profitepaper pakistantoday 23rd January, 2013

PIA suffered Rs401m losses in Hajj operation 2012,Senate told

ISLAMABAD

APP

Pakistan International Airlines (PIA)has suffered financial losses to the tuneof Rs 401 million in Hajj operation 2012,Minister for Defence Sardar SaleemHaider said Tuesday.Answering the question of BegumNajma Hameed in Upper House, he saidPIA had demanded Rs 108,500 as Hajjfare but the Ministry of Religious Affairshad fixed much lesser fares thatprompted the financial losses to the PIA.He said the financial health of PIA wason constant increase. A total of nine aircrafts were being purchased on drylease. Out of which four air crafts wouldarrive in April while remaining fiveplanes would arrive by December thisyear, he said.PIA was on operational profit since lastfive years. Currently PIA has 38 aircrafts out of which 25 planes were oper-ational.PIA incurred losses up to Rs 141 billionfrom 2002 to 2012. New recruitmentshave been banned; transfers and postingwere being done on merit. Respondingto the question of Abdul Haseeb Khan,the minister said the corrupt officials ofPIA were being punished.Haseeb said he must be told the namesand action taken against the corrupt. Onthis the chairman referred the matter toSenate’s Standing Committee on De-fence to probe the matter and allowedthe interesting members to attend themeeting of the committee.

Pakistan to attendtrade fair in China

FAISALABAD

APP

The South Asia trade fair 2013 will beheld at Kunming city in China in June.A large number of textile exporters,traders from Faisalabad, Lahore andKarachi will participate in the trade fair.According to a spokesman for PakistanTextile Exporters Association (PTEA),stalls of sports articles, surgical prod-ucts, handmade carpets, leather prod-ucts, shoes, rice, wood, marble, herbal,plastic and engineering and auto partswill be part of the trade fair.He said the fair would begin from June6 and continue till June 10. Pakistanhopes to receive orders in a large num-ber for its products during the fair, thespokesman added.

Wednesday, 23 January, 2013

KARACHI

STAFF REPORT

IRAN Tuesday showed interestin embarking on joint ventureprojects with Pakistan in power,energy, shrimp farming andother sectors related to infra-

structure development.“Iran and Pakistan are ideally lo-

cated and they must exploit all means ofbusiness needed for the expansion oftrade between the two countries,” saidMehdi Sobhni, Consul General of Iran inKarachi, while meeting Sindh Board ofInvestment (SBI) Chairman MuhammadZubair Motiwala at his office here yes-terday.

The Iranian consul generalexpressed interest in thejoint venture projectswith Pakistan invarious fields.

Mehdi in-vited Pakistanidelegation tovisit Iranianbusiness housesand chambers forfurther invest-ment promotions.

On the occa-sion, Motiwala said the visit of an invest-ment delegation to Iran was muchawaited and the SBI was planning to or-ganise it in a month time.

He said Iran-Pakistan hadbeen involved in cross bor-

der trade through longborder since

ages and itwas hightime thatboth Pakistan

and Iranshould furthers t r e n g t h e ntheir brotherly

relations to thehighest peal.

The SBI chairman gave detailedbriefing to the participants and in-formed about special incentive packagesbeing offered by the Government of Pak-

istan for foreign investors.“We have success stories of Lotte of

Korea which is further expanding itsbusiness in Pakistan and UK is thebiggest investor in Pakistan in varioussectors which shows Pakistan is a safedestination for business investors,” hesaid.

Motiwala also instilled on the worldclass 175 billion tonnes of coal reservesin Sindh province, which had been veri-fied by RWE of Germany. Both sides af-firmed to collaborate and cooperate witheach other in different sectors of econ-omy.

Also present were Sattar SultanShahi, Commercial Consul of IranianConsulate, and other officers of SBI.

Iran keen to do joint ventureprojects with Pakistan

KARACHI

STAFF REPORT

The stock market closedat a three-week high yes-terday, driven by opti-mism over upcomingcompany results, traderssaid. The Karachi StockExchange’s (KSE) bench-mark 100-share indexended 1.52 per cent, or253.28 points, higher at16,894.09. “Aggressiveinstitutional buyinghelped equities to gain1.5 per cent with improv-ing volumes,” said SamarIqbal, a dealer at ToplineSecurities. “(The) Reduc-tion in political tempera-ture coupled with likelyannouncements of De-cember results compelledinvestors to buy qualitystocks.” Fauji Fertilizerwas up 1.72 per cent to120.65 rupees per share,while Fauji Cement rose1.37 per cent to 7.40 ru-pees. Another strong per-former, National Bank,climbed 5 per cent to51.26 rupees per share.

