DIMENSIONAL REFLECTION@ ARENA MULTIMEDIA —
'To be successful and on the top we need to get
inspiration from our own rich culture for creative Multimedia
developments instead of getting obsessed by western culture or copying
Hollywood' said by Mr. Rahat Kazmi, famous artist and educationist, on
the forum of Dimensional Reflection at Arena Multimedia — Clifton.
Dimensional Reflection, multimedia work display,
was organized on October 03-October 04, 2003 at Arena Clifton. Through
this display students were encouraged to express their creativity
using the latest technology in various categories including Print
Media, Web Designing, Video Editing/Video FX, 2D Animation, 3D
Animation and Multimedia Authoring. Such platforms provide
opportunities for upcoming multimedia experts and also contribute in
developing Multimedia, a relatively new, industry in Pakistan.
STATE LIFE'S INDIVIDUAL & GROUP-LIFE NEW
BUSINESS SOARS TO Rs.2.33 BILLION IN 3RD QUARTER 2003
"State Life Insurance Corporation of Pakistan
has successfully secured a landmark achievement of Rs. 2.33 billion as
New Business (First Year Premium), Rs. 1 billion as Individual Life
and Rs. 1.33 billion as Group Life respectively, while extending
financial protection to 110,846 new individual life policyholders and
their families up till 3rd Quarter 2003". This was stated by Mr.
Rasool Bakhsh Baloch, Chairman State Life, while talking to the senior
journalists after the inaugural session of State Life's 4th Regional
Chiefs and Zonal Heads Conference held at PC Bhurban. Mr. Rasool
Bakhsh Baloch, expressed his satisfaction on the tremendous business
performance and congratulated the officers, staff and marketing force
on historic achievement. Chairman, State Life said that there is the
dire need to explore 75% of the untapped life insurance market in the
country. Mr. Baloch reiterated that State Life will continue to
provide quality financial services to millions of its individual and
group life policyholders across the country. Mr. Zafar Mehmood,
Executive Director (G&P) informed that State Life has secured 67
new groups during the period Jan-Sept 2003. Mr. Aslam Sabir General
Manager (Policyholders Services) informed that State Life has paid Rs.
1.08 billion as Maturity and Death Claims that financially benefited
36,255 policyholders and their families during Jan-Sept 2003 period.
Earlier Mr. Muhammad Jawaid Khan, General Manager (Marketing)
highlighted the business performance of Marketing Division and
informed that State Life has secured Rs.2.76 billion as Renewal
Premium showing an increase of 14.71% during the period Jan-Sept 2003.
Mr. Jawaid added that the Second and Third Year Persistency stood at
64.98% and 95.41% in the same period. A Lucky Draw for Inaami Schemes
title "Aam Kay Aam" and "Hum Khurma Wa Hum Sawab"
for winning policyholders and marketing force was held on the
VIRTUAL UNIVERSITY OPENS VU-CENTER IN GHOTKI
Virtual University of Pakistan opened a VU Center
in Ghotki to facilitate students pursuing a higher education through
the virtual system of education.
The VU Center was officially inaugurated by Chief
Minister Sindh, Sardar Ali Mohammed Khan Maher amidst a large number
of students and in the presence of Dr. Naveed A. Malik, Rector of the
Virtual University of Pakistan, Mr. Irfan Gul Magsi, Provincial
Minister for Zakat and Usher, the Nazim, DCO and other luminaries of
Inaugurating VU's center, the Chief Minister of
Sindh said, "Education is vital and fundamental for the progress
and development of the country. I am appreciative of VU for opening a
center at Ghotki as it shows the government's commitment to provide
affordable and quality education all across the country. Very soon a
medical college will also be opened in the city."
Minister for Zakat and Usher, Mr. Irfan Gul Magsi,
also speaking on the occasion announced a Rs. 50,000 scholarship for
the disadvantaged students of the VU Ghotki campus.
GOLD RUSH MAKES A MAN MILLIONAIRE
"GOLD RUSH" a month long shopping
festival organized by World Gold Council concluded on a very high
note. The limelight of the festival was stolen by fortunate Mr
Mahfooz-ur-Rahman, who won the bumper prize of 2.0 kilogram of gold in
a draw held at a local hotel in Karachi.
The draw was held in a ceremony hosted by World
Gold Council Consultant Syed Faisal Hashmi and was attended by
participating jewellers, famous celebrities and elite of the press.
Samina Peerzada, renowned TV and film artist pulled out the lucky
coupon for the bumper prize of 2.0 kg gold. The prizes were also
distributed among some of the daily lucky draw winners, who had not
received their gifts.
