IMS Cement Universe is expected to return to profits in 1QFY21, with combined net profits estimated at PKR2.28bn compared to losses of PKR2.26bn in the previous quarter.
This includes the highly leveraged producers which will also post profits for the first time in four quarters.
After the worst quarter (4QFY20) since the oil price collapse of 2014-16, E&Ps’ profitability is expected to improve meaningfully in 1QFY21, thanks to normalized production levels and recovery in international oil prices. However, profits will remain below last year’s level.
Lifting of lockdown in Pakistan enabled major oil fields to increase output by up to 50% qoq.
Total exports in September 2020 clocked in at US$1.9bn compared to US$1.6bn in August 2020, up 19% mom and 7% yoy. This takes total exports in 1QFY21 to US$5.5bn (flat yoy). Following the decline in exports in August due to monsoon rains, exports picked up sharply due to filling of delayed orders, in views of experts of Intermarket Securities Limited.
Former President ICCI Shahid Rasheed Butt on Sunday said opposition parties have a right to hold protests and rallies to criticise the government policies but the Army should not be accused for political mileage. Opposition should understand that people love guardians of the ideological and geographical borders and they will never tolerate dragging Army in politics, he said.
The impression that Asif Farrukhi has left on the world of poetry and society is unparalleled. He was a great novelist as well as a great critic. He was instrumental in encouraging young writers, said Arts Council President Muhammad Ahmad Shah while addressing the eighth founding day of “Bazm Isataza, Urdu Sindh” organized by Karachi Arts Council.
The PTCL Board of Directors has appointed Matthew Willsher, currently CEO of Etisalat Afghanistan, to the post of CEO PTCL Group (PTCL & Ufone) effective 1st December 2020. He succeeds Rashid Khan, who was President & CEO of the PTCL Group since March 2019 and decided to leave due to personal reasons.
Member (IR Operations) Federal Board of Revenue (FBR) Dr. Muhammad Ashfaq Ahmed has said that the automated FASTER plus system for Sales Tax Refund claims, which has become operational since October 1, 2020, was one of the best methods of the world in which the refund claims are processed within 42 to 72 hours without any human intervention as soon as the claimant completes the eight steps required by the system for processing refund claims.
TikTok’s mission is to inspire creativity and joy, and that’s just what we’ve done in Pakistan. We’ve built a community whose creativity and passion has brought joy to households across Pakistan and opened vital economic opportunities to incredibly talented creators. This is why we’re disappointed that our users and creators in Pakistan are still unable to access TikTok, more than one week after our services were blocked by the Pakistan Telecommunication Authority (PTA).
The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and Foreign Economic Relations Board of Turkey (DEİK) organized a joint meeting of Pakistan Turkey Joint Business Council at Federation House, Karachi and DEIK Head Office, Istanbul, Turkey. The objective of the meeting was Interconnected Business Series: Turkey Pakistan, which was followed by B2B meetings of food, beverages, construction & their technologies and machinery.
Dr. Reza Baqir launched the SBP FX Regulatory Approval System (RAS) for end-to-end digitalization of Foreign Exchange (FX) related case submission process today in a ceremony held in Karachi. At the invitation of Governor Baqir, Dr. Ishrat Husain, Advisor to the Prime Minister on Institutional Reforms and Austerity and the Governor State Bank of Pakistan (SBP) gave the keynote speech at the event.