01

buSinESS

BTuesday, 23 April, 2013

There are no secrets to success. It is the

result of preparation, hard work, and

learning from failure. — Colin Powell

Stocks close lower,rupee steadyKARACHI: Stocks closed lower onMonday in the Karachi StockExchange, with rising pressure onEngro Corporation dampeningsentiments across the board. EngroCorporation closed at its lower limitamid speculation that one of itsplants was not working properly. Onthe contrary, there was renewedbuying interest in Pakistan StateOil, which helped the stock close atits upper cap, dealers said. TheKarachi Stock Exchange’s (KSE)benchmark 100-share index ended0.14 percent, or 25.66 points, lowerat 18,605.55 points. EngroCorporation Ltd fell 5 percent to130.58 rupees while Pakistan StateOil Company Ltd rose 5 percent to198.04 rupees. In the currencymarket, the rupee ended steady at98.32/98.37 against the dollar.Overnight rates in the money marketrose to 9.50 percent from Friday’sclose of 9.40 percent. AGENCIES

NLC set to launchfreight train serviceISLAMABAD: The National Logistic Cell(NLC), with the collaboration of PakistanRailways (PR), is all set to launch freighttrain service from Karachi to other citiesof the country. The NLC would import10 locomotives from South Korea anduse these locomotives for rolling stockof Pakistan Railways, an official said onMonday. In this regard, an agreementbetween Ministry of Railways and theNLC has already been signed, addingthat the NLC would operate goods trainsunder public-private partnership. Hesaid that the NLC is the first departmentthat would purchase locomotives foroperating any train. Some passengertrains including Business Express,Shalimar and others were operatingunder public-public partnership but allthe parties were using locomotives,passenger wagons and rolling stockprovided by Pakistan Railways. Theofficial said that the railways wasfacing crisis owing to shortage oflocomotives, adding that out of around500 locomotives only 140 locomotiveswere in working condition. He saidthat the Pakistan Railways hasallocated around ten locomotives forfreight trains and only one train wasrunning on daily basis. APP

ISLAMABAD

AGENCIES

Acold war is on between the bu-reaucracy and brokers over theappointment of the chairman ofthe Securities and ExchangeCommission of Pakistan

(SECP), a notification for which is ex-pected any time after the return of FinanceAdvisor Dr Shahid Amjad and FinanceSecretary Dr Waqar Masood from Wash-ington.

According to media reports, the Fi-nance Ministry has sent the name ofSECP Senior Commissioner TahirMehmood for the post to the PM’s Secre-tariat. On the other hand, the Establish-ment Division has sent the names ofShahzeb Ali and Khalid Mirza. Finance

Ministry sources say that theprime minister has ap-proved the name ofTahir Mehmood forthe post on thebasis of his sen-iority whilethe influen-tial brokersof KarachiStock Ex-change havemanaged toput the notifi-cation on holdin a bid to get aman of theirchoice in the office.

Mohammad Aliwas removed from the of-

fice of the SECP chairman onSC orders on April 12. He

was a man of the bro-kers, who wanted

him to make deci-sions of theirchoice. He hasbeen an em-ployee of abroker house.The brokerswant to re-place himwith another

man of theirchoice but bu-

reaucrats and theministry officials are

stopping their way.The sources said that in

the light of the SC order, the Finance Min-istry had sent a summary to the PM sug-gesting that Tahir Mehmood be madeacting chairman of the SECP and the PMhad returned the summary after approvalto the ministry last week but some peopleare trying to block issuance of a notifica-tion to this effect.

Shahzeb Ali, whose name is underconsideration for the job, is associatedwith Pakistan Resident Mission of AsianDevelopment Bank and has an experienceof 21 years in the field of finance.

Khalid Mirza’s name is also underconsideration. He has been chairman ofthe Competition Commission of Pakistan.His opponents object that his age is 62 butit could not be a hindrance since judgescan work till 65 years of age and the fi-nance advisor is over 70.

ISLAMABAD

APP

Textile exports from the country dur-ing first three quarters of current fi-nancial year posted an increase of7.09 percent growth as compared tothe same period of last year.

According the figures released bythe Pakistan Bureau of Statistics(PBS) textile group exports fromcountry during the period from July-March 2012-13 reached to US$ 9.630billion which was recorded at US$8.993 billion in corresponding periodof last year. On the other hand textilegroup exports from the countryrecorded 13.21 percent increase onmonth on month basis and reached toUS$ 1.167 billion in month of March2013 as compared to US$ 1.030 bil-lion of March 2012, the data revealed.

