Cotton production target unlikely to achieve: APTMA

Persistent rains in cotton belt areas of Sindh and Punjab have destroyed approx 1.5 million to 2 million bales, said by All Pakistan Textile Mills Association (APTMA)-Chairman-Ijaz Gohar on Tuesday.

While addressing a press conference APTMA chairman said that Pakistan would not be able to export cotton as production target of 16 million cotton bales is unlikely to be achieved,

In current year as cotton production was expected to exceed 15 million bales but heavy rains and standing water in cotton belts have damaged around 1.5 to 2 million bales during current monsoon season which will affect country exports.
However, around 14 million bales of cotton expected which would be sufficient to fulfill demand of local textile sector.

DGKC reports 27 percent decline in net profit

The Board of Directors of DGK Cement (DGKC) met on Wednesday to review the company’s financial and operating performance for the year ended June 30, 2011.

The Net Profit after Tax (NPAT) of the company declined by 27 percent and recorded at Rs 170.96 million as compared to Rs 233.02 million recorded in same period last year, according to the notice issued by company to Karachi Stock Exchange (KSE).

The Earnings per share (EPS) of the company stood at Rs 0.45 as compared to Rs 0.7 recorded in preceding year. Moreover, the company has not announced any payout in form of dividend or bonus shares for shareholders.

Bolan Casting declares closing period

Bolan Casting Limited (BCL) has declared the “Closed Period” from September 8, 2011 to September 14, 2011 in a notice issued to Karachi Stock Exchange (KSE) on Wednesday.

The company’s board of directors meeting will be held on Wednesday, September 14, 2011 to consider the annual accounts of the company for the year ended June 30, 2011.

According to Code of Corporate Governance of the Exchange, no Director, CEO or Executive shall, directly/indirectly, deal in the shares of the company in any manner during the closed period.

Bawany Air Products Ltd declares its closing period

Bawany Air Products Limited (BAPL) has declared the “Closed Period” from September 20, 2011 to September 30, 2011 in a notice issued to Karachi Stock Exchange (KSE) on Wednesday.

BAPL Board of Directors meeting will be held on Thursday, September 29, 2011 to consider among other things the annual audited accounts for the year ended 30 June 2011.

According to Code of Corporate Governance in the Listing Regulation No.37 of the Exchange, no Director, CEO or Executive shall, directly/indirectly, deal in the shares of the Company in any manner during the Closed Period.’

From: Halal Tamweek

Annual general meetings schedule

Companies have announced their annual general meetings in which they would receive and adopt the audited accounts for the year ended on June 30, 2011.

Pakistan State Oil

Pakistan State Oil (PSO) 35th Annual General Meeting will be held on Thursday, September 29, 2011. In the meeting board of directors of the company would approve final cash dividend of 20 percent in addition to the interim dividend of 80 percent already paid, thereby making a total dividend of 100 percent for the year ended June 30, 2011.

Pakistan Cables Limited

Tata textile announces cash dividend of Rs 3

The Board of Directors of Tata Textile Mills Ltd met on Wednesday to review the company’s financial and operating performance for the year ended June 30, 2011.

The Net Profit after Tax (NPAT) of the company declined to Rs 3.034 billion against Rs 4.406 billion in the same period last year, according to a notice sent to the Karachi Stock Exchange on Wednesday.

The Earnings per share (EPS) of the company also declined to Rs 17.52 as compared to Rs 25.43 recorded in preceding year.

However, the company has also declared a cash dividend of Rs 3.00 per share i.e. 30 percent for shareholders.

PTCL yearly profits decline by 19.75pct

Pakistan Telecommunication Company Limited (PTCL) total comprehensive income for the financial year 2011 (FY11) fell by 19.75 percent to Rs 7.458 billion as against of Rs 9.294 billion in the same period last year, mentioned in a notice issued by the company to Karachi Stock exchange.

Earnings per share (EPS) of the company also declined to Rs 1.46 during the period as compared to Rs 1.82 in the corresponding year.

Company board of directors in their meeting held on Wednesday approved financial information of the company for the year ended June 30, 2011. The company did not declare any cash dividend nor bonus shares during the period.

ISE surges 35 points

The Islamabad stock market witnessed a firm trading session on Monday as the ISE 10-share index was up by 35.15 points to close at 2,412.60 points from its previous level of 2,377.45 points. Of the total 123 participant companies, 66 climbed upward and 57 turned negative.

However, total turnover decreased to 0.075 million shares from 0.147 million shares at the opening of the day, showing a difference of 0.075 million shares. National Refinery was the top gainer as its share value rose Rs 6.93 to close at Rs 367.60 after opening at Rs 360.67.

KSE increases 92 pts on political development

The Karachi stock market observed a bullish trading session on the first trading day of the week Monday on renewed foreign interest in fertilizer and bank scrips.

Analysts said political stability after expected government alliance with key coalition partner was the major reason for the positive trend.

“Stocks closed higher at KSE on renewed institutional and foreign interest in an oversold market led by blue chips – fertilizer and bank scrips,” said Arif Habib Investments Ltd Director Ahsan Mehanti. “Sentiment remained positive on political stability after expected government alliance with key coalition partner.”

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