KARACHI

STAFF REPORT

The central bank Tuesday asked the banks offer-ing Islamic banking and those conventionalbanks having Shariah-complaint branches touse specific nomenclatures while formulatingtheir financial statements.

The State Bank said the move was aimed atstreamlining and standardising disclosures ofthe Islamic banks and/or the Islamic BankingBranches (IBBs).

To achieve the goal, the regulator issued acircular Tuesday that required the concernedbanks to rename in their balance sheet the head‘financings’ and the related note as “Islamic Fi-nancing and Related Assets”.

It said all financings, advances (againstMurabaha etc.), inventories and any other re-lated item(s) pertaining to Islamic modes of fi-nancing, presently being reported under ‘Other

Assets’ or any other head, shall be mentionedunder the above head.

“The break-up of ‘Islamic Financing and Re-lated Assets’ into Islamic modes of financingand their respective subdivision into financings,advances, inventories and any other relateditem(s) shall be reported in the notes to finan-cial statements,” the State bank said.

The IBBs too have been asked to rename theheads on their balance sheets accordingly.

The SBP said the disclosure for IBBs con-tained in Annexure-2 to BSD Circular No. 04, is-sued February 17, 2006, also stood amended asper above instructions.

“All Islamic Banks/Islamic BankingBranches have been advised by SBP to complywith the above-mentioned instructions whichhave been made effective from December 31,2012 while reporting their annual, half-yearlyand quarterly financial statements,” the centralbank said.

SBP moves to streamline disclosures of Islamic banks, IBBs

ISLAMABAD

ONLINE

Dr. Asim Hussain Advisor to the Prime Min-ister on Petroleum and Natural Resourceshas said that LNG import and LPG Air mixprojects need to be urgently completed tominimize the gap between gas supply anddemand. He said this while chairing a meeting of ECCCommittee on LNG import project here inIslamabad yesterday that was also attendedby Petroleum Secretary, SSGCL MD, SNGPLMD, PSO MD, Member Energy PlanningCommission of Pakistan, Senior officers ofFinance Division and Ministry of Petroleumand Natural Resources.He however, emphasised that the processshould be completely transparent and asper PPRA Rules.SSGCL briefed the participants regarding

the bidding process of LNG import and in-formed that PGPL, ETPL and GEI submittedbids and the same were opened on 9th Jan-uary, 2013 which was the opening date asper advertisement. It was informed thatPGPL bid reached the SSGC after the cut-offtime, while the bid security submitted byGEI was less than the required amount.After detailed discussions on this situation,it was decided that this issue would betaken up with ECC for advice on way for-ward, in order to ensure transparency andmerit.Dr. Asim Hussain reiterated that the LNGimport project would be completely trans-parent and PPRA rules would be followed inletter and spirit. He further said that thetwo projects i.e. LNG import and LPG Airmix were urgently required to be completedso that additional gas was injected into thesystem.

LNG import to be completelytransparent: Dr Asim Hussain

PTCL offers free

balance for Vfone

customersISLAMABAD

ONLINE

Pakistan Telecommunications CompanyLimited (PTCL) has launched an excitingoffer for its Vfone customers, enablingthem to avail free balance of Rs. 1000.The offer had been specially launchedfor customers, who have not rechargedtheir account since Aug 10, 2012. Cus-tomers can avail this service by callingor sending a SMS at 7711. Valid for 15days from the day of activation, the freebalance of Rs 1000 can be utilised bycustomers for Vfone to Vfone and Vfoneto PTCL calls, Internet and SMS serv-ices.PTCL Executive Vice President (EVP)Wireless Business Omar Khalid said atthe occasion, “Serving the needs of ourcustomers remains our top priority andwe are striving to exceed their expecta-tions. With PTCL Vfone, our customersenjoy on-the-go voice and data connec-tivity at most affordable rates”.PTCL Vfone has the country’s largestWireless Local Loop (WLL) coverage andis available with both prepaid and post-paid options. Vfone enables customersto enjoy unlimited free calls from Vfoneto Vfone and Vfone to PTCL landlinethrough ‘Family & Unlimited packages’. Vfone also offers SMS facility to all net-works for only Rs. 0.30 per SMS whileinternet charges are Rs. 2.00 per 15 min-utes.

