, 2012

Double-edged sword hangs over SBP Liquidity management by SBP augurs well for inflation, but aftereffects to unfold g Inflation for FY12 to rest at 11.2pc for improved $16.44b dollar reserves g Price hike no more a concern, but fiscal, external imbalances are g Central bank pumped over Rs 543b in system in two OMOs g Government borrowing form banks swell to 4.6pc of GDP g

KARACHI

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ISMAIL DILAWAR

he economic observers foresee the headline inflation for FY12 setting around 11.2 percent due primarily to active liquidity management by the central bank and a relatively improved foreign exchange reserves held by the banks.

Whereas the State Bank continues to inject billions, almost every week, in the cash-strapped banking system, the economic managers are taking comfort from a stable position of dollar reserves, accumulating to $ 16.441 billion up to March 23, the central and commercial banks are possessing. “(The) pressure of rupee depreciation on inflation subsided for now owing to active float management by the central bank and improved USD reserves lying with banks,” viewed Farhan Bashir Khan of InvestCap. The central bank injected in the system over Rs 543 billion, Rs 223.050 billion on March 26 and Rs 320.450 billion on March 16, after moping up Rs 3 billion on the 13th of this month to help the liquidity market float in balance.

Another positive the analysts see is the net domestic and foreign assets of the banks that, they believe, were depicting much lower deterioration compared to the broad trend.

According to SBP data, during JulyMarch 16 (FY12), the banks’ Net Foreign Assets stood at negative Rs 225 billion against positive Rs 177 billion of last year’s corresponding period. While the Net Domestic Assets of the banks swelled to Rs 731 billion against Rs 364 billion of FY11.

“We expect full year headline inflation for FY12 to reside around

11.2 percent. Whether this should provide room for monetary easing is an altogether different question,” analyst Khan said. Dubbing inflation no longer a prime concern for the economic managers in short run, the analysts said imbalances on the fiscal and external fronts coupled with tight liquidity conditions were appearing to be much broader concerns for the country from monetary policy point of view. however, given the government’s ever-increasing budgetary bank borrowings, which have swelled beyond Rs 923 billion

Not dancing to the disco beat g

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DISCOs show helplessness in recovery from provincial govt departments Minister directs installation of meters for water supply in Sindh ISLAMABAD

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AMER SIAL

he power distribution companies (DISCOs) shocked the Ministry of Water and Power on Thursday when they clearly expressed their helplessness in recovery of over Rs 60 billion dues from provincial government departments of Sindh and Punjab.

An official source said DISCOs expressed their helplessness at a specially convened meeting to review their performance especially the recovery of outstanding dues. Minister for Water and Power, Syed Naveed Qamar directed them for cutting their power supply. however, they said that was not possible as provincial governments start pressurizing them after the move. They proposed cutting of outstanding provincial dues at the federal level. however, the source said Finance Ministry was opposed to the demand arguing that under the 18th

amendment that was not possible.

The meeting was informed that the Sindh government had outstanding dues of Rs 45 billion while of Punjab were Rs 15 billion. When they were asked to follow disconnection campaign indiscriminatingly, they said that they could not take the extreme step as the provincial governments fail to provide them protection in case of protest, as already witnessed recently during riots in Punjab.

The Chief executives of DISCOs of Sindh said that the provincial government had assured them to clear their outstanding dues but considering the huge outstanding amount there was no possibility of any significant payment during the current fiscal year.

They demanded intervention by the federal government to resolve the issue. experts have proposed many times that representatives from the provincial government representatives and local administration should be included in DISCOs board of directors to improve the recovery and curb the massive power theft. however, the source said the minister directed them that they should strictly implement the decision of disconnection in case of non payment and no leniency should be shown towards the public sector departments.

The meeting was informed that the main provincial defaulters were the water supply departments and if their power supply was cut there could be

law and order situation.

The meeting also took serious notice of un-metered power supply to some of the provincial and municipal government offices in Sindh. They were getting the facility after the devastating floods of 2010 and 2011 and were not ready to pay for installing new meters. however, the minister asked the CeOs of heSCO and SePCO to install meters on their own and if there was resistance then disconnect the power supply. he directed that there should be no billing on the basis of load calculation anywhere in the province for any consumers. All the billing should be made on actual use of electricity through metering. The meeting was informed that over all DISCOs have improved their recover as they collected Rs 36.5 billion as against Rs 41.5 billion during February, this year. however, the source said that their recovery of previous outstanding dues remained poor as they managed recovery of only 5 percent.

