Bestway posts Rs3.2b profit

ISLAMABAD (PR): The Board of Directors at Bestway Cement Limited has announced financial results for the first quarter from July to September, 2015. Bestway’s turnover on a consolidated basis jumped by 38% from Rs6.8 billion to Rs9.4 billion. This was largely due to acquisition of Pakcem Limited, increase in domestic demand and stable retention prices during the quarter, says a press release on Wednesday. Gross margin of Rs3.7 billion grew by more than 50% over the same period last year. Profit before tax for the quarter amounted to Rs3.2 billion, showing an increase of 28% as compared to Rs2.5 billion during the quarter ended30September, 2014. The company’s consolidated profit after tax also registered a growth of 34% to reach Rs2.3b in this quarter against Rs1.7 billion from the corresponding period of FY0214-15.

On a consolidated basis, domestic sales volume increased by 48%from 814,610 tonnes to 1.2 million tonnes, while exports saw a decline of 4% from 197,824 tonnes to 189,208 tonnes in this quarter. Overall, cement dispatches increased by 38% during the reporting period to 1.4 million tonnes from 1.0 million tonnes.

On a consolidated basis earnings per share for Bestway Cement stood at Rs3.88 against Rs2.94 from the corresponding period. The company announced an interim dividend of Rs2.5 per share keeping in view its excellent performance.

Aruj Enterprises-Tevta MoU

Lahore (Staff Reporter): An MoU between TEVTA and Aruj Enterprises (Pvt) Ltd. (AEL), a Dubai based company, has been signed here yesterday at TEVTA Secretariat for sending TEVTA pass–outs abroad.   TEVTA in collaboration with AEL will explore the expanding human resource requirements in various fields in Middle Eastern states, Europe, USA and Far Eastern Countries. Irfan Qaiser Sheikh while addressing the participants said that through this mutual collaboration and cooperation, TEVTA will design new training courses and modify existing training programs for meeting with the global needs.  This MoU strives for arranging 2000 – 4000 overseas jobs annually. TEVTA and AEL will jointly certify the suitability of the prospective emigrants. 

The role of TEVTA will be to facilitate the prospective immigrants for smooth completion of emigration formalities and to assist AEL in overseas markets for generating demands.

PDWP approves six schemes

Lahore (Staff Reporter): The PDW approved six development schemes of various development Sectors with an estimated cost of Rs. 19621.736 million. These schemes were approved in the 15th meeting of PDWP of current fiscal year 2015-16. The approved development schemes included: Changa Pani Program (Phase-II)/ Community Participation Program at the cost of Rs. 333.266 million, extension of Choudhary Pervez Elahi Institute of Cardiology Multan (construction of new OPD & 208 bedded inpatient block) at the cost of Rs. 2013.330 million, establishment of zoo at Multan (PC-II) at the cost of Rs. 7.700 million and Punjab Cultural Heritage and Economic Growth Project at the cost of Rs. 5007.000 million.

LCCI, P&D to work together

LAHORE (Staff Reporter): The Lahore Chamber of Commerce & Industry and Planning & Development Department (P&D) Punjab would work together to ensure ease in doing business in Punjab. This was agreed at a meeting at the Lahore Chamber of Commerce & Industry between the LCCI Senior Vice President Almas Hyder and 10-member government’s team led by Chairman Planning & Development Department of Punjab Sqn. Leader Irfan Elahi. The LCCI Vice President Nasir Saeed was also present on the occasion. On the occasion, a number of issues including LDA and company formation came under discussion. All the participants were of the view that public-private partnership is a must to ensure maximum ease in doing business in Punjab.

They said that all the hitches delaying execution of new business ventures would be removed through joint efforts.

Chairman P&D Sqn. Leader Irfan Elahi said that collaboration between the P&D and LCCI would go a long way and supplement Punjab government efforts in uplifting of all development sectors of Punjab Province.

He said that the Planning and Development Department of Punjab, is the principal planning organization at the provincial level. It coordinates and monitors development programs and activities of various departments of the provincial government.

He said that the department also prepares an overall Medium Term Development Framework (MTDF) of developmental activities in the province. The Medium Term Development Framework lays down the developmental activities to be carried out in the province in various sectors of the provincial economy. In this manner, the Planning & Development Department is one of the main actors in the growth of the economic potential of the province.

Chairman P&D lauded the efforts of the Lahore Chamber of Commerce & Industry and ensured his full cooperation.

The LCCI Senior Vice President Almas Hyder said that a recent report of World Bank has revealed that Pakistan has further slipped down as far ease of doing business is concerned, that is a not good omen for the economy.

He said that economy cannot grow in the presence of various internal and external challenges for the business doing people. He said that situation could be made better through joint efforts of the private sector and the business community.

Nigeria and PARC tol cooperate

ISLAMABAD (INP): Nigeria and PARC will cooperate towards agriculture sector development. Both countries have opportunities, fertilized land, skilled manpower and also new technology that are to be implemented for agriculture sector development.This was stated by Director General NARC, Dr M Azeem Khan on the occasion of Nigerian high level delegation visit to NARC. Delegation will meet President of Pakistan, Governor of Punjab and Chief Minister of Punjab. Nigerian Government showed interest to team up with Pakistan for betterment and new technology enhancement and implementation physically on field. Nigeria and Pakistan will cooperate towards agricultural development.

specially cultivation of potato and some other vegetables.

He said that Nigerian government will provide scholarships for 5 agriculture scientists to share knowledge, research results and new technology implementation in agriculture sector of both countries. He also said that a MoU will be signed soon between PARC and Nigerian Agriculture Department to exchange knowledge and new developed technology to boost agriculture.