Month: July 2013

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Faran Sugar Mills Limited’s financial result for the third quarter ended June 30, 2013

Karachi, July 31, 2013 (PPI-OT): Ws have to inform you that the Board of Directors of our Company in their meeting held on 30th July, 2013 at 2:30 P.M. at our registered office of the Company, 2nd Floor Bank House No. 1, Habib Square, M.A. Jinnah Road, Karachi recommended the following.

(i) Cash Dividend Nil
(ii) Bonus Issue Nil
(iii) Right Issue Nil

The financial results of the Company are as follows:

                                                      Nine Months Ended                           Quarter Ended
                                             June 30-2013          June 30-2012        June 30-2013          June 30-2012
                                                            Rupees                                    Rupees

Sales-net                                   3,702,750,111         3,269,073,778        1,702,557,364          952,266,460
Cost of sales                              (3,391,512,188)       (2,931,608,068)      (1,540,494,045)        (990,694,887)
                                            -------------         -------------        -------------          -----------
Gross profit                                  311,337,923           337,465,712          162,063,319          (38,428,427)
Operating expenses
Administrative expenses                       (54,899,700)          (49,299,472)         (19,621,604)         (18,309,221)
Selling and Distribution cost                 (63,902,467)          (10,548,209)         (30,902,186)          (5,569,408)
Other charges                                 (14,023,579)          (20,502,355)          (7,282,704)           3,369,845
Other income                                   32,180,504            31,567,182            4,874,134            5,351,541
                                            -------------         -------------        -------------          -----------
Operating profit/ (loss)                      210,692,681           286,882,858          109,130,959          (53,585,670)
Share in profit of associate-net              100,039,000            96,211,000           10,469,661           62,744,333
                                            -------------         -------------        -------------          -----------
                                              310,631,681           384,893,858          119,600,626            9,158,663
Finance cost                                  (78,531,734)          (40,979,362)         (38,195,396)         (19,205,970)
                                            -------------         -------------        -------------          -----------
Profit/ (loss) before taxation                232,099,947           343,914,496           81,405,230          (10,047,307)
Taxation                                      (41,637,526)          (85,708,310)         (30,696,222)          21,953,614
                                            -------------         -------------        -------------          -----------
Profit after taxation                         190,462,421           258,206,186           50,709,008           11,906,307
                                            -------------         -------------        -------------          -----------
                                                            Restated                                  Restated
Earnings per share-basic and diluted                 8.00                 10.84                 2.13                 0.50
                                            -------------         -------------        -------------          -----------

We will send you 300 copies of printed accounts for distribution among the members of the Exchange in due course of time.

For more information, contact:
Muhammad Ayub
CFO and Company Secretary
Faran Sugar Mills Limited
3rd Floor, Bank House No. 1,
Habib Square M.A. Jinnah Road,
Karachi – 74000, Pakistan
UAN: 111-786-878
Fax: (92-21) 3242-1010
URL: www.faran.com.pk, www.bawany.com.pk
E-mail: info@faran.com.pk

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Secretary Communication urges high ups of Pakistan Post to improve their financial and administrative system for providing letter service to people

Islamabad, July 31, 2013 (PPI-OT): Federal Secretary Communication Mohammad Arshad Bhatti has urged the high ups of Pakistan Post to further improve their financial and administrative system for providing letter service to the people. He was presiding over a high level meeting of Pakistan Post here on Monday. Mohammad Arshad Bhatti said, under the leadership of Prime Minister Mohammad Nawaz Sharif, existing democratic government is taking pragmatic steps for reformation of all walks of life. Referring to Pakistan Post, he said it may be transformed into a more useful and profitable department.

He expressed dissatisfaction on some aspects of briefing given by Ejaz Minhas M.D Pakistan Post Foundation. He took serious notice of technical faults found in some agreements and directed to submit a detailed report regarding the officers at fault.

He ordered an inquiry to probe into the land and 10 crore loan matters of Housing Scheme of the postal employees who have paid the amount but no plot has yet been allotted to them. He emphasized upon the allotment of plots or paying back the amounts to the employees. He also directed immediate closure of unprofitable Rest Houses.

