Sep 03 - 09, 2001
MCB accounts for the six months period, ending June
30th, 2001 declared
Muslim Commercial Bank Limited has recorded a 62.5% increase
in profit before taxation for the six month period ending June 30, 2001,
compared to corresponding period last year.
The Board of Directors of Muslim Commercial Bank, which met
under its Chairman, Mian Muhammad Mansha in Lahore on Friday August 24, 2001 has
accordingly proposed an Interim Cash Dividend of Re. 1.25 per share i.e. at the
rate of 12.5% to the Shareholders. Last year Muslim Commercial Bank had given
10% Interim Bonus for the same period.
The un-audited six monthly accounts for the period ending
June 30, 2001 showed a profit before taxation to Rs. 938.9 million compared to
Rs. 577.6 million last year. A provision for taxation for the first six months
has been made at Rs. 490 million against Rs. 300 million for the period ending
Out of Rs. 452.1 million available for appropriations, Rs.
89.7 million has been placed on the Statuary Reserve, Rs. 302.9 million has been
earmarked for Interim Cash Dividend while the balance has been carried forward
as un-appropriated profit.
The total assets of Muslim Commercial Bank have arisen in the
same period by 10% to nearly Rs. 180 billion. It has a share capital of Rs. 2.4
billion now with another Rs. 2.1 billion as Reserves. For the period under view
it has an earning per share of Rs. 1.85 compared to Rs. 1.5 for the
corresponding period last year.
Muslim Commercial Bank has been declared as the "Best
Bank in Pakistan" by the prestigious Euro-Money Magazine, for the current
year. M/S Merrill Lynch, a lading Financial Institution has also declared MCB as
the "Soundest Bank" in Pakistan.
DHL Fashion 1st Product Launch
DHL Worldwide Express has launched a specialized service for
Pakistan's textiles and leather industry to support its unique shipping
requirements. The new service, Fashion 1st offers a one-stop-shop, door-to-door
service with speed and reliability.
At the product launch in Sheraton Hotel, Mr. Malcolm Rees,
Area Director of South Asia and Indochina said: "Textiles and apparel is
the key export industry in Pakistan. Indeed, textiles and apparel is a growing
market and DHL is committed to be your air express and logistics partner. We
seek to minimise your inventory overheads and streamline your business
Mr. Salim Awan, Director DHL Pakistan further explained, the
biggest challenge facing Pakistan's textiles and leather industry is timing. The
fashion business is seasonal, with export activity focusing on two peak times
— the Spring/ Summer and Fall / Winter seasons. The industry also has to face
various quota systems. Textiles, leather and apparel are considered
'trade-sensitive' commodities and require special documentation and processing.
The import of these goods is closely monitored through visas and special
licences. Efficient clearance at destination customs includes formalities —
like documentation fulfilment, which is critical, but often time-consuming and
prone to mistakes.
In the ever-growing globalization of business, the textiles
and leather industry needs a truly international air express and logistics
partner who understands its requirements to minimize inventory overheads,
streamline business processes and shorten time to market.
To meet these industry needs, DHL has developed Fashion 1st
— an effective business solution for textiles and leather exporters. Fashion
1st is a fast, simple, secure and reliable service to use, in particular during
the sample period where speed and on-time delivery to buying houses is most
Cathay Pacific welcomes its first Learjet
Cathay Pacific Airways welcomed the arrival of its first
Learjet 45 training aircraft — which landed at Hong Kong International Airport
recently. The aircraft was ordered from Canadian manufacturer Bombardier
Aerospace for use in Cathay Pacific's pilot training programme.
The Learjet 45 an ultra-modern aircraft, with cockpit and
systems configurations similar to those of the other aircraft in Cathay
Pacific's fleet. It has a seating capacity of seven, including a special jump
seat behind the cockpit. The Learjet can cruise at a speed of 850 kilometers an
hour and climb up to an altitude of 51,000 feet.
State Life paid 60 crore rupees claims
"State Life has paid more than 60 crore rupees as
maturity and death claims which financially benefited 10047 policyholders and
their families during the period January-June 2001." This was stated by Mr.
Sameeul Hassan Chairman, State Life while addressing the delegates of State Life
Convention 2001 held at Bhurban, Mr. Muhammad Latif, Mr. Rasool Bakhsh Baloch
and Mr. Muhammad Saeed Akhtar Executive Directors were also present on the
occasion. Mr. Samee said that State Life paid 527 crore rupees as maturity and
death claims that provided financial protection to 98578 policyholders and their
families during the period 1996-2000. Mr. Samee further said that, more than 40
crore rupees have been procured as First Year Premium till July 2001, while
53000 new families insured during the same period. State Life managed to procure
172 crore rupees as renewal premium (RP) upto January-July 2001, Mr. Samee
Earlier, Mr. Taseer Yousaf Makhdoom, Divisional Head
(Marketing) while addressing the participants said that restructuring of the
marketing force in the light of enforced Insurance Ordinance 2000 will
significantly result in procuring quality First Year Premium (FYP) and Renewal
Business during the year 2001, besides extending optimum service to our valued
policyholders. Mr. Makhdoom said that our dedicated marketing force is fully
committed and pledge to achieve their set business targets in 2001. Mr. Makhdoom
added that at the time when financial institutions have lowered their rate of
return on investment State Life has distributed a huge amount of 9.2 billion
rupees towards bonuses for its valued policyholders, these financial trends over
the years has made State Life a financially stable institution of the country
and is geared to serve the economic development of the country in times to come.
The State Life Convention 2001 was attended by Board of Directors, Regional
Chiefs, Zonal Heads and top business leaders from the marketing force. — (PR).
CLIPSAL PAKISTAN INAUGURATION
Governor Sindh Mohammedmian Soomro on Thursday exhorted the
private sector enterprises to take maximum advantage of the conducive business
climate prevalent in the province and bring in new joint ventures with foreign
Inaugurating the kick-start of Clipsal Pakistan, an
Australia-Pakistan joint venture, here at the Korangi Industrial Area, Soomro
said that following the consistency in government's economic policies such
ventures had started appearing in the country.
Clipsal Pakistan with $10 million initial investment will
deal in electrical accessories and trims as well as data communication products
for hardware networking. He said that setting up of Clipsal Pakistan would not
only benefit province of Sindh in shorter term but also benefit the country in
"This project is a verdict of foreign investors'
confidence in Pakistan", he believed. Soomro termed company's location 'a
wise decision' as the area is nearest to the port. "You chose the best
location for investment in the province and it would yield great benefits and
facilities in terms of transportation worldwide," he asserted.
He applauded Clipsal Pakistan's contribution towards poverty
alleviation and added that 78 employees provided significant support to their
families. He also acknowledged the progress the company showed in a short span
Soomro assured Clipsal Pakistan of government's assistance in
enhancing its activities and also called upon related industries to use high
quality international standard products in Pakistan.
The Australian Deputy High Commissioner, Mr. George Beardsley
while addressing the ceremony said that the Australian Government is keen to
enhance commercial relations between the two countries and encourages alliances
between Australian and Pakistani businesses.
Mr. Beardsley commented that "Clipsal brand has been a
household name in Australia for more than 80 years and leads the electrical
accessories world in product innovation & development".