During the period under reviewcotton yarn exports registered 29.17percent increase as about 548,600metric tons of cotton yarn worth US$1.652 billion exported from the coun-

try against 405,323 metric tons valu-ing US$ 1.279 billion in same periodof last year. From July-March, 2012-13 exports of cotton cloth posted29.17 percent increase and reached toUS$ 1.991 billion as compared toUS$ 1.279 billion in correspondingperiod of last year, the data revealed.

About 1,437,938 thousand square

meters of cotton cloth exported fromthe country in first three quarters ofFY 2012-13 comparing to 1,509,242square meters of same period last year.

Meanwhile, the exports ofknitwear, bed wear and towels regis-tered increase of 2.84 percent, 0.09percent and 18.11 percent respectivelyduring the period under review.

In first nine months of current fi-nancial year about 73,457 thousanddozen of knitwear worth US$ 1.50billion exported which was recordedat 129,199 thousand dozens valuingUS$ 1.467 billion during same periodof last FY.

During the period under reviewabout 195,764 metric tons of bed wearworth US$ 1.billion exported as com-pared the 115,489 metric tons costingUS$ 1.311 billion, the data revealed.

According the figures, countryearned US$ 55.56 million by export-ing 126,138 metric tons towels whichstood at 101,687 metric tons costingUS$ 489.13 million during same pe-riod of last FY. From July-March,readymade garments exports in-creased by 10.27 percent and reachedUS$ 1.31 billion against US$ 1.19 bil-lion in same period of last FY.

However, the data said that ex-ports of raw cotton decreased by65.07 percent and cotton carded orcombed by 93.86 percent in first threequarters of current financial year.

Textile exports posts 7.09 percent increase in 9 months

Bureaucrats and brokers face offover SECP chief's appointment

NEW DELHI

ONLINE

India's exports to Pakistan has improved to $1.64 bil-lion during April-February 2012-13, the parliamentwas informed on Monday.

For the entire 2011-12 fiscal, the shipments to theneighbouring country had stood at $1.53 billion.

The country's imports from Pakistantoo increased to $487.5 million duringApril-February 2012-13.

In 2011-12, the imports stood at$421.8 million, Commerce and IndustryMinister Anand Sharma said in a writtenreply to the Lok Sabha.

The total bilateral trade during the 11-month period of the last fiscal aggregatedat $2.12 billion. It had stood at $1.95 bil-lion in 2011-12, he said.

However, in 2010-11, the two-waytrade was $2.37 billion. Both the

countries are in the process of further strengtheningtheir trade ties as Pakistan has already switched overfrom a positive list to an approach of selective nega-tive list of imports.

In another reply, Sharma said that there have beenreports of large consignments of sub-standard arecanutmeant for tanning industry being imported throughKerala and Kolkata ports and being used by gutka

units. "Reports have been received about theimport of arecanut as a vegetable tanningagent under duty exemption schemes.

After examining the matter, public no-tice...has been issued restricting import ofduty free arecanut to the actual users," hesaid. "Reports alleging illegal import ofarecanut through Indo-Nepal border havealso been received. "This has beenbrought to the notice of the Departmentof Revenue for increased vigil and mon-

itoring of compliance with rules of ori-gin," he added.

The prime minister has

approved the name of Tahir Mehmood for the poston the basis of his senioritywhile influential brokers at

