Infrastructure Development in Pakistan
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Corporate results: Indus Motor’s profits go up 15%
Rev up: Rs49.28 was the EPS in FY14 compared to an EPS of Rs42.72 during the previous year. PHOTO: INDUS MOTOR COMPANY
KARACHI:
Indus Motor Company posted a net profit of Rs3.87 billion in the fiscal year (FY) that ended June 30, up 15% compared to the earnings of Rs3.36 billion in FY13.
Earnings per share (EPS) in FY14 clocked in at Rs49.28 compared to an EPS of Rs42.72 in the previous fiscal year.
“The main reason why the net profit of the company has improved despite dip in volumes was due to a 7% increase in the Pakistani rupee in the third quarter (January-March) 2014,” said Global Research analyst Imran Ahmed Patel.
“Rupee appreciation reduced the cost of imported parts, which is one of the biggest component for assemblers in Pakistan.”
Meanwhile, Global Research stated that the earnings were above market expectations.
“Indus Motor earnings were above our market expectation primarily due to higher than anticipated realised gross margin. This was because of the rupee appreciation in third quarter (January-March) of fiscal year 2014,” Global Research commented.
The company registered an earning of Rs1.55 billion or an EPS of Rs19.75 during the fourth quarter (April-June) of the fiscal year, depicting a decline of 5% year on year (and up 60% quarter on quarter).
The company’s board of directors announced a final cash dividend of Rs23.5 per share, taking the cumulative payout to Rs29.50 per share.
Sales declined 11% year-on-year to Rs57.06 billion during FY14 against Rs63.83 billion recorded during the last year. The primary reason for the decline in the company’s revenues was due to the discontinuation of the 10th generation Toyota Corolla model in July 2014, Global Research report added.
Moreover, imposition of 10% federal excise duty (FED) on Toyota Fortuner during fiscal year 2014 also negatively impacted the company’s volumetric sales for the said brand.
Consequently, the company’s completely knocked-down (CKD) sales declined 10% year-on-year to 33,997 units. On a quarterly basis, the company’s CKD sales clocked in at 7,270 units during fourth quarter 2014, down by a hefty 39% year on year (37% quarter on quarter).
Consequently, Indus Motor’s revenues registered at Rs12.30 billion during the period.
During the fourth quarter, the company experienced a significant improvement in its gross margin because of the rupee appreciation in the third quarter 2014.
As a result, the company’s gross margin clocked in at 14.7% during the period, despite a price cut offered on Toyota Corolla. On March 21, 2014, Indus Motor announced a 1-2% price cut on its different car models.
Bright future ahead
Patel added that the introduction of the new Corolla model will improve its sales and profits. The recent depreciation of the rupee by 3% is also going to hit the profitability of the company in the next quarter.
Bilateral trade: GATE Pakistan launched in Berlin
Michael Koch launched the German-Pakistani business platform GATE . (NNI)
ISLAMABAD:
Special representative of the German government for Pakistan and Afghanistan and former ambassador in Islamabad, Michael Koch, launched the German-Pakistani business platform GATE (German Association Trade and Economy) during a ceremony at the Federal Foreign Office in Berlin. According to a press release, the ceremony brought together business representatives from Pakistan and Germany as well as diplomats from both countries.
GATE Pakistan will be an organisation that would push for the development of trade and investment projects between the two countries. The Pakistan embassy in Berlin and the German embassy in Islamabad will serve as patrons, through the respective ambassadors, Syed Hasan Javed and Cyrill Nunn. They expressed their support for GATE Pakistan during the founding ceremony, together with Germany’s Consul General in Karachi Tilo Klinner.
Nunn said, “It is a concrete step to unlock the huge potential for dynamic growth in economic relations.”
New Islamabad airport: Dam to ensure uninterrupted supply
The CAA is responsible for execution of the advanced feature in the airport, which will be the first green field airport of Pakistan.
ISLAMABAD:
In a bid to provide constant water supply to the new Islamabad International Airport, the Civil Aviation Authority (CAA) has decided to construct a sustainable rain water dam.
This would be constructed in coordination with Small Dams Organisation, Islamabad, according to the CAA project director.
