Bhoja Airline which was first started on November 1993 and came to an end on October 2000 when it was grounded by the Civil Aviation Authority for failing to clear its dues is now again in trouble.
According to news reports a plane crashed at the Koral Chowk on Islamabad Express Highway in Rawalpindi. According to initial reports, the plane was a Boeing 737 and belonged to Bhoja Air. It was also reportedly carrying 137 passengers from Karachi to Islamabad.
After a gap of 12 years, Bhoja Air again started its operations last month with an introductory price of Rs2,000 without taxes to all destinations.
For those who wanted to check the status of this flight, please use this alternate hotline number 0213-99071289
The first round of Pakistan State Oil and Attock Petroleum’s bidding war has came to an end with the trophy in hands of PSO.
PSO and Attock Petroleum, two leading oil companies of Pakistan, are both in bidding war to get Caltex Pakistan operation and for establishing and maintenance contract of Fuel farms at New Benazir Bhutto International Airport (Islamabad).
The fuel farm contract has finally been awarded to Pakistan State Oil. It would be interesting to note that PSO, in past, was accused of supplying low quality products which they strongly denied.
“This contract was awarded to the state-owned energy giant after a transparent, competitive and open bidding process that took place at the Infrastructure Project Development Facility (IPDF) headquarters in Islamabad on 28th March 2012″, the official press release stated.
The entire procedure was carried out under the supervision of Civil Aviation Authority (CAA) representatives and was conducted between the three pre-qualified parties namely Attock Petroleum and Pakistan State Oil. Shell Pakistan was the third contender for this contract.
Samba Bank Limited (SBL) recently renewed their Microsoft Enterprise Agreement (EA) for a 3-year period through InfoTech (Pvt.) Ltd, which is Microsoft’s Direct Large Account Reseller (DLAR).
At a ceremony held recently at Karachi, Mr. Azfar Naqvi, CFO of Samba Bank signed the agreement, while Mr. Naseer Akhtar, President and CEO, signed on behalf of InfoTech.
The ceremony was also attended by Salman Siddiqui and Agha Jan from Microsoft Pakistan. The picture taken at the ceremony shows the signing in process , with Mr. Lawrence Pereira, Head of IT, SBL, and Asim Haque (Vice President), Faisal Misbah (Business Unit Manager), Hamid Karim (Key Account Manager), and Syed Farhan Haider (Sales Account Manager) of InfoTech present on the occasion.
Speaking after the signing ceremony, Mr. Naqvi said “Samba Bank took the decision to renew the MS Agreement to stay current on technology as per our strategic direction on IT. We are thankful to InfoTech for working with us”.
On the occasion, Mr. Naseer Akhtar said, “We are grateful to Samba Bank for reposing their trust in InfoTech, and look forward to deploy the latest technology at SBL for them to stay current, and make the most use of this Enterprise Agreement”.
Attock Petroleum, the third largest oil marketing company after PSO and Shell Pakistan, reports a profit of Rs 92 Crore (translating into Rs 1 Crore everyday). But comparing these results with the previous quarter of 2011, the profit decreases by Rs 10 Crore in first quarter of 2012.
Although increased oil prices helped in an increase in sales revenues which stood at Rs 42 Billion, an increase of Rs 1,000 Crore from previous year when it was Rs 32 Billion.
There are rumors that Attock Petroleum might be bidding for Caltex Pakitan to increase its share of oil market in Pakistan. In same first quarter of 2012 Attock Petroleum bid for Fuel Farm at New Benazir Bhutto International Airport but the results might be evident in next quarter if the proposal realizes.
Attock’s gross profits increased to Rs 1.14 Billion from Rs 1 Billion in same quarter of year 2011. Interest cost on bank loans stood at Rs 34 Crore in first three months.
Attock Petroleum – a subsidiary of the Attock Group – has currently about 331 retail outlets with a market share of around 8%.
Bata Pakistan Ltd, the country’s largest shoe maker, reported a profit of Rs 17 Crore in first three months of financial year 2012, on revenues of Rs 250 Crore.
Sales revenues increase by almost 25% from the same period last year from Rs 2 billion. The increase in profitability results from control on cost of sales of shoe manufacturing which result in a gross profit of Rs 90 Crore.
It would be interesting to note that Bata Pakistan posts depressing results last year in terms of performance as it witnessed 14pct decline in its Net Profit after Taxation Rs 75 Crore.
Other income falls to Rs 80 Lac from Rs 2 crore in same quarter of year 2011. Although company manages to decrease its interest cost which stood at Rs 1 Crore 10 Lac for first three months of 2012.
The footwear industry has recently become very competitive market where especially the imported brands are giving tough competition to the local giants like BATA.
The Securities and Exchange Commission of Pakistan (SECP) has issued a prohibitory order against Faysal Bank after getting evidence that the bank was involved in manipulating prices of a few stocks.
The country’s sixth largest bank was buying stocks based on research reports, which is in contrast to the facts revealed after SECP’s investigation, according to a statement on Securities and Exchange Commission of Pakistan’s official website.
According to the SECP, this caused an increase in the price of these scrips and allowed the bank to portray a better financial picture.
According to the prohibitory order, Faysal Bank is reported to have brought thinly traded scripts before the end of accounting periods to inflate the stock prices of the scripts and exhibit high value of their investments in financial reports for the period; and then selling the scrips. It would be worth noting that Faysal Bank reported Rs 128 Crore in Profits in 2011.
This is reported to have resulted in two distortions: firstly, the stock prices of the scripts were manipulated, which added significant
volatility to the stocks’ prices.