Karachi Stock Exchangehave managed to put

the notification on hold in a bid to get a man

of their choice in the office

Agri loan disbursementup by 17pc to Rs 231bnin nine monthsKARACHI: The dis-bursement of agricul-tural loans by thebanks increasedby 17 percent,year-on-year(YoY), to Rs231.04 billionduring the firstnine months ofcurrent fiscalyear. In absoluteterms, the central bank onMonday reported that the farm loan disbursement grewby over Rs 33.7 billion in July-MarchFY2013 com-pared to Rs 197.3 billion in the corresponding periodof last fiscal year. It said the overall credit disburse-ment by the five major commercial banks, includingAllied Bank, Habib Bank, MCB Bank, National Bankof Pakistan and United Bank Limited stood at Rs 123.7billion compared to Rs 107.6 billion disbursed in July-MarchFY2012. This depicts an increase of 14.9 per-cent, the bank said. Zarai Taraqiati Bank Limited(ZTBL), the country’s largest specialized bank, dis-bursed a total of Rs 37.9 billion as against Rs 37.8 bil-lion the bank disbursed last year. The PunjabProvincial Co-operative Bank Limited (PPCBL) dis-bursed Rs 5.4 billion against Rs 6 billion of FY12. Thefourteen domestic private banks also loaned a com-bined amount of Rs 51.0 billion in the review periodagainst Rs 37.3 billion disbursed during last year. FiveMicrofinance Banks including Khushhali Bank Ltd.,NRSP Microfinance Bank Ltd., The First MicrofinanceBank Ltd., Pak Oman Microfinance Bank Ltd. andTameer Microfinance Bank Ltd. disbursed agri. loansamounting to Rs 12.9 billion during July‐March, FY2013 as compared to 8.5 billion during the same periodlast year. It may be pointed out that the State Bank hasprovisionally set an indicative agricultural credit dis-bursement target of Rs 315 billion to banks for the cur-rent fiscal year. STAFF REPORT

Engro Fertilizers posts Rs 646m profit in first quarterKARACHI: Engro Fertilizers, an unlisted company, an-nounced for 1Q2013 a profit of Rs 646 million com-pared. This was compared to a loss of Rs 1.4 billion thecompany had braved during the same period of last year.It translates into the earning per share (EPS) of Rs 1.3 asagainst LPS of Rs 2.8 on Engro Corporation shares, saidthe market observers. After facing adverse operating en-vironment in 1Q2012, the fortunes of fertilizer businessin the agrarian Pakistan turned around in 1Q2013.“Engro Fertilizers profits improved due to four-time fa-vorable volumetric variance,” viewed Topline analystAsad I. Siddiqui. The analyst said higher urea sales weredue to higher production, as the company was runningits more efficient EnVen plant. Furthermore, he said,standing water issue that depressed urea sales in sameperiod previous year was not an issue this time. Thecompany’s overall revenues grew by three folds toRs9.7 billion while cost of sales increased by 139 per-cent Rs 5.5 billion. On the other hand, 16 percent reduc-tion in financial charges also supported Engro Fertilizersprofitability. After 1Q2013 result announcements ofthree major subsidiaries of Engro Crop, it’s rather easierto estimate 1Q2013 earnings of the holding companyEngro Corp. STAFF REPORT

India's exports to Pakistan riseto $1.64bn in Apr-Feb

World's largest int'l trade fair sets a record!ISLAMABAD: The world's largest international trade fair “Bauma” ended on Sunday insouthern German city of Munich with a record number of visitors. About 530,000 visitorsfrom 200 countries came to the specialised exhibition in Munich, according to the localtrade association, which is responsible for the fair, Xinhua News reported. Bauma 2013,the International Trade Fair for Construction Machinery, Building Material Machines,Mining Machines, Construction Vehicles and Construction Equipment, took place fromApril 15 to 21 at the trade fair grounds in Munich. Bauma is held every three years.Visitors and audience can thereby learn about the latest products and ideas of constructionand mining equipment industry. The Munich Exhibition Center had placed 16 exhibitionhalls and a total outdoor area of 570,000 square meters for the trade fair, which attracted3,443 exhibitors from 57 countries and regions. APP

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buSinESSTuesday, 23 April, 2013

Burj Bank conducts EarthDay CSR activity at TCFQayyumabad Campus

KARACHI: Recognizing every employee as apowerful agent of positive change, Burj Bank haslaunched an employee driven CSR initiative -"Giving beyond the Workplace Campaign". As partof the program, Burj Bank Employees along withthe Senior Management team visited the TCF (TheCitizen’s Foundation) Qayyumabad campus. Thecampus itself like all other TCF initiatives is a stateof the art facility designed to deliver world classeducation to the underprivileged children of thesociety. TCF is ranked amongst the top scoringorganizations certified by the Pakistan Centre forPhilanthropy (PCP). The day commenced at 9 amwith Burj Bank members adopting one class eachfor the day where they spent their time instorytelling, book reading and educating thestudents about the importance of Earth Day. Thehighlight of the day was an interclass paintingcompetition that allowed students to showcasetheir talent on canvas. The winners of thecompetition were given trophies in a small prizedistribution ceremony where Mr. Ahmed KhizerKhan, President & CEO of Burj Bank also presenteda donation cheque from Burj Bank’s Charity Fund toMr. Asaad Ayub Ahmad,President & CEO of TCF.This marked the end of the day but the beginningof a new relationship between the twoorganizations. PRESS RELEASE

