. .



1_popup_home.gif (1391 bytes) announce.gif (6686 bytes)

Nov 15, 1999

Eli-Lilly's Seminar on Health

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.

Third Quarter 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 systems.

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 Urumuqi.

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 ISO 9001.

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 Association

2. Senior Vice President (1992-93) Faisalabad Chamber of Commerce & Industry

3. Fouder Chairman 1994-98 Faisalabad Dry Port Turst, Faisalabad

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.