Warning DISCOs, the minister said to check their unscheduled load shedding a monitoring cell was being established to streamline the load management. he said that due to increase in the power generation, unannounced load shedding has been lifted in the country. he asked them to follow the load management schedule. he directed them that there should be no complaints of inflated bills and officials involved should be taken to task.

during July-March period, the analysts said the central bank was likely to keep the discount rate unchanged at 12 percent for the rest of FY12. More worrisome is the fact that the cash-strapped government’s overall borrowings for budgetary support had swelled to Rs 1 trillion or 4.6 percent of the country’s Gross Domestic Product.

“Borrowing from SBP has crossed Rs 235 billion, which is highest level so far during FY12,” said the InvestCap analyst adding “Over and above, inflation might pop back up as a leading concern during FY13 as an aftereffect of current liquidity and money supply trends.”

Therefore, Khan said, the regulator may be expected to stay the 12 percent discount rate with possibility of subsequent tightening.

About monthly inflation position, Khan said the price hike was expected to stand at 11.10 percent in March, up 1.45 percent over the previous month.

“We see current monthly inflation sustaining forward for remainder of this year,” the analyst said adding that “Greater oil prices, possible supply shocks, seasonality as well as trickle down cost push pressures to play a wider role in coming quarter”.

COMMent

Russia then I

SlAMABAD’S newfound interest in Moscow (read Gazprom) despite US pressure against the Iran pipeline deal, and Russia’s continued interest in financing the pipeline even though Washington’s pressure disengaged the Chinese consortium means the project is definitely on. And if it upsets the US, then so be it. So much has clearly been decided in all capitals central to the deal. That Putin’s boys went so far as to include tapi in the potential to-do list betrays their overwhelming interest in committing long-term to this region, especially since clumsy US policy is leaving wide vaccums for Gazprom and the like to fill, and quite profitably at that.

The Russian entry will sit pretty well with Iran as well, seeing their long history of doing business with the Russians, not that the Chinese have been lesser friends. Both Moscow and Beijing have been crucial in controlling international pressure on Iran’s nuclear program, not to mention shielding its most important strategic ally in the region – Syria – from relentless pressure for regime change. however, this means that Pakistan’s yes with Russia will also alter regional politics, and to no small extent.

And this brings us to Gazprom’s politics. Its leverage and outreach make political connotations inevitable. Its executives touch the pinnacles of power, right at the central crossroads of high-level energy and strategic politics. It is little surprise that its last CeO graduated to president of Russia for the four years just past. Its depth of penetration, reaching the heart of europe, has caused numerous extremely serious political setbacks with much of the continent.

Partnering with a beast like Gazprom will require prudence Pakistan has had little experience with, especially of late. Yet it is crucial. At best what follows will be an ideal marriage of convenience. And at worst, a falling out that will leave Islamabad, Tehran and Moscow all worse off. For now though, most important roads lead to Russia.

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Friday, 30 March, 2012

news

Violence victims Karachi riots

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APtMA comes clean LAHORE STAFF REPORT

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traders, petroluem dealers bear astronomical losses KARACHI

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GHULAM ABBAS

he small traders of the country’s financial hub faced over Rs 13.5 billion losses due to the fresh waive of violence in the city. The small traders of the mega polis, which is under the fear and uncertainty amid current wave of violence in certain areas that claimed many lives during last four days, have faced billions of rupees worth losses.

The traders who are already forced pay huge amount in terms of extortion different groups/gangs, have kept the whole markets closed on Tuesday amid the murder of tow political workers of a party. Though the trade activities in old city areas and other markets resumed on Wednesday morning but soon after another incident of target killing in the city also forced the traders to shut their business by the evening.

Besides, under the immense fear and uncertainty, absence of transport and amid mourning call of apolitical party, the business actives also remained partially disturbed as retail outlets in many parts of the city remained closed. Atiq Mir, Chairman All Karachi Tajir Ittehad, said that the thousands of small traders have faced over Rs 13.5 billion losses due to the closure of business activities since 23 March. The violence and fear which kept the city’s markets for at least fours days have caused huge losses to the traders as during the last one week they could hardly kept the wheel of business rolling for at least two days.