Secondly, the resulting increase in the prices of the stocks, because of Faysal Bank’s trading activity, considerably over inflated the amount to be reported on its financials and allowed Faysal Bank to portray better financial position, which in essence is not the true
picture of investments held by it; the order reveals.
The order also states that Faysal Bank, in response to the inquiry about the alleged activities, could not provide acceptable justification.
Ghazanfar Azzam has been appointed as CEO of Waseela Microfinance Bank by Orascom Telecom Holding recently, officials in the Mobilink confirmed.
He will be leading the branchless and microfinance bank of Orascom with collaboration of its subsidiary Mobilink having biggest subscribers base of cellular user in the country.
He has been offered to head the subsidiary of renowned multinational of Egypt when he was already working for TCS Microfinance Bank (a definite competitor) as Chief Executive, which is also in the launching phase.
Azzam is a renowned name in the banking industry particularly in microfinance model. He has 25 years of professional experience with different leading banks.
Particularly he is considered as an experienced banker in retail, SME, consumer banking & microbanking, sales force management, TRG & development, establishing new lines of business & building new institutions.
His key skills are strategic planning, building and leading teams, developing performance based compensation models, setting up new lines of business, restructuring and right sizing in line with changing economic and market conditions, establishing and managing projects and mentoring and development of staff.
Previously, he joined Kashf Microfinance Bank as “Project Director” for establishing a greenfield MFB. He led the bank initially as COO & then CEO from June 2009 till April 2011. When he left, the bank operated with a nation-wide network of 31 real-time online branches & 5 service centers across the country serving over 100,000 depositors and19,000 borrowers with 500 employees.
From purely a lending entity, the Bank was successfully transformed into a savings led institution in less than 2 years and FSS stood at 82 percent. The deposit growth was the fastest growth achieved by any micro bank in Pakistan ever since micro bank licensing started since 2000.
Azzam also worked for ShoreBank International and Prime Commercial Bank Limited on senior positions.
Orascom bought license of bank last year to establish a microfinance bank under the name of Waseela last year with the aim to launch its financial operations in Pakistan to bank the unbanked population.
The appointment of CEO along with different board members was the major development towards the commencement of the banking services in near future.
Former President of fertiliser-to-food conglomerate, Engro Corporation’s Asad Umar, who resigned two days ago has joined the Pakistan Tehrik-e-Insaf (PTI). He announced his decision during a press conference flanked by PTI Chairman Imran Khan this evening.
Asad had taken early retirement on Monday after more than 27 years with Engro.
A graduate of IBA of the batch of 1984, Asad joined Exxon Chemical Pakistan in February 1985 and rose to the rank of President and CEO of Engro in 2004. Umar had dramatically transformed a chemical company into a major Pakistani conglomerate.
PTI which recently announced to start country-wide protest against power tariffs might find it helpful since Asad Umar will be responsible for PTI’s Fiscal Policy and Poverty Alleviation.
Finally, the effects of the massive gas shortfall in the country have finally started to show when Fauji Fertilizer Bin Qasim, a leading fertilizer manufacturer reports its worst quarter in more than three years during January to March 2011.
FFBL, one of the country’s largest fertiliser manufacturers, posted a net loss of Rs 39 Crore due to decreased production in the past three months compared with a profit Rs 160Crore in the same period last year.
Net revenue dropped by 76% to Rs1.93 billion in the first quarter of 2012. This is also the first time in eleven quarters the company has failed to announce any dividend with its results.
The first two months of 2012 proved be the worst in history in Fauji Fertilizer and company’s plant failed to produce a single bag of urea – the highest selling fertiliser – on the back of winter gas shutdown, latest data of National Fertiliser Development Centre shows. Production of fertiliser di-ammonia phosphate (DAP) also stood at a standstill in February.
The only positive in the result was that the company’s other income from its joint venture Pakistan Maroc Phosphore increased to Rs 19.2 Crore compared with Rs 3 million last year.
Financial charges rose by 185% to almost Rs30 Crore on account of rise in short-term debt.
The Meezan Bank Limitedhas recorded 54percent growth in its Profit-after-tax which increased to Rs. 903 million for the quarter ended March 31, 2012 as compared to Rs. 585 million earned in first quarter of 2011.
The branch network of the Meezan Bank Limited (MBL) in Pakistan crossed the figure of 300 by the end of March
A statement here on Tuesday said that the Board of Directors’ of Meezan Bank Limited in its meeting held in Dubai on April 16 approved the quarterly financial statements of the Bank for the quarter ended March 31, 2012.
It said that the meeting was presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. The Vice Chairman of the Board, Abdullateef A. Al-Asfour also attended the meeting.
Meezan Bank, the statement pointed out, has achieved growth in all business segments and consolidated its position as the leading Islamic Bank in Pakistan. The Bank’s total assets crossed landmark figure of Rs. 205 billion and the Deposits increased to Rs. 175 billion as at March 31, 2012. The growth in deposits is directly attributable to an aggressive branch expansion strategy adopted since 2008.
The earnings per share of the Bank was recorded at Rs 1.00 (March 2011: Re 0.65) on enhanced share capital of Rs. 9 billion. The share capital was enhanced to Rs. 9 billion due to issuance of 12.5% bonus shares equivalent to Rs. 1 billion, approved by the shareholders in the Annual General Meeting held on March 29, 2012.
Accordingly, the Bank has met SBP minimum capital of Rs. 9 billion required to be completed by December 2012, a year in advance.
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