font-family:Arial">The company earned an after tax profit of Rs. 1.0 billion as
compared to Rs.1.4 billion of the previous year. The earning per
share amounted to Rs. 1.49 as against Rs. 2.16 in the previous year.
It may be noted that the decline in earning per share has been due
to non-allowance of following charges by regulator.
* Penalty of Rs. 123.8 million received by the company from
the gas producers on account of non-compliance to gas supply
contract added back OGRA to the operating income of the company.
* Disallowance of Rs. 226.5 million or 0.59 percent on
account of unaccounted for gas (UFG) being in excess of the targeted
UFG over of 6.5 percent as compared to 7.09 percent achieved by the
* Disallowance of provision for doubtful debts amounting to
Rs. 177.327 million.
The company has decided to file a revenue petition before the
regulator in respect of the disallowances. In case company succeeds
to get a favourable decision on these items, profits of the company
may increase accordingly.
The company informed that due to the procedural requirements
the targeted capital expenditure could not be achieved and an amount
of Rs. 2 billion was capitalized which was off set by depreciation
of Rs.1.9 billion. Due to the above, there was no option but to
carry forward the major projects costing Rs.1.5 billion to the
current financial year i.e. 2004-05. However, during current
financial year 2004-05, SSGC will have a much larger asset
capitalization as work on capital projects to the tune of Rs. 7.0
billion are in progress and it is expected that the company will
achieve the targets.
Compliments from FedEx
It was a fun gala held by Gerry's International Pvt. Ltd,
Global Service Participant (GSP) for FedEx Express held at a local
five star hotel, where guests were greeted with flowers and the
lucky coupon for a lucky draw. The lavish dinner was followed by a
colorful evening and a grand musical show where Moin Akhtar and
Anwer Maqsood entertained the guest with their witty jokes while
Sajjad Ali and Shubnum Majeed sang lovely numbers to enthrall the
employees of FedEx Express and their families.
The evening started with a brief address by the managing
director of Gerry's International, Senator Akram Wali Muhammad who
told the guests about the FedEx recently launched nationwide
advertising campaign entitled " Relax.It's FedEx"
"FedEx Express aims to be the first choice for anyone with
international express shipping needs," Jawaid Siddiqui, General
Manager, Gerry's International said at the function. "With this
campaign we want to reinforce our commitment to ease-of-use, speed,
global reach and reliability, which are exactly the reasons
customers choose FedEx."
The campaign focuses on how FedEx delivers reliability and
peace of mind to customers, no matter what their shipping need and
highlights the international shipping solutions offered by the
company which ships over 3.1 million packages each working day to
214 countries. The MD and the COO expressed the views that the print
media and outdoor advertising will be used to communicate the
message in addition to a 30-second television commercial.
Efficiency of SMEs Sector prime concern of ICCI
On the assumption of office of President of Islamabad Chamber
of Commerce and Industry (ICCI), Mr. Tariq Sadiq in a press
statement has stated that the small and medium industries sector
represents over 65 percent of
economy and is a vital source of employment but its efficiency and
productivity are far from satisfactory. SMEs sector needs to take
immediate steps to upgrade its manpower and achieve a higher rate of
productivity in order to be competitive.
Mr. Sadiq has stated that the commencement of WTO regime in
January 2005 poses a great challenge to
industrial sector. Under the WTO regime the opening up of new
markets and ushering of greater competition requires Pakistan's
industrial sector to restructure, innovate and gear up for the
competition. For example, he said, that the entry of China in WTO is
considered to be a threat to
industry because low unit costs, developed infrastructure and low
power cost in China are the principal reasons for China's
competitive advantage. Also, it is expected that the price of cotton
in the world market would rise after 2005 due to the removal of
barriers on cotton export. This is likely to raise the production
costs of the sectors of value added products and make them
unsustainable. Besides, European Union countries also provide
massive subsidies to its agriculture sector in the amount of 360
million US dollar per annum. Under these circumstances most of the
poor third world countries producing agricultural products stand no
chance of gaining from free trade.
BASHEER TO HEAD TCS
With a view to position TCS to meet the evolving customer
needs both domestically and internationally, Chairman TCS, Khalid
Awan announced the appointment of Haroon Basheer as CEO TCS
Pakistan. Haroon Basheer was previously heading Citibank consumer
Pakistan. He brings with him a rich and diverse experience in
marketing, banking and travel.
Jamil Janjua, his predecessor, will look after the company's
Dubai as its CEO.
SRI LANKA'S TOP HAIRSTYLIST TRAINS PAK BEAUTICIANS
Sri Lanka's top
hairstylist, Nayana Kurunaratne has been invited to Pakistan to
train Pakistani beauticians who are selected to represent the
country at the 8th P&G Beauty Hair Asia Pacific 2004, to be held at
the Shanghai Convention Center, China.
In this regard, a
3‑day workshop on Haircut & Style is being conducted under the
management of Pakistan Hairdressers and Beautician Association (PHABA)
and Image Services in which the famous Sri Lankan hairstylist,
Nayana Kurunaratne has been invitied by Ruhana Iqbal, Chairperson of
LGE'S CYKING VACUUM CLEANER TIDIES UP THE
LGE's Cyking vacuum
cleaner sponsored the Korean Himalayas K2 Expedition "K2 Clean
Mountain" campaign in recognition of the expedition's 50th year in
mountaineering. Mountaineer Han Wang-yong, who has climbed 14 peaks
of the Himalayas, lead the K2 cleaning expedition.
"The K2 Clean
Mountain campaign reinforces Cyking as a global vacuum cleaner
brand," said Mr. C.S. Kim General Mananer LG Karachi office. "This
campaign also falls in line with our global policy of a cleaner
environment. All our products are designed to be
environment-friendly. The Golden Jubilee celebrations gave us a
wonderful opportunity to display the superb capabilities of Cyking
making it the oblivious choice for everyone."
CMC PAYS TRIBUTE TO SULTAN AHMED
To honour Mr.
Sultan Ahmed, the eminent editor, senior journalist and analyst and
to pay tribute to him for his integrity, coverage, prolific output
and versatility, CMC, the image marketing company, recently hosted a
reception at a local hotel in Karachi.
speakers at the occasion were, Ameena Saiyid, Managing Director,
Oxford University Press, Babar Ayaz, Managing Director, Mediators
Pakistan, Agha Masood, Former Provincial Minister and columnist of
repute, Marjorie Hussain, a prominent art critic, Nafees Siddiqui,
renowned lawyer and political analyst, Javed Jabbar, former Senator,
Minister and an expert communicator.
Syed Jawaid Iqbal,
President & Chief Executive Officer of CMC (Pvt Ltd, in his welcome
address paying his respects to Sultan Ahmed and his timeless work,
said, "We are going to pay tribute to Mr. Sultan Ahmed not as a
matter of choice but conviction not as a matter of favour but
requisite. We are going to share our thoughts about a person who is
known for his objectivity in journalism, keen hindsight and