The week proved to be the worst one this month in terms of sales, which remained hardly 10 per cent of the normal sale level in the city. According to him an unfortunate incident in any parts of the city now attributes the steep fall in business as the breaking news and tickers of the tv channels keep increasing fear and

Any comments?

SeCP seeks comments on draft electric Power Industry Cost Accounting Records Order, 2012

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Cement consumption likely to surpass 2.3m tonnes g Fuel price hike doubles production cost LAHORE

he Securities and exchange Commission of Pakistan (SeCP) has notified the draft electric Power Generation Industry Cost Accounting Records Order 2012 for the companies engaged wholly or partially in generation of electric power energy under the licenses granted by the National electric Power Regulatory Authority (NePRA). The commission has sought comments from all stakeholders and the public till the end of April 2012 before final notification.

The electric power generation order has been notified in supersession of the earlier draft Thermal energy Cost Accounting Records Order notified by the SeCP, in November 2011, for companies engaged in the generation of thermal energy.

The new rules were notified on the suggestion of NePRA in its capacity as the frontline regulator of the thermal energy and power sector. NePRA had requested that the scope of the thermal energy order be enhanced and made applicable to all the license holders of electric power generating companies instead of only thermal energy companies. These suggestions were received as part of a consultative process and NePRA had appreciated the SeCP’s initiative for formulating and prescribing the cost accounting record. Furthermore, NePRA was of the view that the implementation of the electric power generation order would result in transparency in operations of power generating companies and would also help NePRA in performing their duties. SeCP strives to make regulations in the interest of the industry, as a whole, and also in the interest of other stakeholders, including the public. Cost audits can provide relevant and credible cost and revenue data to the stakeholders to support their decisions. The cost audit mechanism acts as a measure of efficiency and performance. It can serve as an important tool for effective enterprise governance, competitiveness and strengthening the regulatory mechanism.

that the dealers have also gone through the losses of millions of rupees during the past few days as their pumps were also forcefully kept closed by various groups.

“Our main concern is currently the lack of security as different groups of people showing their belongings to various parties come to our outlets and ask either close the pump or face consequences,” he said. Though over 80 to 90 per cent of petrol pumps remained opened on Thursday but the lean public transport thus the suspension in sale of CNG and petrol at pumps also added the financial woes of the dealers.

In reply to a query he said that the pump owners were not deliberately closing their outlets but the criminals were forcing the staffs to keep the outlets shut. he complained that the law enforcement agencies and government have been completely failed to in providing security to the petroleum and CNG dealers’ business.

Constructing hope

ISLAMABAD STAFF REPORT

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uncertainty across the city.

On Thursday, he said at least 60 percent of the retail outlets were opened however in the absence of public transport and already existing fear and tension in some parts of the city almost 40 percent of the business activities remained disturbed. Sadar, Teen hati, lasbela and some parts of Orangi Town were the major affected areas on Thursday. A sizable number of workers from Orangi Town and other affected areas had been absent from the markets for the last few days due to disruption in public transport owing to violence in these localities. Besides he said buyers were avoiding risk of visiting markets after reports in the electronic media regarding violence in various areas. he said rumours circulating via cell phones have also been restricting buyers to their homes. On the other hand, talking to Profit, Abdul Samee Khan, President Petroleum Dealers Association said

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STAFF REPORT

eMeNT industry experts have termed it a good omen that the local cement consumption is likely to surpass 2.3 million tons in the month of March 2012. however, they rue that the industry is barely surviving on thin margins.

In March 2010 the industry managed local dispatches to the tune of 1.993 million tons in north while 0.317 million tons in south totaling to 2.31 million tons which was a record, while it is likely that the local dispatches will cross 2 million tons in north and 0.5 million tons in south, however the growth comes at a time when industry is perplexed and forced to continue production even on losses as the cost of shutting down the plants is even higher due to loans acquired at higher rates from the banks.

The industry experts added that increase of electricity tariff, under monthly fuel adjustment mechanism has increased the industry cost of production manifold. They are of the view that working of even existing

industries has become impossible due to high raise in input cost, as the recent jump in electricity charges would elevate the cost of cement by Rs 20 per bag. They also observed that the unprecedented electricity and gas crisis coupled with the record high discount rate by the central bank have been hitting the industry hard in the country. he said that energy, which constitutes more than 60 percent cost of production, has taken a quantum jump in a couple of years, making the production cost almost double.

The ever-increasing prices of diesel, coal and electricity, are the major factors enhancing cost of production, but not passed on to the consumers by the industry.

