572,580 tons during the past seven months at a
stretch, the disposal of the balance inventory at 384,728 tons could
normally extend to a further six month time.
In view of highly optimistic estimates of the ensuing
season 2002-03, reports coming of a bumper sugarcane crop in the
country, barring Sindh for want of adequate and timely water supplies,
the sugarcane and sugar production estimates have been of a sizable
surplus situation to shape.
In the emerging situation, the sugar millers were of
firm view that the Sindh sugar industry would not be in a position to
begin the next sugarcane crushing campaign and sugar production until
its existing stocks were exhausted. This process would take a minimum of
140/150 days from now onwards.
Any early start up could simply lead to repletion of
stock piling, liquidity crunch and financial constraints which it was
not feasible to bear further in the backdrop of severe jolt suffered in
the current season.
The National Council of the Institute of Cost and
Management Accountants of Pakistan (ICMAP) announced Summer 2002
Examination result on July 27, 2002 in which "M. Shoaib Gold
Medal" has been awarded to Rizwan Ahmed s/o Prof. Zafar Ahmed,
bearing Registration No. 981746 & Roll No. 294, for securing highest
marks in the paper of "Strategic Financial Management",
Professional IV (Final) Examinations. Rizwan Ahmed is currently working
as Relationship Manager at Investment Banking Group, Muslim Commercial
LG TO FUND THE CLEFT-LIP SURGERY AT THE CIVIL HOSPITAL
Regional and global leader LG Electronics recently
announced that LG Electronics will fund a series of cleft-lip surgery
operations at the Civil Hospital that will start from 19th of this
LG Electronics has invited a group of Korean doctors
to Pakistan to carry out the surgery. The team of Korean doctors will
consist of 9 doctors and 2 nurses. Out of 9 doctors, six are senior
professors. The Korean doctors will operate the cleft-lip patients along
with the senior doctors at the Civil Hospital.
The team of Korean doctors will stay in Pakistan for
a week and during their stay in Pakistan they will operate approximately
30-35 patients at the Civil Hospital.
CRESLEASE POSTS 47 PER CENT GROWTH IN BUSINESS
Crescent Leasing Corporation Ltd. exhibited a 47 per
cent growth in its business during 2001-2002. Creslease announced its
results for the fiscal 2002 on August 12 which shows a profit after tax
of Rs. 52.35 million. This is higher by 19.27 per cent than the previous
year profit of Rs. 42.26 million.
New leases written during the period increased by 47
per cent and were placed at Rs. 747 million in comparison to Rs. 508
million written in the pervious period. The net investment in leases
thus stood at Rs. 1,290 million as on June 30, 2002 an increase of 34.6
per cent over the previous year figure of Rs 958 million. Lease income
during the period amounted to Rs. 171.60 million compared with Rs.
132.92 million of previous year showing an increase of 29.1 per cent.
Income from other business activities was placed at Rs. 89.79 million
significantly better than comparable figure of Rs. 60.72 million for the
previous year. The increase in other income is largely reflective of the
realization of the gain on sale securities and dividends accruing on
investments. The company was thus able to post a net profit after
taxation and provisions of Rs. 52.35 million surpassing the previous
year's figure by Rs. 10.09 million or 19.2 per cent. The post tax
earning per share is placed at Rs. 2.36.
The Board of Directors in its meeting held on August
12th, 2002 recommended a cash dividend @ 10% and a bonus share @ 5% i.e.
one share for every 20 share(s) held.
The entity rating of the company is placed at A for
long term and A1 for short term by PACRA. The rating assigned by JCR-VIS
are A+ for long term and A1 for short term. These rating denote a low
risk profile for the company.
FLAG HOISTING CEREMONY AT MCB-MAIN BRANCH
A simple and impressive Flag Hoisting Ceremony was
held at MCB-Main Branch. Mr. Mohammad Aftab Manzoor, President, MCB
hoisted the National Flag. All members of MCB Team sang the National
Anthem alongwith the Nation.