He termed postmen as identity of Pakistan Post and desired timely provision of uniform to them. He desired to make employee’s children welfare schemes more useful and feasible. He urged to enhance the revenue by utilizing the obsolete assets to overcome the losses.

Mohammad Arsad Bhatti also stressed upon the need of repatriation of postal employees working in other departments on deputation.

For more information, contact:
Muhammad Ali Gardezi
Chairman
National Highway Authority
NHA HQ, 27, Mauve Area, G-9/1,
Islamabad.
Tel: +9260417
Fax: +9260404
chairman@nha.gov.pk

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Chief of Naval Staff Admiral Asif Sandila visits Chinese hospital ship Peace Ark

Karachi, July 31, 2013 (PPI-OT): Chinese hospital ship ‘Peace Ark’ has started its medical services to the Pakistani patients. More than 800 patients have been treated by the medical teams of Chinese Navy hospital ship ‘Peace Ark’, in which around 500 patients were treated onboard and almost 300 cases on matters of surgical, orthopedic, dental and gynecology problems were reported at the medical camp established at PNS Shifa.

Chief of the Naval Staff Admiral Mohammad Asif Sandila also visited the ship along with other dignitaries. Upon his arrival onboard the Naval chief was received by the mission commander Shen Hao and the commanding officer of the ship. The Naval Chief visited different departments of the hospital and was also briefed on ‘Mission Harmony’.

Civil and Military dignitaries from Pakistan, Diplomatic missions and Chinese dignitaries at Karachi also visited the ship.

For more information, contact:
Lieutenant Commander Shakeel Ahmad
Assistant Director
Directorate of Public Relations
Pakistan Navy
Tel: +9221 2006 3210
Cell: +92333 217 1764 and +92300 217 1038

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President of Turkey felicitates President-elect Mamnoon Hussain

Islamabad, July 31, 2013 (PPI-OT): President of the Republic of Turkey, H.E. Mr. Abdullah Gul has sent following message of felicitations to the President-elect of Pakistan, Mamnoon Hussain.

“Ankara, July 30, 2013

H.E. Mr. Mamnoon Hussain
President Elect of the Islamic Republic of Pakistan

Honourable President Elect, Dear Brother,

On the occasion of being elected as the President, I would like to extend my most heartfelt congratulations and wish You success in your new duty.

We do not separate the stability and tranquillity of friendly and brotherly Pakistan from our own stability and tranquillity. With this understanding, we welcome your steps taken in order to strengthen the democracy and sincerely support your efforts towards the development and well-being of Pakistan. We firmly believe that friendly and brotherly Pakistan will resolutely continue its progress in all these areas under Your Excellency’s wise leadership.

I wholeheartedly believe that our deep rooted fraternal and friendship ties and our relations deriving their strength from the unprecedented connections between our peoples, will keep developing for the pursuit of well-being and welfare of our peoples during Your tenure.

Taking this opportunity, I reiterate my best wishes for Your Excellency’s health and felicity along with the welfare and happiness of the friendly and brotherly Pakistani nation.

Abdullah Gul
President of the Republic of Turkey

Unquote

For more information, contact:
Mr. Aizaz Ahmad Ch
Spokesman
Ministry of Foreign Affairs
Government of Pakistan
Tell: 051-9205494
Fax: 051-9204202
Cell: 0336-5644459

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AKD Quotidian about — UBL: 1HCY13 Result Preview

Karachi, July 31, 2013 (PPI-OT): On a consolidated basis, AKD Securities expects UBL to post NPAT of PkR4.68bn (EPS: PkR3.82) in 2QCVI3, flat on a VoY basis but down by 4%QoQ.

According to AKD Securities this will bring 1HCYIS NPAT to PkR9.18bn (EPS: PkR7.50) in 1HCYI3 against NPAT of PkR9.39bn (EPS: PkR7.67) in IHCY12, translating into a marginal 2%YoY decline. Alongside the result, AKD Securities expects a cash dividend of PkR2/share, bringing 1HCYI3 dividends to PkR4/share.

