Nov 15, 1999
Eli-Lilly's Seminar on
A Seminar on Osteoporosis and Post Menopausal Health, arranged by the
pharmaceutical concern Eli-Lilly Pakistan Limited at a local hotel in Karachi, Lahore and
Islamabad, recently, to aware the women of Pakistan.
Estrogen is thought to protect against heart disease and osteoporosis.
The incidence of these conditions increases dramatically among all women after menopause
when the estrogen level drops considerably and the protective effect is lost. Osteoporosis
leading to fractures is one of the biggest health challenges the world is facing; however
the problem is largely preventable. An average lady will lose approx. 25-50% of their
bones between the age of 45-75 and its due to excessive bone resorption. By the time woman
reaches 65-70, one out of two will actually have a fracture in their lives It is
imperative that women seek help and discuss the options for prevention and management of
post menopausal health issue with their doctor. Any thing we can do to prevent this
requires our attention.
Dr. Malcolm Whitehead, consultant gynaecologist from King's College
Hospital, London and former president of International Menopause Society, expressed these
views while delivering lectures on Osteoporosis and Post Menopausal Health.
World Gold Council Appoints New Regional Directors
The World Gold Council has restructured its Middle East and India
operations in order to provide sharp focus on what is the world's largest gold buying
area. The region, with immediate effect, has been divided into two: India and Middle East.
Moaz Barakat, has been promoted to Regional Director for the Middle
East, while Derrick Machado has been promoted to Regional Director, India.
The restructuring follows the decision by Rolf Schneebeli, the current
Regional Chief for Middle East and India, to resign from the Council to take up a new
banking assignment in Europe.
"The newly created regions not only record a high demand for gold,
but are amongst the fastest growing. With India having reached a certain level of
liberalization in the gold sector and with new markets emerging in the Middle East, it was
felt that greater individual attention was needed to develop these regions", said
Haruko Fukuda, Chief Executive of the World Gold Council.
Moaz Barakat, has been with the Council for the last five years and was
the Regional Manager Planning and Administration for the entire Middle East and India
Region before his promotion to Regional Director for the Middle East.
Engro Announces Third quarter results
The Board of Directors of Engro Chemical Pakistan Ltd., met on November
3, 1999 to review the third quarter business results of the Company. The salient features
of the unaudited results are as follows.
Year to date
July - September January - September
1999 1998 1999 1998
Production (000 tons) 217 188 599 505
Revenue (Rs. million) 2,483 2,406 5,977 5,653
Net Income (Rs. million) 436 519 821 1,005
Earnings per share (Rs.) 3.61 4.29 6.80 8.32
The urea plant operations
were steady which enabled the Company to achieve the highest ever production in a quarter.
At the same time, the Company sold a record 283,000 tons of urea to achieve a market share
of 21% for the period January to September 1999. However, in spite of the record
production and sales, the net profit for the quarter declined by 16% over the same period
last year. The drop in profit is attributable primarily to the squeeze on margins caused
by the dumping of low priced imported urea and the sharp increase in the gas price to the
Company. Following a review of the business results, the Board of Directors announced a
second interim dividend of Rs. 2.00 per share. The cumulative dividend for the period
January to September 1999 adds up to Rs. 4.00 per share which compares to Rs. 5.00 per
share declared for the same period last year.
The Company applied to the National Tariff Commission and provided it
justification to impose a regularory duty on urea being dumped into the country. However,
the Government has not acted as yet, and the country continues to use up its limited
foreign currency reserves to import urea, when there is surplus indigenous capacity. The
near term profit prospects do not seem promising as the full advers impact of the sizeable
gas price increase will be felt in the fourth quarter.
Our joint ventures attained major milestones during the quarter. Engro
Paktank Terminal Ltd completed the construction of specialized storage tanks to handle
VCM, Acrylonitrile and LPG at a cost of US$ 18 million. The VCM and Acrylonitrile tanks
are already in operation, however, the usage of LPG facility is held up due to a tariff
dispute with the Government. The Company is keen to see an early resolution so that LPG
imports into the country can be increased substantially and done so safely. Engro Asahi
Polymer and Chemical Ltd., 100,000 tons PVC resin manufacturing plant budgetd at $ 83
million achieved mechanical completion and is expected to be in production ahead of
schedule and below budget before the end of the year.
Pak-Gulf Leasing Company Limited
The 6th Annual General Meeting of Pak-Gulf Leasing Company Limited, was
held on 10th November 1999, at 10:30a.m. at its registered office.
The Meeting was chaired by mr. Inam EllahiShaikh the Chairman of PGL
and attended by Mr. Fawad S. Malik - Vice Chairman and Mirza Ikhtiar Baig, Muhammad Rafiq,
Farouq H. Rahimtoola, Sheikh Mohammad Jawed. Sohail Inam Ellahi and Habib Inam all
directors of the company.
The Annual Audited Accounts of the company for the year ended June 30,
1999 were approved. The Annual General Meeting also approved a Cash Dividend @ 9.5% i.e.
0.95paisas per each Rs. 10 share for the year ended June 30, 1999.
The Chairman highlighted the operational results of the company showing
total lease business disbursed to the extent of Rs. 63 million which was 30% more than
last year's inspite of the difficult economic conditions during the past period.
Te profit posted after tax was to the tune of Rs. 10.355 million that
was again 26.18% more than last year and was indeed commendable.
The Chairman was of the view that due to careful and cautious approach
of the directors and clear cut guidelines given to the management in conducting busiess
operations this knd of growth has been possible, especially in an economy where
uncertainty has been prevailing over quite sometime now the growth of PGL which is not
phenomenal but consistent has been reminiscent of the fact that due diligence had been
exereised to its optimum while selecting leasing clientale.
