Oct 11 - 17, 2004

 

SSGC DECLARES 15 PERCENT CASH DIVIDEND

Sui Southern Gas Company (SSGC) declared 15 percent cash dividend (Rs. 1.50 per share) for the year ended 30th June, 2004. This was announced in the meeting of the Board of Directors of the Company in Islamabad. The meeting was presided over by Chairman SSGC, Mr. Aitzaz Shahbaz and reviewed the Audited Accounts of SSGC for F.Y 2003-04.
The Board was informed that during the year, the Company's sales increased to Rs. 54.4 billion as compared to Rs.41.6 billion of 2002-03, registering an increase of 31 percent. Volume-wise, the gas sales increased to 318,068 MMCF as compared to 254,349 MMCF during the previous year, showing an increase of 25 percent. The increase in gas sales was largely to the power sector and other industrial customers.

 

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 company.

* 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 Pakistan's 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 Pakistan's 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 Pakistan's 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.

HAROON BASHEER TO HEAD TCS PAKISTAN

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 banking in 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 operations in 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 PHABA

LGE'S CYKING VACUUM CLEANER TIDIES UP THE K2

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.

The prominent 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 integrity."