Category: Shortcode

Engro Fertilisers reported a 4% decline in profit after tax to Rs5.5 billion for the first quarter (January-March) of calendar year 2022 in the wake of a significant increase in finance cost. According to a notice sent to the Pakistan Stock Exchange, the urea producing firm recorded a profit after tax of Rs5.7 billion in the same period of previous year. Earnings per share of the company dropped from Rs4.3 in January-March 2021 to Rs4.13 in January-March this year. Alongside the result, the company announced an interim cash dividend of…

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The tender awarded to Pakistan LNG Limited (PLL) for the month of May is quite costly for the country mainly owing to supply-chain disruptions in the international market on the back of Russia-Ukraine war. The firm selected the lowest bid for liquefied natural gas (LNG) cargoes. Out of seven, six contract prices for LNG cargoes were received. The cargoes were sought on an urgent basis after earlier committed cargoes were cancelled. The lowest contract price for a cargo requested for May 1-2 delivery received at $29.67 per mmbtu from Total…

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The year 2022 will see economic stability, development and public welfare under the leadership of Prime Minister Shehbaz Sharif, Minister of State for Finance Dr Aisha Ghaus Pasha remarked. Talking to a news channel on Wednesday, she underlined that political stability was important and necessary to mobilise Pakistan’s economy. “Once again, Pakistan will make things better on both internal and external fronts,” she said. The present government was taking all urgent steps to overcome “the challenges inherited by the previous government”. The present government would continue its efforts to strengthen…

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The receivables and payable of Pakistan State Oil (PSO) have reached Rs508.3 billion as several clients failed to pay their bills for fuel supplies. In first nine months of the financial year 2021-22, the receivable and payable of PSO increased by Rs151.3 billion or 42 percent, according to documents available with Business Recorder. The PSO mainly supplies oil to different clients across the country and besides this area, circular debt has also emerged in the supply of imported liquefied natural gas (LNG) which contributed in circular debt by adding Rs277.8…

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In a new development, the government has moved the London Court of International Arbitration (LCIA) against the defaults of LNG term cargoes by two LNG trading companies — Gunvor and ENI, reveal official documents available with The News. “On account of 10 defaults, seven by Gunvor and three by ENI, Pakistan had to purchase some spot LNG vessels from international market at higher prices up to $25.1 per MMBTU which led to an increase in higher power tariff in the country, resulting into a gigantic increase in input cost of…

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