StockS market cloSe

at a three week high

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BusinessWednesday, 23 January, 2013

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERNestle Pakistan Ltd. 4505.00 4600.00 4600.00 4600.00 95.00 460Bata (Pak) 1250.00 1285.00 1284.00 1285.00 35.00 100Indus Dyeing 649.99 682.48 654.00 669.41 19.42 600MithchellsFruit 310.00 325.50 324.95 325.50 15.50 500Fazal Textile 257.42 270.29 270.29 270.29 12.87 100

Major LosersUnilever Food 4000.00 3800.00 3800.00 3800.00 -200.00 80Rafhan Maize Prod. 3515.00 3690.00 3485.00 3485.00 -30.00 60Sapphire Textile 230.00 229.00 218.50 222.75 -7.25 400Pak Services 159.95 160.00 153.00 154.17 -5.78 5,900Premier Suger Mills 83.97 87.50 79.77 80.02 -3.95 20,000

Volume Leaders

Fauji Cement 7.30 7.48 7.30 7.39 0.09 14,243,000Jah.Sidd. Co. 15.30 15.88 15.34 15.69 0.39 12,065,500Maple Leaf Cement 15.92 16.37 16.00 16.22 0.30 11,936,500P.T.C.L.A 16.25 17.05 16.05 16.86 0.61 9,851,500National Bank Pak 48.82 51.26 48.98 51.26 2.44 9,664,000

Interbank RatesUS Dollar 97.7123UK Pound 154.5515Japanese Yen 1.1023Euro 129.9671

Dollar EastBUY SELL

US Dollar 98.60 99.30Euro 129.94 132.15Great Britain Pound 154.86 157.44Japanese Yen 1.0949 1.1125Canadian Dollar 97.88 100.15Hong Kong Dollar 12.45 12.74UAE Dirham 26.65 27.05Saudi Riyal 26.15 26.49Australian Dollar 102.71 105.91

02

Pring wins 2012 Red Herring

Top 100 Asia Award

HONG KONG: Pring (e-Business Pvt Ltd) hasbeen honoured as a winner of the 2012 Red Her-ring Top Asia 100. This prestigious award recog-nises the most promising and innovativetechnological companies in Asia selected from apool of hundreds of finalists. The award was re-ceived by Zibber Mohiuddin, Chairman Pring, atthe auspicious event hosted by Red Herring inHong Kong. Red Herring’s editorial staff evalu-ated the companies on quantitative and qualita-tive criteria. This includes financial performance,technological innovation, management and theirtrack record, relevant to their sector peers. “Thisaward is a validation of our groundbreakingachievements that allow us to deliver unmatchedvalue to our customers and partners,” says DrMuqtaza Shah, CEO of Pring “Previous winners ofthis award have gone on to achieving tremendoussuccess and I am proud to be a Pakistani companyfinally on this list.” Pring is Pakistan’s largest so-cial network with more than 4,500,000 users. Ithas been designed from the ground up to workboth on mobile phones and the Internet allowingaccess to social networking to an unprecedentednumber of users. PR

Mandarin Oriental and Etihad Guest

unveil frequent flyer partnership

KARACHI: Mandarin Oriental Hotel Group hasannounced that it has signed a new partnershipwith Etihad Guest, the loyalty programme of Eti-had Airways. Mandarin Oriental Hotel Group isthe award-winning owner and operator of some ofthe world’s most prestigious hotels and resorts.The Group now operates, or has under develop-

ment, 45 hotels representing 11,000 rooms in 28countries, with 19 hotels in Asia, 13 in The Ameri-cas and 13 in Europe, Middle East and NorthAfrica. In addition, the Group operates, or hasunder development, 14 Residences at MandarinOriental connected to its properties. Etihad Guestmembers can now earn 500 miles for each eligiblestay in a room, or 800 miles in a club room orsuite, at any of Mandarin Oriental’s participatinghotels worldwide. In addition, Etihad Guest Goldand Gold Elite members will enjoy special benefitsat the Group’s hotels including upgrades, earlycheck-in and late check-out [subject to availabil-ity]. To celebrate the launch of this new partner-ship, Mandarin Oriental Hotel Group and EtihadGuest are delighted to offer double miles to EtihadGuest members booking Luxury Breaks at Man-darin Oriental Hotel Group properties and stayingin a room, and triple miles for suite bookings,from 15 January to 15 April 2013 [Terms and con-ditions apply]. PR