The CAA is responsible for execution of the advanced feature in the airport, which will be the first green field airport of Pakistan with the facility to cater for the largest commercial aircraft presently operating worldwide.
A consultant is being engaged to conduct a complete survey of the area measuring 18.4 kilometres and prepare an initial report. The report, to be submitted soon, will suggest various economically viable options available for installing a perimeter intrusion detection system in line with international standards.
The government has set the end of May 2015 as the new deadline for the completion of the new airport.
According to official sources, 98% of the civil works and hydrant refueling systems and 55% work on the air traffic control system has been completed.
Under the directives of the prime minister, a power plant will be installed to ensure regular electricity to the airport which would cater to the needs of 15 million passengers in a year.
Additionally, the airport will have 15 boarding bridges and will be able to handle 400,000 tons of cargo. The government has ordered the installation of latest baggage handling system at the airport.
New textile policy set to be announced
Hands on: Rs4.4b is the amount allocated by the government to facilitate training sessions for 120,000 textile workers. PHOTO: AFP
ISLAMABAD:
The Ministry of Textile Industry will announce a new policy in the first week of next month.
The new textile policy will include the future strategy for the industry and also comprise a plan to facilitate smaller units for the economic development of the country.
While speaking to the media, Kanwar Usman, the spokesperson for the ministry, said that the policy will be comprehensive, adding that an amount of Rs82 billion has been allocated for the ministry in the budget this year.
“The ministry will consider the plan for a brand development fund to introduce Pakistani products in the international market,” said the spokesperson. “The ministry’s top priority is the smaller components of the industry including hand-made carpet, loom sector and silk-based products. They will also be provided with financial assistance.”
Replying to a question, he said the policy will establish Product Development Centre to facilitate international firms for receiving orders at low costs from small industries.
He added that the ministry would also establish new garment houses in the four big cities of the country to meet competition in the international market.
The spokesman said the government has allocated Rs4.4 billion in the budget to facilitate training sessions for 120,000 textile workers that would equip them with modern skills
Rev up: Rs49.28 was the EPS in FY14 compared to an EPS of Rs42.72 during the previous year. PHOTO: INDUS MOTOR COMPANY
KARACHI:
Indus Motor Company posted a net profit of Rs3.87 billion in the fiscal year (FY) that ended June 30, up 15% compared to the earnings of Rs3.36 billion in FY13.
Earnings per share (EPS) in FY14 clocked in at Rs49.28 compared to an EPS of Rs42.72 in the previous fiscal year.
“The main reason why the net profit of the company has improved despite dip in volumes was due to a 7% increase in the Pakistani rupee in the third quarter (January-March) 2014,” said Global Research analyst Imran Ahmed Patel.
“Rupee appreciation reduced the cost of imported parts, which is one of the biggest component for assemblers in Pakistan.”
Meanwhile, Global Research stated that the earnings were above market expectations.
“Indus Motor earnings were above our market expectation primarily due to higher than anticipated realised gross margin. This was because of the rupee appreciation in third quarter (January-March) of fiscal year 2014,” Global Research commented.
The company registered an earning of Rs1.55 billion or an EPS of Rs19.75 during the fourth quarter (April-June) of the fiscal year, depicting a decline of 5% year on year (and up 60% quarter on quarter).
The company’s board of directors announced a final cash dividend of Rs23.5 per share, taking the cumulative payout to Rs29.50 per share.
Sales declined 11% year-on-year to Rs57.06 billion during FY14 against Rs63.83 billion recorded during the last year. The primary reason for the decline in the company’s revenues was due to the discontinuation of the 10th generation Toyota Corolla model in July 2014, Global Research report added.
Moreover, imposition of 10% federal excise duty (FED) on Toyota Fortuner during fiscal year 2014 also negatively impacted the company’s volumetric sales for the said brand.
Consequently, the company’s completely knocked-down (CKD) sales declined 10% year-on-year to 33,997 units. On a quarterly basis, the company’s CKD sales clocked in at 7,270 units during fourth quarter 2014, down by a hefty 39% year on year (37% quarter on quarter).
