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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 June, 2000.

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 processes."

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 crucial.

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 added.

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).


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 companies.

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 longer terms.

"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 of time.

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".