Coca-Cola encourages random acts

of kindness through ‘Crazy for Good’

KARACHI: Continuing the journey of spreadinghappiness, Coca-Cola has unveiled a new cam-paign called ‘Crazy for Good’, as part of their Cul-tural Leadership program. The campaign projectsto seed kindness into the mindset of the people ofPakistan by promoting random acts of kindness tospread goodness in society. The campaign isdriven by the insight that people have lost sight ofthe kindness they are born with, to the extent thatwhen someone commits an act of kindness theyare considered crazy. Through ‘Crazy for Good’,Coca-Cola will be celebrating people who do ran-dom acts of kindness; and use this positive disrup-tion to inspire others to play their role too, inbringing a constructive change in society. Thiscampaign is an extension to the Company’s Cul-tural Leadership program which in 2012 launchedits ‘Reasons to Believe’ Campaign, celebrating themany reasons to believe in Pakistan to reignitefaith and hope for a better future. In the midst ofthe dynamic situation of Pakistan today, portray-ing a boiling pot of ideas and bubbling sentimentsawaiting winds of change, Crazy for Good takesthe Cultural Leadership program a step furtherand endeavors to promote kindness and goodnessat an individual platform, calling to people to ac-tively play their role by committing Random Actsof Kindness to make the world a happier place forall of us. While speaking about the Crazy for Goodcampaign, Rizwan U. Khan, General Manager, TheCoca-Cola Export Corporation, Pakistan stated“Kindness is the social thread that binds societytogether; but unfortunately, people underestimatethe power of kindness. As a Company that is syn-onymous with attributes of happiness, optimismand joy, we decided to take the message of ran-dom acts of kindness and their potential of open-

ing happiness for the people of Pakistan forwardin an interactive and engaging way.” PR

Checkout TSM Online Exclusive

Collection at Daraz.pk

KARACHI: Tsm& Co. the new trend setters in theformal shoe business are now stocking with onlinemegastore Daraz.pk. The brand is well known andexcels in making customized shoes for its cus-tomers. Tsm& Co. recently joined hands with theonline giant to make their presence prominent inthe market. Company founded by young profes-sional backs itself on the quality and artistic de-signs that have been missing among many brands.Their shoes are made of premium quality calfleather, and patented multilayered Italian calf skinsoles for absolute luxury, their shoes are the epit-ome of comfort and class. Each order is rigorouslychecked before it handed over to the customer.“Pairing up with Daraz.pk will only enhance ourbrand more and extend our offering to a greateraudience,” said Hambal Akif, CEO of Tsm & Co. Hefurther added, “We don’t just offer good shoes, we

offer a complete experience”. PR

PACRA assigns ratings to IESCO

ISLAMABAD: The Pakistan Credit RatingAgency (PACRA) has assigned Long-term entityrating of “A+” (Single A Plus) and short-term rat-ing of “A1” (A One) to Islamabad Electric SupplyCompany Limited (IESCO). The ratings denote alow expectation of credit risk. The capacity fortimely payment of financial commitments is con-sidered strong. The ratings of IESCO derivestrength from ownership of Government of Pak-istan (GoP) through Ministry of Water and Power.Given the strategic importance of the company tothe economy, support from GoP is expected ifneed arises. Majority of loans availed by the com-pany are re-lent by GoP. Meanwhile, flexible re-payment terms as extended by GoP, furtherprovide comfort to the ratings. On a standalonebasis IESCO’s operational performance againstkey parameters- T&D losses and Recovery Ratio-remains strong. Supply deficit nature of industryand tight regulatory environment implies lowbusiness risk for IESCO. PR