“We have not been able to pass on the increase in cost of production to the consumers because of higher capacity and lower demand,” said another industry player adding that in India a cement bag fetches Rs. 150 per bag higher than Pakistan (converted into Pak rupee). Moreover, he added the transportation cost of coal and cement has now become a

Uncle Sam to the rescue?

LCCI believes US might have electricity crisis solution g Pins hope of trade, economic prosperity on sound uncle-nephew bond g

LAHORE

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STAFF REPORT

he lahore Chamber of Commerce and Industry Thursday urged the US government to help Pakistan overcome the electricity crisis it has been facing since last many years. The lCCI President Irfan Qaiser Sheikh was speaking at a reception arranged for US economic Officers Robert hawkins and Frank Talluto and the Vice President, M/s Convergence USA, a not-for-profit organization, Aakif Ahmad. The lCCI Senior Vice President

Kashif Younis Meher, Vice President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik, former Senior Vice president Abdul Basit and executive Committee Member Yousaf Shah also spoke on the occasion. The lCCI President said that Pakistan needs extra-ordinary cooperation from the United States as it was a frontline ally with the United States while facing the brunt of war on terror even today when the rest of the world is on the path to progress and prosperity Irfan Qaiser Sheikh said that if the United States comes forward at this point in time when the country is passing through unprecedented challenging

times, the trade, economic and cultural ties between the two countries would flourish further. Irfan Qaiser Sheikh said that the lahore Chamber of Commerce and Industry was putting in its best efforts for promotion of trade and economic prosperity. he said that it goes without saying that America tops among the major trading partners of Pakistan and there are many areas including political, social, economic, defence and etc., in which both countries collaborate and cooperate with each other. A significant volume of Pakistan’s exports find their way to US markets and likewise Pakistan imports fairly large amount of goods from America.

Considering the historic relations of both the countries and the critical role of America in the economy of Pakistan, we wish to expand these ties for our mutual benefits.

major input cost as the diesel rates have doubled in last five years from Rs. 52 per liter to Rs. 104 per liter.

“Cement is a capital intensive industry,” said another expert.

“Most of the industry has added capacities in past decade when the interest rates were low and now they are servicing those loans at three times higher mark up which naturally adds to the cost,” he added.

“We have right to earn reasonable profit on our investment that is being denied through constant arm twisting from various quarters,” lamented another expert. he said that crossing the monthly sales barrier of 2.31 million tons in the domestic market calls for celebration but the industry feels cheated as during the past ten years the manufacturers have earned on average Rs. 6 per bag while the government pocketed Rs. 76 per bag through its various levies.

The cement sector, he added, has been in the deep financial crunch which is evident from the majority of the cement makers’ balance sheets which show gloomy picture of their businesses.

hAIRMAN APTMA (Punjab Zone) Mr. Ahsan Bashir has said that APTMA in cooperation with GIZ has established a Sustainable Production Centre to promote cleaner production technologies and energy efficiency best practices in the member mills. he was addressing closing ceremony of four days energy Manager Training Programme for the industry professionals involved in energy management in the industry organised by APTMA in collaboration with Small & Medium enterprises Development Authority (SMeDA), German International Cooperation (GIZ), and Training and Development Centre for the Bavarian employers’ Association (BFZ). The objective of this training programme is to upgrade the existing silks and knowledge of energy managers to carry out energy conservation activities on continual basis on their own.

Chairman APTMA Punjab said the textile Industry has realized the importance of conserving energy and emphasised that since industry is taking initiatives to improve energy demand, the government should also take necessary measures to ensure uninterrupted energy supplies to the industry. Speaking on the occasion, Mr. Strahel Martin (International Coordinator, BFZ), elaborated on the Bfz role to promote energy efficiency in the textile sector.

Who wants to be a billionaire? g

tax authorities seize 2.3b from LeSCO bank accounts LAHORE STAFF REPORT

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URING this fiscal year, FBR has to achieve a huge revenue target of Rs. 1952 billion. Significant efforts are being made by the field formations to increase the pace and quantum of collection.

Recently, RTO, lahore has recovered a huge amount of tax arrears from leSCO. In a bold move, the tax authorities seized the bank accounts of leSCO and collected over 2300 million rupees in a single day on 27 March 2012.

On March 28 2012, leSCO moved an application for stay against the recovery measures before the lahore high Court.