ICCI CRITICISE PRICE RISE OF EATABLE COMMODITIES
Chaudhry Mukhtar Ahmad, Senior Vice President of
Islamabad Chamber of Commerce & Industry (ICCI) has regretted that
on the eve of the holy month of Ramazan, the prices of pulses,
vegetables, milk, wheat flour, cooking oil, fruits etc., have shown an
unprecedented increase, despite the fact that the Government of
Pakistan has recently done away with GST of 15 percent on milk and
several other food items.
Elaborating his comments, Chaudhry Mukhtar has
stated that he alongwith a number of colleagues visited several
wholesale and retail markets in Islamabad to make an on the spot study
of the prices. This visit has revealed that wheat flour bag of 20
Kilos is being sold for Rs.215 which was selling for Rs.205 about two
weeks ago. Cooking oil of 5 Kg is priced at Rs.290 which was selling
at Rs.260 a few days back. Tomato, potato, onion, fruits and several
vegetables have shown increase in prices between 50 to 100 percent now
compared to the prices ten to fourteen days ago. Prices in Juma
Bazaars have also shot up.
KB-MCB ENTER INTO AGREEMENT FOR CASH MANAGEMENT
In order to improve the accessibility of poor
people to formal financial services, KB has entered into a cash
management agreement with MCB. The arrangement will ensure speedy
delivery of loan proceeds through secure financial instruments to KB's
clients across Pakistan. In addition to the existing convenience of
benefiting from KB's door-to-door service, its clients will now
benefit from the convenience of depositing their loan payments at
designated branches of MCB ensuring security and accuracy.
PSO DECLARES RECORD PROFIT BEFORE TAX OF RS 1.47
The Board of Management, Pakistan State Oil (PSO),
met at the company headquarters PSO House to review the first-quarter
FY-O4 accounts of the country's largest oil marketing entity. Mr.
Pervaiz Kausar, Chairman, BoM, presided over the proceedings.
Despite volumetric drop in fuel oil resulting in
gross margin decline, the company recorded profit before tax of Rs
1.47 billion and profit after tax of Rs 1.0 billion, which were almost
the same earnings recorded in the same period last year. The company
managed to maintain its profitability due to austerity measures
coupled with increased operating efficiency and further expansion of
new product line and services.
During the period under review, the domestic POL
industry experienced a huge slump of approximately 19% due to the
massive decline of 48% in the fuel oil consumption owing to natural
gas being provided to power utilities coupled with improved hydel
generation. White Oil displayed a modest growth of 2% during
July-September FY04, whereas the black oil dropped by 47%, mainly due
to the fuel oil decline. Mogas, HSD and Jet A-1 displayed a growth of
9%, 1% and 12% respectively, which was overshadowed by the massive
decline of Black Oil.
Despite the threat posed by the new entrants and
the prevailing intense competition, PSO secured its market leadership
during the review period. There was an impressive growth of 12% in
Mogas and 10% in Jet A-1. In HSD, the company sold almost 1 million
tons, which was essentially the same volume sold in the prior year
period. The company, being the major supplier of fuel oil, absorbed
the major impact of reduced consumption to the tune of 610,000 tons.
During the review period, the company continued to
expand its New Vision network and added another 64 outlets, bringing a
total to 777. CNG facility was offered at another 6 stations, thus,
taking the total number of outlets with CNG facility to 79.
SSGC WITNESSES INCREASED GAS SALES
The Board of Directors of Sui Southern Gas Company
Limited (SSGC) approved the un-audited accounts for the 1st Quarter
ended September 30, 2003. The board meeting was held here at company's
head office on October 27, 2003 under its Chairman Mr. Aitzaz Shahbaz,
to review the accounts.
The Board was informed that during the period under
review, the company sold 75, 242 MMCF of gas sales in the quarter as
compared to 61,197 MMCF during the corresponding quarter of the
previous year, representing an increase of 23 percent. In value terms,
the sales revenue recorded a substantial increase of 30 percent from
9,971 million showing an increase of Rs. 3010 million.
The company's pre-tax profit however remained
unchanged as of Rs. 471 million as compared to the figures of the
corresponding period of the previous year. This is due to increase in
the cost of gas purchase by the company. The earning per share also
remained stable at Rs. 0.46 per share.
The board was informed that the company has made
elaborate arrangements to maintain full pressure and un-interrupted
supply of gas during the holy month of Ramazan. The company has
deployed additional call service teams to ensure regular supply of gas
in morning and evening peak hours.
The board was also informed that the company's
on-going capital expansion plan will improved the gas supply to the
power and industrial customers, which will give a boost to the
industry and economy.