Briefs

KAPCO posts profits

By our correspondent

KARACHI: Kot Addu Power Company (KAPCO) reported 3.67 percent decline in half-year net profit on Tuesday.

The power company announced net profit of Rs4.171 billion for July-December 2016, which is 3.67 percent lower than the profit of Rs4.33 billion earned the same period last year.

The earnings per share (EPS) for the period under review clocked in at Rs4.74 compared with Rs4.92 last year. The company also announced first interim dividend of Rs4.3/share along with the corporate results.

The net sales for the period ended December 31, 2016 stood at Rs32.916 billion compared with sales of Rs34.434 billion last year. Other income however surged by 16.7 percent to Rs2.3 billion.

For the quarter ended December 31, 2016, KAPCO announced a net profit of Rs1.85 billion translating into EPS of Rs2.11, as against the profit of Rs2.22 billion and EPS of Rs2.53 the same period last year. 

Property survey to start from Sukkur

KARACHI: A door-to-door property survey will be conducted across the province of Sindh with the help of geographical information system, a statement said on Tuesday.

“The survey, which starts from Sukkur, will be extended to other parts of Sindh later on,” Provincial Minister for Excise, Taxation and Narcotics Control Mukesh Kumar Chawla said in a meeting with Secretary ET&NC Abdul Haleem Shaikh. 

According to the statement, the minister directed secretary ET&NC the survey officers should be trained to use modern technology.

“In order to make the survey successful, the surveyors should leave no door un-knocked at and no precaution untaken,” said he. 

In his reply, secretary Shaikh told the minister that Excise and Taxation Department would very soon engage a well-reputed company for conducting the property survey. 

“A considerable time has passed since a property survey was done,” he said, adding, the proposed survey, using modern technology, will not only enable us to get comprehensive data but it will also increase revenue in term of property tax.

Govt deputes 13 commercial officers

ISLAMABAD: Commerce minister Khurram Dastgir said on Tuesday that the facility of GSP plus granted to Pakistan by the European Union would remain intact till the end of 2023.

Addressing a function at Faisalabad Chamber of Commerce and Industry, he said some elements were expressing undue apprehensions about the disruption of GSP Plus facility, Radio Pakistan reported.

The minister asked Pakistani exporters to fully concentrate on enhancing their exports to the potential markets in EU countries.

He said the government has deputed thirteen commercial officers in various potential countries and businesses should remain in touch with them to avail their expertise.

Dastgir said Pakistan has inked free trade agreements with China, Malaysia, Sri Lanka, and Indonesia which were under-utilised. He said the business community should fully exploit these agreements.

Belarus eager to export dairy products 

ISLAMABAD: Belarusian Province Brest Oblast wants to export its dairy products to Pakistan in 2017 to promote mutual trade between the two countries.

According to a statement issued by the Belarus Embassy on Tuesday, a meeting was held between Mikhail Serkov, deputy chairman of the Brest Oblast Executive Committee, and Balochistan governor Muhammad Khan Achakzai, who is in Belarus on an official visit.

"We have already done some groundwork to export $2 million worth of merchandise to Pakistan," Serkov said, and added that it was a task for the current year. "We will be able to export dairy products and will secure a market in Pakistan for our other products,” he added.

The head of the Pakistani delegation underlined the need to take concrete steps to promote mutual trade between the two countries. He said that Belarus and Pakistan would reach a new level of mutual cooperation in future.

During the meeting, Anatoly Lis and Muhammad Khan Achakzai agreed that the regions should establish contacts in industrial sector, logistics, civil engineering, education, and tourism as well as other fields.

The delegation visited on an invitation of the governor of Brest Oblast. While in Belarus, representatives of Pakistan are expected to visit top companies in Brest Oblast and hold negotiations with the management. Members of the Pakistani delegation would also meet with officials of Belarusian Industry Ministry.

‘Four big dams built in five years’

ISLAMABAD: As many as four big dams including Satpara, Gomal Zam, Darwat, and Shadi Kaur having a combined storage capacity of 1.11 million acre feet (MAF) were built during the last five years, state news agency reported on Tuesday.

“The dams were constructed in Balochistan, Sindh, South Waziristan and Gilgit-Baltistan,” Associated Press of Pakistan (APP) quoted official sources as saying. 

Giving details, they said Satpara Dam (0.053MAF) was completed in June 2012, Gomal Zam Dam (0.892 MAF) in September 2013, Darawat Dam (0.087) in August 2014, and Shadi Kaur Dam (0.037 MAF) in October 2016. 

“These dams were constructed mainly for water storage and agriculture purpose,” they said adding, however, cheap hydel electricity was also being generated from the Gomal Zam Dam.

The APP also learned that 20 small dams (0.036 MAF) were constructed in Balochistan under ‘100 small dams project’ during the period besides rehabilitating Akra Kaur Dam (Balochistan). 

“Furthermore, some 13 big and small dams including Nai Gaj Dam (Sindh), Kurram Tangi Dam (FATA), Diamer Basha (GB), Ghabir Dam (Punjab), Sanam, Palai and Kundal, Basool Dam (Balochistan) and Mangi Dam etc. were under construction across the country,” they added.

BHP posts soaring profit

Sydney: Mining giant BHP Billiton reported on Tuesday a dramatic rebound in half-yearly profits on the back of soaring iron ore prices and improved productivity.

The underlying profit of $3.2 billion and earnings before tax of $9.9 billion for the last six months of 2016 exceeded expectations. "This is a strong result that follows several years of a considered and deliberate approach to improve productivity and redesign our portfolio and operating model," chief executive Andrew Mackenzie said.

The Anglo-Australian mining giant announced a 40 cent interim dividend per share which eclipsed analyst projections of about 30 cents.

In January the company reported record Australian iron ore production in the last six months of 2016 after a 28 percent surge in the price of the commodity, compared to the corresponding period in 2015.

The latest results show a 157 percent increase in underlying profit from a year ago and a 65 percent year-on-year jump in earnings before tax, marking a significant turnaround in the company's fortunes.

BHP posted an annual net loss of $6.39 billion, its worst ever result, for the year to June 30 2016 as the industry battled big declines in commodity prices. For copper, BHP said it would revise output guidance at Chile's Escondida mine, the biggest in the world, where 2,500 workers are on strike.

"We are confident in the long-term outlook for our commodities, particularly oil, with markets expected to rebalance in the near-term, and copper where we expect a deficit to emerge in the early 2020s," Mackenzie said.