Arguing for the revenue, the law Officer of the RTO, lahore Mr. Zain Ul Abidin Sahi, Additional Commissioner apprised the court regarding defiant and noncooperative attitude of leSCO. he stated that writ of the law needs to be established. evasive attitude of taxpayers is to be discouraged at all levels since it deprives the society of valuable resources, needed for socio-economic uplift.

The court acknowledged the right of the tax authorities to enforce compliance and dismissed the petition of leSCO. The judgment has sent a strong signal to all defaulters that non-compliance and delaying tactics of the yesteryears have no place in the present milieu.

$70m Pak-Myanmar trade not good enough LAHORE: economic relations between Pakistan and Myanmar need to be further strengthened as $ 70 million bilateral trade between the two nations has no match to their respective latent potentials. This was stated by the Ambassador of Myanmar U San Myint Oo while speaking at the lahore Chamber of Commerce and Industry on Wednesday. lCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher and former lCCI Vice President and executive Committee member Aftab Ahmad Vohra also spoke on the occasion. Mr. Okkar, Minister-Counsellor of Myanmar and Mr. Aung Kyi, First Secretary of the embassy of Myanmar gave a detailed presentation on the available business opportunities in Myanmar.The Ambassador said that the exchange of trade-related information and exchange of business delegations could jack up the volume of two-way

trade to desired levels. “We can promote our trade and economic ties together. We can have equal bilateral relations for trade promotion, social and cultural ties,” the Ambassador said. “There should be more exchange programs and reciprocal visits and they should learn from each other,” he said. “let’s increase our trade. let’s have more trade and more exchange of skills and technology and help each other in terms of economy.” Speaking on the occasion, the lCCI President Irfan Qaiser Sheikh said that the trade figures reflect that there is a lot of potential yet to be explored between two countries.

The situation calls for aggressive marketing of Pakistani merchandise in Myanmar and vice versa. he said that in order to give a quick boost to two way trade, exchanges of trade delegations between both countries can be the best strategy to adopt. STAFF REPORT

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Friday, 30 March, 2012

03

news

Bears halt bull surge, index down 16.31 points

Major Gainers Company

Open

High

Low

Close

Change

Turnover

Sapphire Fiber Gatron Industries MCB Bank Ltd XDXB Gillette Pak Hinopak Motor

110.77 76.50 170.88 66.80 70.12

116.30 80.32 176.90 70.14 73.62

116.30 73.00 170.00 65.00 70.55

116.30 80.32 174.42 69.87 72.86

5.53 10 3.82 1,818 3.54 1,433,261 3.07 1,584 2.74 3,241

Major Losers UniLever Pak LtdXD Bata (Pak) Ltd. Indus Dyeing Nestle PakXD Mithchells Fruit

5698.38 602.00 427.23 4415.00 192.68

5795.00 630.00 405.90 4440.00 196.00

5502.00 571.90 405.87 4306.00 183.05

5588.54 573.90 405.87 4399.95 183.11

4.55 22.30 3.46 10.90 45.21

3.80 21.28 3.02 9.80 43.30

4.38 21.35 3.13 10.15 45.21

-109.84 34 -28.10 714 -21.36 148 -15.05 42 -9.57 524

Volume Leaders

KARACHI

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STAFF REPORT

he day saw the trading volumes at the readycounter were recorded lower by 2.759 billion to Rs 6.336 billion against 9.093 billion. The benchmark 100-share index decreasing by 16.31 points to 13, 559.10 from 13,575.41 of Wednesday. Ahsan Mehanti, Director at Arif habib Investments limited, said that the Stocks closed lower at KSe after SeCP chair confirms delay in revised CGT regime on legal issues. Total numbers of Shares of 427 companies were traded on Thursday, and at the end of the

day total 123 stocks closed higher, total 198 were declined while 106 remained flat. The overall value of shares traded during the day was Rs3.445 billion. he added, “Fall in global stocks and commodities on growth worries across the globe and limited foreign interest played a catalyst role in bearish sentiments at KSe.” The trading volumes at the ready-counter were recorded lower at 3.445 million shares against 4.502 million shares of the previous day. The trading value decreasing to Rs 6.336 billion compared to Rs 9.093 billion of the previous session. The intraday high and low,

respectively, stood at 13,641.89 and 13, 468.25 points. Market capitalization declined to 3.477 trillion from 3.484 trillion.