CORPORATE CORNER

Abacus receives SAPExcellence awardLAHORE: AbacusConsulting has an-nounced it is the recipient of a SAP Re-gional Partner Excellence Award 2013 inthe category “Top Mobile Partner of theYear across the APJ region.” Award waspresented by NYSE: SAP during theSAP® Asia Pacific Japan (APJ) Kick-OffMeeting (FKOM) 2013, held Jan. 14-16 inSingapore, to the top-performing SAPchannel partners and SAP services part-ners in the APJ region for outstandingcontributions that impact overall SAPsales and pipeline-generation goals.Abbas Ali Khan, Partner at AbacusCon-sulting, said on the occasion that “Abacus-Consulting has a core focus on mobility aswe believe that the mobile platform offersgreat new opportunities for the enterpriseof today. We are helping our clients lever-age the mobile platform and positioningtheir businesses for the future. Workingwith SAP on Mobility is extremely re-warding – they have the best capabilitieson the mobile platform and they areequally excited about the role of mobile inthe future. In 2012, we achieved a greatdeal within the Mobile Banking space andare thrilled that SAP has recognized us atthe Asia Pacific level”. AbacusConsultingreceived the award during the SAP APJFKOM 2013, an annual gathering of SAPexecutives, SAP field employees andpartners. “A thriving partner ecosystemis central to SAP’s success, and partnerslike AbacusConsulting are key driversfor our customers’ success and for SAP’smarket reach,” said Bronwyn Hastings,senior vice president, Ecosystem &Channels, SAP APJ. PR

ISLAMABAD

APP

THE food exports of the country dur-ing first half of financial year 2012-13 increased by 4.82 percent ascompared to same period of lastyear. The exports of overall food

group were recorded at $2.054 million duringJuly-December (2012-13) against the exports of$ 1.959 million during July-December (2011-12).

According to data of Pakistan Bureau of Sta-tistics (PBS), the food exports from the countryon month on month basis also increased by 14.34percent and 18.01 percent during December2012 when compared with December 2011 andNovember 2012 respectively.

The food exports increased from $384.493 million in December 2011 and $374.465 million in November2012 to $ 441.923 millionin December 2012.

The major foodi t e m sw h i c hrecordedincreasein their ex-ports during the firstsix months of current finan-cial year over same period of lastyear include sugar (100%), meat and meatpreparations (43.74%), fish and fish prepara-tions (2.64%), vegetables (38.28%), spices

(25.07%), oil seeds, nuts and kernels (41.6%%)and all other food items (17.31%).

Similarly the food items whichrecorded decrease in their exportsinclude rice (12.33%), fruits(1.77%), pulses (56.68%), to-bacco (40.91%) and wheat(61.49%). The overall exports

from thecountry wit-n e s s e dgrowth of7.58 percentduring theperiod July-D e c e m b e r(2012-13) ascompared tosame periodof last year.

E x p o r t sfrom thecountry dur-ing July-De-c e m b e r( 2 0 1 2 - 1 3 )were recordedat $ 12.0513billion againstthe exports of$ 11.201 bil-lion during thesame period oflast year.

FOOD EXPORTS POST AN INCREASE OF 4.82%

ISLAMABAD: Roots National Institute ofTeachers Training & Education-RNITTE hasstarted its second batch of “Cambridge Interna-tional Certificate for Teachers & Trainers -CICTT”, after the success of RNITTE’s first batchin year 2011. RNITTE has shortlisted 30 poten-tial candidates for this high profile course. Cam-bridge International Examination –CIE is theworld’s leading provider of International qualifi-cations and assessments and it is the benchmarkof teaching excellence. The Certificate for Teach-ers and Trainers provides a practical introduc-tion to key issues such as active learning. It isrelevant to teaching and training in all contexts.It will help teachers and trainers quickly to start

updating their skills and enhancing their prac-tice, e.g. by introducing a new approach intotheir teaching in a systematic, thoughtful and ef-fective manner. The Certificate is assessedthrough a practice-based assignment involvingthree professional activities that are highly rele-vant not only to the individual teacher or trainerbut also to her/his institution. Candidates willselect three activities which they will design, de-velop, carry out and will reflect upon their re-spective designed activities. This will involvebrainstorming of ideas, decision-making, design,action and evaluation. Training sessions are car-ried out by the team of Certified ProgrammeLeaders and Cambridge Certified Teachers. PR

RNITTE conducts Cambridge teacher training course

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