Key highlights of upcoming IHCYI3 results are expected to be:

6%YoY decline in Nil due to slight NIM compression

A 10%YoY decline in total provisions

Strong 25%YoY non-interest income growth driven by higher fees, dividends and capital gains

Contained 7%YoY growth in non-interest expenses

Investment perspective: At current levels, UBL trades at a CYI3F P/B of 1.4x and P/F of 8.4x (CY14F P/B: 1 .3x, P/E: 7.7x, D/Y: 7.6%). In this regard, while KASB Securities Limited targets price of PkR1 20/share implies a Neutral stance, AKD Securities believes the stock’s recent 13% decline from its 52wk high of PkR1 37/share opens up opportunities for building fresh positions in the stock.

MCB: 1HCY13 Result Preview

With MCB likely having divested its stake in ULEVER as part of the latter’s buyback and delisting program, AKD Securities expects the bank to post consolidated NPAT of PkR6.l6bn (EPS: PkR6.09) in 2QCYI3 which would represent growth of 7%YoY/5%QoQ. As a result, consolidated IHCYI3 NPAT would come to PKRI2.O4bn (EPS: PkRII.90) vs. NPAT of PkR11.50bn (EPS: PKR11.37) in 1HCYI2, translating into 5%YoY growth. Alongside the result, AKD Securities expects a cash dividend of PkR3.5!share, bringing 1HCYI3 payout to PkR7/share.

7%YoY decline in NIl due to NIM compression

Net loan provisioning reversals of PkR726mn vs. provisioning charge of PkR408mn in 1HCY12

9%YoY non-interest income growth largely driven by capital gains

Contained 5%YoY increase in non-interest expenses

Investment perspective: With MCB likely to post relatively strong results in 2QCY13, stock price performance may remain buoyant in the near-term. That said, with the stock having already gained 43%CYTD to trade at a forward P/B of 2.4x and P/E of 12.7x (vs. a forward PIE of 8.3x for the broader market), AKD Securities would take any share price increase as an opportunity to exit. In this regard, KASB Securities Limited targets price of PkR225/share implies 18% downside. Reduce!

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شركة SkyLink Aviation Inc. تعلن عن تعيين رئيس ومدير تنفيذي جديد

تورنتو، أونتاريو – (Marketwired – 31 يوليو 2013) – يسر مجلس إدارة شركة SkyLink أن يعلن عن تعيين السيد/ ديفيد جيه داكوينو في منصب الرئيس والمدير التنفيذي لشركة SkyLink Aviation Inc. (“SkyLink”). ويأتي هذا التعيين كجزء من خطة إحلال واسعة، في أعقاب تقاعد جان أوتينز، الرئيس والمدير التنفيذي، والذي سوف يظل في الشركة لتقديم المساعدة خلال المرحلة الانتقالية.

جدير بالذكر أن السيد/ داكوينو لديه أكثر من 30 عامًا خبرة دولية واسعة في قطاع الطيران والدفاع، كان آخرها عمله كمدير تنفيذي في مجموعة VT Group في أرلينجتون، فيرجينا. كما أنه قد تولى العديد من المناصب القيادية في Raytheon and Lockheed Martin ولديه خبرة في تقديم الدعم اللوجستي وإدارة البرامج الرئيسية.

ويقول هاري جرين، رئيس SkyLink “إننا سعداء جدًا بانضمام السيد/ ديفيد للعمل ضمن فريق SkyLink حيث إننا واثقون من أن فريق عملنا سوف يستفيد من شبكة علاقات الواسعة وخبرة عمله ذات الصلة. وسوف يعمل السيد/ ديفيد بصورة وثيقة مع فريق إدارة SkyLink لتوسيع نطاق خدمات الشركة، بالإضافة إلى انتشارها الجغرافي.

نبذة عن SkyLink Aviation Inc.

تمثلت مهمة SkyLink على مدار 25 عام في تقديم خدمات الطيران، والدعم اللوجستي، وعمليات الدعم إلى الحكومات، والمتعاهدين مع الحكومات، والعملاء التجاريين في أنحاء العالم. وتعتمد SkyLink على خبرة واسعة متنوعة في قطاع الطيران والموارد مما يجعل عملائها يعتمدون على خبرتها، ومهنيتها، وقدرتها على دعم متطلبات معينة من خلال بناء بنية تحتية قوية تفوق أعلى معايير الخدمات. وتقدم SkyLink خدمة آمنة، يعتمد عليها، فضلا عن أن خدماتها تتسم بالمرونة في أكثر البيئات صرامة بالإضافة إلى أن الشركة تتخصص في أعمال النقل “عبر سلسلة شاملة” من الخدمات.