Institutional interest remained in blue-chip banks, fertilizer and energy stocks ahead of the quarter end supported the market despite concerns for law & order during strike call in the city, viewed Mehanti.

KSe All share-index ended the day at 9,510.53 points, down 15.25 points or 0.16 percent, KSe 30-index stopped the day at 11,938.11 points, increasing 34.34 points or 0.29 percent while the KMI 30-index slumped by 24.45 points or 0.11 percent to end the day at 23,

189.41. The lafarge Pakistan was volume leader of the day, 50.196 million shares and gained Rs 0.42 to close at Rs 4.38, followed by Jahangir Siddiqui Company, Pace Pakistan limited, Bank of Punjab and National Bank XDXB with turnover of 25.417 million, 23.680 million, 20.482 million and 16.683 million shares respectively. The Sapphire Fiber and Gatron Industries, up Rs 5.53 and Rs 3.82, led highest price gainers while, Unilever Pakistan limitedXD and Bata Pakistan limited, down Rs 109.84 and Rs 28.10 respectively, led the losers.

Lafarge Pakistan Jah.Sidd. Co. Pace (Pak) Ltd. B.O.Punjab National BankXDXB

3.96 22.39 2.90 10.47 43.06

0.42 50,196,516 -1.04 25,417,232 0.23 23,680,622 -0.32 20,482,643 2.15 16,683,987

Interbank Rates US Dollar UK Pound Japanese Yen euro

90.6882 144.2306 1.1010 120.5519

Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar

Buy

Sell

90.50 119.45 143.11 1.0899 89.78 11.50 24.56 24.04 92.55

91.10 121.11 145.06 1.1049 91.53 11.73 24.87 24.36 95.26

CORPORATE CORNER Sanofi, Diabetic Association to sign MoU to promote better diabetes management

KARACHI: Sanofi announced today collaboration with the Diabetic Association of Pakistan (DAP) to improve the quality of care for diabetic patients in Pakistan. Diabetes is increasing at an alarming rate in Pakistan. There are currently (approx.) 7.1 million diabetic patients in Pakistan; by 2030 Pakistan is projected to have 11.4 million diabetics and will rank 10 th in the world.A MoU was signed today between the General Manager and Managing Director of Sanofi Pakistan, Mr. Tariq Wajid, and Prof. A. Samad Shera, Secretary General Diabetic Association of Pakistan. The distinguished Prof. Shera is also the honorary President of International Diabetes Federation (IDF) and heads the World health Organization (WhO) Collaborating Centre. PRESS RELEASE

Bank Alfalah profits swell to Rs9.7575bn in 2011 KARACHI: The Bank Alfalah made a profit before provision and taxation of Rs 9.757 billion for the year ended December 31, 2011, as compared to Rs 5.603 billion in 2010, registering a significant improvement of 74 percent over the previous year. This was observed by the 20th Annual General Meeting of the bank held on Thursday under the chairmanship of Abdullah Khalil Ali Mutawa in the absence of Sheikh hamdan Bin Mubarak Al Nahayan. The Board members present were Khalid Mana Saeed Al Otaiba, Ikram ul Majeed Sehgal, Nadeem Iqbal Sheikh and Atif Bajwa, the CeO Bank Alfalah. The directors at the AGM said the bank’s deposits grew by 13.34 percent to Rs 401.248 billion as compared to last year. Total assets grew by 13.78 percent to Rs 468.174 billion while gross loans and advances remained stable, marked by a nominal decline of Rs 7 billion. There was a significant increase of 46.82 percent in net investments complimenting the overall shift of focus of the banking industry towards investments particularly in government securities. The Islamic banking business recorded an increase of 47.48 percent in profit before tax to Rs 1,430.5 million from Rs 969.9 million in 2011

remaining the second largest Islamic Banking Network in Pakistan with 85 branches. STAFF REPORT