Samsung & Ufone to co-launch SamsungGalaxy S 4 in Pakistan

LAHORE: Samsung Electronics Co., Ltd andUfone have joined hands to launch SamsungGalaxy S4 in Pakistan. The MOU signingceremony between both the companies was heldat the Pearl Continental Hotel Lahore. Amongthe telecom operators, Ufone shall be the co-launch partner for Samsung Galaxy S4 inPakistan. With a range of Smartphones launchedevery year, Samsung has attained immensepopularity all over the world. As a latest additionto the Galaxy Series Smartphones, SamsungGalaxy S4 offers exciting possibilities for“consumers on the go” and has been becomingincreasingly popular ever since it was unveiled inUSA on March 14, 2013 . Besides receiving atremendous response from consumersworldwide, the Samsung Galaxy S4 reached 10million pre-orders in the first two weeks after itwas announced last month. The innovative newdevice is the most eagerly awaited device inPakistan. Ufone too, shall soon be initiating pre-booking of Samsung Galaxy S4 for the all theSamsung Smartphone enthusiasts. PRESS RELEASE

Etihad Airways to launch Abu Dhabi-Belgradedaily flightsKARACHI: Etihad Airways, the national airline ofthe United Arab Emirates, will commence dailynonstop flights between its home base of AbuDhabi and Belgrade, the capital of Serbia, fromJune 15, 2013. JatAirways, Serbia's nationalcarrier, will place its JU code on the new service,as well as to 21 destinations on the EtihadAirways network. In return Etihad Airways will

place its EY code on 23 of JatAirways' Europeanflights. All subject to government and regulatoryapproval. Etihad Airways will operate a two cabinAirbus A319 aircraft on the service between AbuDhabi and Belgrade, configured to carry 106passengers, with 16 seats in Pearl BusinessClass and 90 seats in Coral Economy Class.Hogan said: "The launch of Etihad Airways'flights between Abu Dhabi and Belgrade, and thepartnership development with JatAirways, willcater for the significant and growing demand forair travel between the UAE and Serbia, as wellas cities with large Serbian populations aroundthe world. PRESS RELEASE

Anwar Maqsood’s‘Aangan Terrha’

KARACHI: NESTLÉ FRUITA VITALS is the mostloved premium juice brand of Pakistan. Known forits commitment to quality, NESTLÉ FRUITA VITALSalong with KOPYKATS Productions now brings you aquality theatre play “Aangan Terrha” by renownedwriter, Anwar Maqsood. After a successful showingof over 100 performances in Karachi only, ‘Aangan

Terrha’ is now coming to Lahore to woo theaudiences here. The drama was based on manystories on multiple issues of the society and indirectcriticism on the Martial Law and the electoralsystem. The themes touched upon then remain asrelevant today. PRESS RELEASE

CORPORATE CORNER

02

B

Business, more than any other occupation, is a continual

dealing with the future; it is a continual calculation, an

instinctive exercise in foresight. — Henry R. Luce

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERColgate Palmolive 1960.00 2058.00 1863.00 2057.00 97.00 4,500Unilever Food XD 4400.00 4450.00 4450.00 4450.00 50.00 20Wyeth Pak Ltd XD 1329.82 1379.99 1322.00 1379.00 49.18 1,300Bhanero Tex. 300.64 315.67 315.00 315.00 14.36 300Clariant PaK. 277.10 290.95 288.25 290.95 13.85 49,200

Major LosersPhilip Morris Pak. 286.17 281.00 271.87 271.94 -14.23 4,800Fazal Textile 253.05 243.00 240.40 240.40 -12.65 1,400Pak Services 251.60 239.05 239.02 239.02 -12.58 800Attock Petroleum Ltd 497.29 495.05 487.00 488.54 -8.75 12,200Sunrays Textile 161.41 153.34 153.34 153.34 -8.07 1,000

