Hungary ready to do business with Pak entrepreneurs

LAHORE (Staff Reporter): Pakistan Ambassador designate to Hungary Syrus Sajjad Qazi has urged the Pakistani businessmen to devise a strategy to tap huge potential exists in Hungary. “Interaction with the Hungarian businessmen will enable Pakistan private sector to get access to the European market,” he added. He was talking to President Lahore Chamber of Commerce & Industry Sheikh Muhammad Arshad here Thursday. The ambassador said he would make all-out efforts to turn Pakistan mission into Hungary a match-making point for the business community in the two countries. He said, he would also utilize Hungarian media to highlight the soft image of Pakistan.

Speaking on the occasion, the LCCI president said Pakistan was a good investment destination as there existed a lot of scope for economic cooperation between Pakistan and Hungary in a number of areas, including Energy, Agriculture, Livestock, Textile and Education.

He said, both the countries had their own strengths that should be tapped. He said, there should be some mechanism to exchange research data with each other that would help boost economic cooperation between the two countries.

“To expand the two-way trade and economic collaboration for mutual benefits, we have to put into operation various tools like single country exhibitions, frequent visits of trade delegations, close co-ordination between trade bodies like chambers of commerce & industry,” he said.

PTCL announces Q3-2015

financial results

KARACHI (Staff Reporter): Pakistan Telecommunication Company Limited (PTCL) has declared financial results for the first nine months of FY 2015. PTCL announced revenues of Rs58.1 billion for the period ended September 30, 2015 while gross and net profits of the Company stood at Rs17.8 billion and Rs7.9 billion respectively. PTCL group earned revenues of Rs. 90.1 billion, while gross and net profit of the group stood at Rs. 24.4 billion and Rs. 2.8 billion respectively. PTCL cash flows remained stable owing to the strong market position backed by the company’s innovative services and focus on high speed broadband portfolio as well as effective cost optimization measures in place.

Allied Bank reports earnings

of Rs12 billion

LAHORE (Staff Reporter): ABL has announced its 9MCY15 results. The bank has reported earnings of Rs12.0b (EPS Rs10.5), up 3% YoY. In 3Q alone, profits of the company have clocked in at Rs3.95/share, up 40% QoQ. Along with the results, company announced interim cash dividend of Rs1.75/share, taking 9MCY15 payout to Rs5.25/share. During 3Q, net interest income of the bank rose by 5% QoQ to RS9.4bn. Experts attribute this to 8% QoQ dip in interest expenses to RS8.3b owing to declining funding cost post monetary easing. However, interest income fell by meager 1% to Rs17.6bn due to loan portfolio re-pricing. Non-mark-up income declined by 21% QoQ to Rs2.2b due to 28% QoQ dip in fee income and normalized other income.

Bank recorded RS820m compensation on delayed tax refunds during 2QCY15. Resultantly, before tax profits declined by 4% QoQ to RS7.0bn. However, normalized taxation (absence of super tax) uplifted net earnings during the quarter to RS4.5bn, up 40% QoQ. 

Japanese investors express

interest in housing sector

ISLAMABAD (APP): A three-member delegation of Japanese investors here on Thursday met with the Secretary, Housing and Works, Shahrukh Arbab and discussed investment opportunities in the Housing Sector. The Secretary, MoH&W briefed the investors about the investment opportunities in the housing sector and said that government of Pakistan offered attractive incentives for investment. He stressed upon the investors to take advantage of Government investment friendly policies. The Japanese investors showed keen interest in investment of Housing Sector particularly Apna Ghar Scheme and Federal Government Employees Housing Foundation Development Schemes said that they would also continue their consultations with the Ministry of Housing and Works for joint venture.

All heads of organizations of the MoH&W were also present in the meeting.

Crop reporting sector needs to be strengthened: Bosan

ISLAMABAD (APP): Federal Minister of National Food Security and Research Sikandar Hayat Khan Bosan on Thursday said the crop reporting is an important element in data collection and this sector is needed to be strengthened to forecast exact amount of wheat production. The training workshop on “Strengthening of crops estimation system program” was organized by National Agriculture Research Council (NARC). Addressing the concluding ceremony of a 4-day training workshop here on Thursday, the minister said the country produced over 26 million tons of wheat this year. Bosan informed that the amount of fertilizer used during production phase also affect the production value.

Later, he distributed certificates among the participants of the workshop.

About 35 participants from all the provinces attended the training programme.