SkyLink Aviation: الأولى في الجو، والأولى على الأرض…في أي مكان

 Contact Information

Contacts:
Canada & International
SkyLink Aviation Inc.
Prakash Noronha
(416) 924-9000
pnoronha@skylinkaviation.com

United States
SkyLink Aviation Inc.
Rima Saleh
(703) 318-4003
rsaleh@skylinkaviation.com

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Market and Index Review-MARKET TODAY – RSL Securities Limited

Karachi, July 31, 2013 (PPI-OT): On Tuesday market opened in a positive direction. The resistance level of the market was at 23,467.09 points.

According to RSL Securities Limited from there market showed a consistent downward side pressure. The first support was seen near the level of 23,265 points and the lowest level of the market was at 23,128.31 points. By the mid of the session market again showed some recovery and closed at the level of 23,284.81 points about a decline of 30.34 points. Volumes were 202 million shares.

Today market looks to have a mixed and consolidated trend. The resistance is near 23,400 points and support near 23,200 points. 

MARKET HIGHLIGHTS:

KSE-100 Index Volume     143,353,810 
KSE-100 Index              23,284.81 
Net Change                   (30.34) 
Gainers                          127
Lossers                          162
Equal                             36
Total                            345

TOP FIVE VOLUME LEADERS
SCRIPS     PRICE     ∆ IN PRICE      VOLUME
FCCL       16.17       (0.66)       34,205,000 
MLCF       30.62       (0.39)       17,459,000 
NBP        57.97        2.76        16,954,000 
BOP        13.63        0.24        12,671,000 
LPCL       10.32       (0.42)        5,689,500 

TOP FIVE FUTURE SCRIPS VOLUMEWISE
SCRIPS        PRICE    ∆ IN PRICE   NO. OF CONT.
NBP-AUG        58.81     2.68         17,772 
FCCL-AUG       16.39    (0.67)        14,528 
DGKC-AUG       93.36     0.22          4,015 
ENGRO-AUG     166.29     1.55          3,940 
EFOODS-AUG    144.14    (5.26)         3,286 
FIPI                  Gross Buy           Gross Sell       Net Buy/(Sell)
29-Jul              297,798,502          (412,827,910)      (115,029,408) 
July 1 to Date       16,672,592,565   (28,227,118,822)   (11,554,526,263) 
Jun-13               17,123,861,557   (13,023,244,261)      4,100,617,290 
Jan 1 to Date       127,208,777,303   (98,446,019,257)     28,762,758,015

Daily News Summary

Taking serious notice of misuse of duty-free import of gold scheme, the Economic Coordination Committee of the Cabinet (ECC) here on Tuesday imposed a ban on import of gold in the country for the next 30 days. The ban was imposed during a meeting of the ECC held under the chairmanship of Finance Minister Ishaq Dar at the Prime Minister’s Office.

In compliance to the directions of the Economic Coordination Committee of the Cabinet (ECC), the Ministry of Planning and Development submitted a report on the reasons and causes in the cost escalation in different components of the Nandipur Combined Cycle Project, which was now estimated to cost Rs 58.4 billion. The report was submitted during a meeting of the ECC held under the chairmanship of Finance Minister Ishaq Dar at the Prime Minister’s Office on Tuesday.

The gold imports during fiscal year 2012-13 surged by 101.69 percent as against the same period of last year. According to data revealed by Pakistan Bureau of Statistics (PBS), during the period under review, 6,745 kilogramme (kg) of yellow metal worth of $346.255 million was imported as compared to the import of 3,267 kg valuing $171.674 million during the year 2011-12.

China Power Investment Corporation (CPI Group) said it was interested to invest in 4 power projects in Pakistan. Zhiyig Wang Vice President of CPI Group along with 15 delegates talking to Mohammad Zubair Chairman Board of Investment (BoI) said CPI is one of the five largest state-owned electricity producers in China and integrating industries of coal, power, aluminium railway and port. It supplies 10 percent of the power supply to the country and installed 80,074 megawatts (MW) by the end of 2012