SECP clarifies regarding preparation of financial statements

ISLAMABAD (Staff Reporter): The SECP has clarified that all those companies whose financial year, including quarterly and other interim period, closes on or before June 30, 2017, can prepare financial statements in accordance with the provisions of Companies Ordinance 1984. In this regard, a circular number 17 of 2017 issued on Thursday. The Companies Act, 2017, promulgated on May 30, 2017, sets out new requirements with regard to the preparation of financial statements by the companies. The SECP has realised that the companies may find it difficult to comply with the requirements of preparing the financial statements. Owing to the practical difficulty being faced by the companies, the SECP has decided that all the companies whose financial year, including quarterly and other interim period, closes on or before June 30, 2017, shall prepare their financial statements, including interim financial statements, in accordance with the provisions of the repealed Companies Ordinance, 1984.

The new requirements shall be applicable to the companies having their financial year closure after June 30, 2017.

Ghee manufacturing increases 2.8pc in 11 months

ISLAMABAD (APP): Domestic production of vegetable ghee and cooking oil during 11 months of previous financial year (2016-17) increased by 2.80 percent and 3.19 percent respectively as compared the production of the corresponding period of last year. According the computation of quantum index numbers of large scale manufacturing industries, about 1.186 million ton of vegetable ghee produced during the period from July-May, 2016-17 as compared the production of 1.136 million of same period of last year. During the period under review, 358,413 tons of cooking oil produced as compared the production of 347,322 tons of same period last year, it added. On month on month basis, vegetable ghee and cooking oil production in the country grew by 4.12 percent and 11.66 percent respectively in month of May, 2017 as compared the same month of last year, it added. During the month of May, 2017 local vegetable ghee manufacturing was recorded at 106,379 tons as compared the production of 102,169 tons of same month last year.

 Chinese delegation visits KPOGCL to explore investment opportunities

PESHAWAR (APP): Chinese CCK Group delegation on Thursday visited Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) to explore investment opportunities in this sector. The Chinese delegation, led by Tao Ye, met KPOGCL CEO Raziuddin and discussed prospects of cooperation in oil and gas projects. On the occasion, Raziuddin thanked the Chinese delegation for their visit to Peshawar as a follow up of the agreement and termed it a way forward. He said that KPOGCL was committed to take forward the vision of the government and all necessary steps were being taken for the betterment and uplift of the province and the local community. Raziuddin said that there existed a lot of investment opportunities in oil and gas projects and all technical and commercial terms were being looked upon closely. He assured that all the hard work of today would certainly reap fruits for decades to come for KP province and the local community.

 Broadband subscribers cross 44.32m

 ISLAMABAD (APP): The total broadband subscribers, including for 3G and 4G services, have crossed around 44.32 million mark in the country, registering a reasonable growth rate with each passing month. As per latest figures issued by Pakistan Telecommunication Authority (PTA), major contribution has been made in shape of 3G and 4G subscribers by mobile phone operators which reached 41.73 million by May this year. The number of broadband subscribers in other technologies included DSL 1,531,428, HFC 52,096, Wimax 171,011, FTTH 42,611, EvDO 786,211 and other 9,264 subscribers. Experts of telecom industry are having a viewpoint that portable mobile broadband devices like MiFi and Wingles are one of the main reasons of this growth in 3G/4G subscribers and many more will follow this trend in upcoming days. Meanwhile, the country's largest mobile phone operator, Mobilink has overtaken its competitors to become the number-one 3G/4G player after official figures were released by Pakistan Telecommunication Authority (PTA).

Jazz subscribers base was 12.5 million 3G and 0.895 million 4G till the period mentioned.