Other directors namely: Mr. Farouq H. Rahimtoola and Mr. M. Ikhtiar
Baig also expressed similar views and Director Sheikh Mohammad Jawed thanked the Chairman
and expressed full confidence and turst in the leadership of the Chairman who despite his
pressig engagements being giving his valuable time for the betterment of the company. The
CXhairman thanked the directors for their cooperation and solicited their continued
efforts and guidance for the future as the company will be entering the next Millennium,
Chairman also appreciated and thanked all the Members of Staff for their valued assistance
and dedication to the organization.
The Vice Chairman while giving his vote of thanks lauded the efforts of
the management and staff and also appreciated the recovery position of the company which
is quite close to 100% mark.
WEEKLY STATEMENT OF NAVs OF
ICP MUTUAL FUNDS AS ON 01.11.1999
O1ST ICP 12.81 06.50
02ND ICP 11.90 05.85
03RD ICP 16.06 07.50
04TH ICP 32.31 14.00
05TH ICP 11.36 09.00
06TH ICP 22.62 10.90
07TH ICP 12.46 07.80
08TH ICP 29.12 13.25
O9TH ICP 38.18 25.00
lOTH ICP 18.41 09.00
11TH ICP 17.37 07.05
12TH ICP 15.66 10.50
13TH ICP 32.72 15.00
14TH ICP 14.17 05.50
15TH ICP 12.10 09.25
16TH ICP 10.10 09-90
17TH ICP 12.65 11.20
18TH ICP 09.31 08.15
19TH ICP 14.88 09.00
20TH ICP 15.50 06.25
21ST ICP 04.20 01.00
22ND ICP 07.05 02.10
23RD ICP 03.27 00.95
24TH ICP 03.91 00.85
25TH ICP 07.72 o2.10
SEMF-A 26.08 12.55
BOEING DELIVERS CHINA SOUTHWEST'S FIRST NEXT-GENERATION 737-800
China Southwest Airlines (XIN) today accepted delivery of its first
Boeing Next-Generation 737-800. Attending this milestone event were Rucen Wang, China
Southwest Airlines president, and Larry Dickenson, Boeing Commercial Airplanes Group,
senior vice president - Asia/Pacific Sales.
"This new airplane will be a great addition to our fleet,"
Wang said. "The performance capabilities of the Next-Generation 737 mean we can offer
higher frequency and capacity on key routes. Most important of all, our passengers can
enjoy the comfort of flying in the highquality interior, with its state-of-the-art
entertainment system. Although our passengers are in the air for short periods of time, we
want them to experience the ultimate comfort in flying."
China Southwest - one of the largest carriers in the People's Republic
of China - has equipped its first Boeing 737-800 with LCD video and audio entertainment
The commonality features of the 737-800 flight deck display with flight
decks in China Southwest's 737-300s allows for more efficient pilot training.
China Southwest configured its initial 737-800 to carry 168 passengers
- eight in first class and 160 in the economy section. With the versatility of the Boeing
family of airplanes, the passenger cabin can be converted to an all-economy cabin
arrangement for tourist markets.
The Boeing Next-Generation 737-800 is a high-gross-weight model that
can fly nearly 4,000 nautical miles non-stop to domestic and international gateways in
Asia. China Southwest plans to use their Next-Generation 737-800 fleet for routes
connecting Chongqing to other Chinese cities including Shenzhen, Haikou, Kunming, and
To date, 61 customers worldwide have placed orders for 1,216
Next-Generation 737s. Since its launch in 1993, the Boeing Next-Generation 737 models have
become the fastest-selling airplanes in the world.
Mian Latif Wins Again
Mian Muhammad Latif, Chief Executive, Chenab Fabrics and Processing
mills Limited, Faisalabad has won the FPCCI Award, Businessman of the Year second time
consecutively for the year 1998.
1. The first
Award Businessman of the Year 1997-98 (Gold Mdal) on investment
2. Second Award Busiessman of the Year 1998-99 (Gold Medal) on Industry
His is a leading
personality of a textile industry. Mian Muhammad Latif, Chenab Group is a composite unit
of processing, equipped with the latest and sophisticated machinery and also certified by
Chenab Febrics and Processing Mills Limited is winning special merit
trophy award since 1989 to 1998 from the Federation of Pakistan, Chamber of Commerce and
Industry, in addition to that they are the winner of best export performance award from
FPCCI for the last four consecutive years. The turnover of the Chenab Fabrics and
Processing Mills Limited as expected in 1998-99 would be plus three billion Pak Rupees.
Mian Muhammad Latif is the Chief Executive of Chenab Fabrics Processing
Mills Limited. Due to his vast and ample experience and through know-how of Trade and
Industry. he has been/is holding differnet offices.
1. Chairman 1989-90 All Pakistan Cloth Exporter
2. Senior Vice President (1992-93) Faisalabad Chamber of Commerce &
3. Fouder Chairman 1994-98 Faisalabad Dry Port
4. Member All Pakistan Textile Mills Association
5. Member All Pakistan Textile Processing Mills Association
It is important to mention
here that Mian Muhammad Latif has introduced the "ChenOne" concept in Pakistan,
A Chain of Family stores in paksitan based on international quality on local price.
Chenone Stores are located in Rahim Yar Khan, Faisalabad, Islamabad, Lahore and Karachi
and planed to openn in 2000 in Peshawar, Rawalpindi, Sialkot, Multan and Dubai.