JS Investments announces interim dividends for JS Income Fund, JS Cash Fund KARACHI: The Chief executive Officer under the authority of the Board of Directors of JS Investments limited has announced interim dividends for JS Income Fund & JS Cash Fund for the third quarter of Financial Year 2012, ending on March 31, 2012. A pay out of Rs. 2.50 per unit was approved for the Unit holders of JS Income Fund and a pay out of Rs. 2.50 per unit was approved for the Unit holders of JS Cash Fund, which takes the total payout for the current fiscal year to Rs. 8.00 per unit for JS Income Fund & JS Cash Fund each. Unit holders who have opted for cash payout will receive cash payment while Unit holders who have opted for bonus units were allocated units at the ex-net asset value at the close of business on March 27, 2012. The above entitlement will be paid to the Unit holders, whose names appeared in the register of Unit holders at the close of business on March 27, 2012. PRESS RELEASE

national Bank of Pakistan signs agreement with Microsoft KARACHI: National Bank of Pakistan has entered into an agreement with Microsoft Pakistan. The signing ceremony took place at the National Bank of Pakistan head Office in Karachi. The Microsoft enterprise Agreement will enable National Bank to use Microsoft Virtualization, Unified Communication, Business Process Automation, Private Cloud technologies as well as Premier Support to provide enterprise class technology support services. The agreement was signed by Mr. Kamal Ahmed, Country General Manager, Microsoft Pakistan and Mr. Mahmood Siddique, CIO, National bank of Pakistan. Also present at the ceremony were Sayed hashish, GM Microsoft NePA, Mounir Bouzouba, Business Manager, Microsoft NePA and Abid Zaidi, Commercial Segment lead, enterprise Group, Microsoft Pakistan. PRESS RELEASE

Governor awards CSR Business excellence Awards to 36 organisations LAHORE: Governor Punjab Sardar latif Khosa appraised corporate sector and entrepreneurs for their contribution in the development of the country and service to the welfare of people in the country. he especially eulogized the efforts of corporate sector, which had reached out and helped the people during the natural calamities of earthquake of 2005 and

floods of 2010. he emphasized to show the same resilience and unity to counter the menaces power crisis, terrorism, poverty and illiteracy. he was addressing to the participants of 4th International Summit on “Corporate Social Responsibility” and 1st CSR Business excellence Awards 2012 organized by National Forum for environment & health (NFeh) in collaboration with United National environmental Program (UNeP) here at a local hotel. PRESS RELEASE

the PIA officials to wholeheartedly work under his able guidance. STAFF REPORT

Latif Khosa Also appreciated nFeH for organising 1st CSR award & conference LAHORE: The lahore Chamber of Commerce and Industry (lCCI) president Irfan Qaiser Sheikh also lauded the efforts of corporate sector for their contribution in the development of the country despite the energy crisis and appreciated for winning the excellence awards in their respective fields. M. Naeem Qureshi President NFeh briefed about objectives of awards & conference. PRESS RELEASE

LAHORE: Amna Haq and Ammar Belal pose at the Samsung Galaxy Note Studio. PRESS RELEASE

Banks to remain open on March 31 to facilitate trade, industry KARACHI: The central bank Thursday said the SBPBSC and all its field offices would remain open on Saturday, March 31, till 10pm to facilitate the trade and industry in getting their cargo cleared for import and export and for receiving returns and payments of duty and taxes. The NIFT, it said, would also remain open on the same date for both first and second clearing to facilitate tax collection by the Federal Board of Revenue. “To facilitate collection of taxes, the banks are advised to open such branches and other offices on March 31… till 5 p.m. that are necessary to facilitate aforesaid NIFT clearing on the same date,” said an ABP circular issued here. PRESS RELEASE

KARACHI: Mr Mushtaq Chhapra the Chairman and a Founding Director of The Foundation speaking on the occasion of Coca-Cola Beverages Pakistan Limited’s “Together we can make it happen” dinner. PRESS RELEASE

new PIA Managing Director settles in LAHORE: Air Chief Marshal (R), Rao Qamar Suleman, took over as Managing Director PIA at the PIA head Office on Thursday. Addressing the Senior Officers in the Board Room, he stated that he would be joining the family of PIA workforce and would be working with the team to take PIA to the position where it belongs. At the outset, Suleman said, “I would like to mention and dispel the misgivings that I would be joining PIA with a team of 30-40 members, which is incorrect, and would be working with the available human Resource in PIA with a few changes as the time and work may warrant”. earlier, the outgoing MD PIA, Nadeem Yousufzai welcomed Suleman, appreciating his leadership qualities.

Yousufzai said that the new MD would be a better administrator and while praying for his success asked

KARACHI: Mr. William Martin, Consul General of United States of America, handing over CIO of the Year Award to Mr. Tariq Malik ( Deputy Chairman NADRA) in an extravagant event held in Karachi PRESS RELEASE