Volume Leaders

TRG Pakistan Ltd. 8.06 8.95 8.10 8.64 0.58 24,001,500Engro Corporation 137.45 137.80 130.58 130.58 -6.87 12,526,000Wateen Telecom Ltd 4.26 4.46 4.32 4.33 0.07 11,124,000P.T.C.L.A 18.08 18.37 17.65 18.08 0.00 7,705,000Engro Foods Ltd. 145.40 148.70 139.56 141.32 -4.08 6,902,500

interbank RatesUSD PKR 98.3870GBP PKR 149.9319JPY PKR 0.9860EURO PKR 128.3458

ForexBUY SELL

UK Pound Sterling 151.1 151.85Australian Dollar 102.1 102.6Euro 128.65 129.25US Dollar 99.4 99.75Canadian Dollar 96 96.5Saudi Riyal 26.2 26.45UAE Dirham 26.85 27.1China Yuan 15.25 15.75Japanese Yen 1.003 1.15

Bonanza collaborates withMaheen Karim and SanamChaudhri for Prêt Collection

KARACHI

PRESS RELEASE

Bonanza has taken the initiative of bridging the gapsbetween designer wear and retail brands. The aim isto offer customers a great variety of designs fromvarious designers under one roof with great afford-ability and wide accessibility - a rare combinationin Pakistan.

The idea of bringing designers and retail brandunder one roof was brought to life by Catalyst PR& Marketing by introducing the young versatile de-signer Maheen Karim and the multi-talented SanamChaudhri to Bonanza Garments.

Maheen Karim, the versatile designer and a

graduate from the prestigious Central Saint Martin’sCollege of Art and Design. The collaborative labelMaheen Karim Bonanza offers women everyday ca-sual wear as well as formal. Maheen has specializedin western cuts and has already penetrated a vastmarket for western wear. She has optimized herwork to deliver to this joint venture what it needs.The patterns of traditional wear are stitched togetherwith contemporary forms to facilitate birth of newtrends. “The vision of Maheen Karim bonanzawoman is strong, confident and stylish. She flauntsher femininity and has the power to move her worldforward. Bring out the positive in yourself as youstand tall and dauntless in your Maheen Karim forBonanza ensemble.”

KARACHI: The Consul General of Thailand and Mrs. Wichai Sirisujin hosted a colourful

SONGKRAN (new year) festival at their residence. Picture shows Arif Suleman, Mobin Ansari and

diplomats from Switzerland, Malaysia, Bangladesh, Korea and SriLanka with other guests. PR

PESHAWAR: Attaullah Khan, additional chief

secretary Khyber Pakhtunkhwa and chairman

of Bank of Khyber Board of Governors presides

over the Board’s 12th meeting at Civil

Secretariat. PR

ADB assistance tops

$21.5bn in 2012ISLAMABAD: The Asian DevelopmentBank (ADB) approved $21.57 billion in fi-nancing operations including co-financinglast year, according to ADB's 2012 AnnualReport, released ahead of its 46th AnnualMeeting of the Board of Governors sched-uled from 2-5 May. Poverty reduction inAsia remains an unfinished agenda despitethe region's strong record of economicgrowth, the report notes. In 2012, opera-tions were concentrated in five core areasincluding infrastructure, environment, re-gional cooperation and integration, financesector development and education. ADBcontinued to focus on its three key develop-ment agendas of inclusive growth, environ-mentally sustainable growth, and regionalintegration. A special focus on regional in-tegration highlights ADB's work to forgecloser links between countries across theregion, including the ASEAN Infrastruc-ture Fund; a new five-year strategy for theCentral Asia Regional Economic Coopera-tion (CAREC) program; cross-border part-nerships between the People's Republic ofChina (PRC) and Mongolia and PRC andVietNam; accelerated cooperation in SouthAsia; and a new generation of plannedprojects for the second decade of coopera-tion in the Greater Mekong Subregion.Other notable achievements in 2012 in-cluded $825 million in funding for India'spower transmission systems; record replen-ishment of Asian Development Fund of$12.4 billion to help Asia's poorest; thefirst-ever loans for road network upgradesin Timor-Leste; a $625 million equity in-vestment in the innovative Philippines In-frastructure Fund. APP

SUKKUR: Prominent people of the city,

including Khan Munawar Khan, chairman of

Hilal-e-Ahmar, participated in a hi-tea

arranged by NIT Sukkur branch. PR

KARACHI: Grandeur Art Gallery CEO Neshmia

Ahmed organized 24th Artists Exhibition at

Zamzama. PR

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