By our correspondent
KARACHI: A substantial increase in provisioning against non-performing loans battered the third July-September quarter profit of the National Bank of Pakistan (NBP). On year-on-year comparison, profit was down 20.8pc to Rs3.7 billion against Rs4.8 billion earned in the same period of 2008, the bank said in a notice to the Karachi Stock Exchange. NBP recorded a provisioning of Rs3.56 billion in the third quarter which was higher than last year’s Rs1.68 billion.
US consulate to offer visa service
ISLAMABAD: The Karachi US Consulate will begin to offer visa services to business visitors on Thursday, Nov 5. The applications for interview appointments by business visitors can be sent through the American Express Travel Office in Karachi, says a statement issued by the embassy. The resumption of broad non-immigrant visa services will take place next year when the consulate in Karachi moves into an expanded facility.
Pak-Turkey trade may reach $2bn
ISLAMABAD: Pakistan and Turkey have agreed in principle to increase bilateral trade to $2 billion from existing $700 million in a year. The understanding was reached during a meeting between the Foreign Minister Shah Mahmood Qureshi and his Turkish counterpart Prof Dr Ahmet Davutoglu, on the sidelines of D-8 Council of Ministers held in Kuala Lumpur, says a message issued by Pakistan’s High Commission in Malaysia. Both sides also agreed to move towards signing of Preferential Trade Agreement (PTA) and abolition of visas for businessmen. Turkey has been cooperating with certain other countries on the same lines.
Azgard Nine declares dividend
KARACHI: Azgard Nine Ltd has posted a profit after tax of Rs237.73 million during the nine-month period ended September 30 and declared an interim cash dividend of Rs0.895 per preference share.According to financial results sent to the KSE on Monday, pre-tax profit was down to Rs324.48 million during the period under review while earning per share declined to Rs0.46.
Saudi gasoline imports down
DUBAI: Saudi Arabia, the world’s top oil exporter, was expected to import around 17,038 barrels per day (bpd) of gasoline in November, down 34 per cent from the previous month, traders said on Monday.The kingdom shelved a plan to export some of its gasoline due to sluggish global demand and low international prices, traders said.Gasoline imports were cut back further this month as domestic gasoline production rises with the full start-up of new refining capacity at Saudi Arabia’s Rabigh Refining and Petrochemical complex, trading sources said.“Persistent start-up problems at Rabigh had thrown off their target to cut down gasoline imports the past few months,” a Middle East-based trader said.“But now the unit is operating with no issues, so their requirements are going to be much lower.”
Dewan Motors reduces losses
By our correspondent
KARACHI: Dewan Farooque Motors, the assemblers and marketers of Hyundai and Kia in Pakistan, was able to reduce the first July-Sept quarter loss to Rs183 million from Rs340m incurred in the same period of last year. But the reduction in loss came at the cost of gross sales coming down 24 per cent to Rs342m from last year’s Rs455m.
Habib Modaraba makes profit
KARACHI: First Habib Bank Modaraba has posted a gross profit of Rs12.38 million for the quarter ended September 30. According to financial results of the company sent to the KSE, earning per share stood at 31 paisa during the period under review.
PICT posts higher profit
KARACHI: Pakistan International Container Terminal Ltd (PICTL) has posted a profit after tax of Rs278.305 million for the quarter ended September 30. According to the financial results, pre-tax profit of the company has jumped to Rs380.232 million during the period under review, while earning per share jumped to Rs3.01 against Rs0.10 in the corresponding period last year.
SNGPL profit up
KARACHI: Profit before tax of Sui Northern Gas Pipelines Ltd (SNGPL) has surged to Rs518.07 million during the quarter ended September 30.According to SNGPL results sent to the KSE on Monday, pre-tax profit stood at Rs808.62 million while earning per share improved to Rs0.94 during the period under review against Rs0.73 in the same period last year.
PQ activity
KARACHI: The Port Qasim handled 28,972 tons of cargo, comprising 17,972 tons of import and 11,335 tons of export cargo during last 24 hours ended 0800 hours on Monday. Berth occupancy was recorded at 55 per cent. Six ships were loading/offloading containers, cement, sugar and palm oil during the reported period. Four ships sailed out to sea during last 24 hours. Three ships carrying containers, cement and diesel oil were expected to take berth at the Containers Terminal, Multi Purpose Terminal and FOTCO Terminal on Monday, while four ships are due on Tuesday.
Oil rises
NEW YORK: Oil rose on Monday as strong manufacturing data from the United States and China stoked optimism for a turnaround in the economy and in fuel demand.US crude rose 81 cents to $77.81 a barrel by 10:56 am EST (1556 GMT), after dropping $2.87 on Friday. Brent crude rose 96 cents to $76.16 a barrel.
Iran needs $3.8bn for gasoline imports
TEHRAN: Iran needs an additional $3.8 billion to pay for gasoline imports until March 2010 and experts have proposed cutting the subsidised quota of the fuel this winter, a senior official said in comments published on Monday. Iran is the world’s fifth-largest crude exporter but lacks sufficient refining capacity to meet domestic gasoline needs, forcing it to import large volumes which it then sells at heavily subsidised prices, burdening the budget.
India tenders for rice import
HAMBURG: Indian state-owned trading company PEC has tendered to buy 10,000 tonnes of rice, European traders said on Monday. The move brings Indian rice tenders from state-backed agencies to 30,000 tonnes following separate tenders from the State Trading Corporation and MMTC. Official sources had told Reuters on Oct 30 India may import 30,000 tonnes of rice via three state-owned agencies to prevent possible shortage after severe weather ravaged rice fields this year. The PEC tender is for white rice for shipment in November and bidding deadline is Nov. 9. The separate STC and MMTC tenders also close on Nov 9.