Consequently, Indus Motor’s revenues registered at Rs12.30 billion during the period.
During the fourth quarter, the company experienced a significant improvement in its gross margin because of the rupee appreciation in the third quarter 2014.
As a result, the company’s gross margin clocked in at 14.7% during the period, despite a price cut offered on Toyota Corolla. On March 21, 2014, Indus Motor announced a 1-2% price cut on its different car models.
Bright future ahead
Patel added that the introduction of the new Corolla model will improve its sales and profits. The recent depreciation of the rupee by 3% is also going to hit the profitability of the company in the next quarter.
Bilateral trade: GATE Pakistan launched in Berlin
Michael Koch launched the German-Pakistani business platform GATE . (NNI)
ISLAMABAD:
Special representative of the German government for Pakistan and Afghanistan and former ambassador in Islamabad, Michael Koch, launched the German-Pakistani business platform GATE (German Association Trade and Economy) during a ceremony at the Federal Foreign Office in Berlin. According to a press release, the ceremony brought together business representatives from Pakistan and Germany as well as diplomats from both countries.
GATE Pakistan will be an organisation that would push for the development of trade and investment projects between the two countries. The Pakistan embassy in Berlin and the German embassy in Islamabad will serve as patrons, through the respective ambassadors, Syed Hasan Javed and Cyrill Nunn. They expressed their support for GATE Pakistan during the founding ceremony, together with Germany’s Consul General in Karachi Tilo Klinner.
Nunn said, “It is a concrete step to unlock the huge potential for dynamic growth in economic relations.”
New Islamabad airport: Dam to ensure uninterrupted supply
The CAA is responsible for execution of the advanced feature in the airport, which will be the first green field airport of Pakistan.
ISLAMABAD:
In a bid to provide constant water supply to the new Islamabad International Airport, the Civil Aviation Authority (CAA) has decided to construct a sustainable rain water dam.
This would be constructed in coordination with Small Dams Organisation, Islamabad, according to the CAA project director.
The CAA is responsible for execution of the advanced feature in the airport, which will be the first green field airport of Pakistan with the facility to cater for the largest commercial aircraft presently operating worldwide.
A consultant is being engaged to conduct a complete survey of the area measuring 18.4 kilometres and prepare an initial report. The report, to be submitted soon, will suggest various economically viable options available for installing a perimeter intrusion detection system in line with international standards.
The government has set the end of May 2015 as the new deadline for the completion of the new airport.
According to official sources, 98% of the civil works and hydrant refueling systems and 55% work on the air traffic control system has been completed.
Under the directives of the prime minister, a power plant will be installed to ensure regular electricity to the airport which would cater to the needs of 15 million passengers in a year.
Additionally, the airport will have 15 boarding bridges and will be able to handle 400,000 tons of cargo. The government has ordered the installation of latest baggage handling system at the airport.
New textile policy set to be announced
Hands on: Rs4.4b is the amount allocated by the government to facilitate training sessions for 120,000 textile workers. PHOTO: AFP
ISLAMABAD:
The Ministry of Textile Industry will announce a new policy in the first week of next month.
The new textile policy will include the future strategy for the industry and also comprise a plan to facilitate smaller units for the economic development of the country.
While speaking to the media, Kanwar Usman, the spokesperson for the ministry, said that the policy will be comprehensive, adding that an amount of Rs82 billion has been allocated for the ministry in the budget this year.
“The ministry will consider the plan for a brand development fund to introduce Pakistani products in the international market,” said the spokesperson. “The ministry’s top priority is the smaller components of the industry including hand-made carpet, loom sector and silk-based products. They will also be provided with financial assistance.”
Replying to a question, he said the policy will establish Product Development Centre to facilitate international firms for receiving orders at low costs from small industries.
He added that the ministry would also establish new garment houses in the four big cities of the country to meet competition in the international market.
The spokesman said the government has allocated Rs4.4 billion in the budget to facilitate training sessions for 120,000 textile workers that would equip them with modern skills
Last edited:
Muhammad Omar
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ABAD International Expo 2014
According to Express Tribune, Foreign companies that participated in the ABAD International Expo 2014 have signed $200 million worth of trade and investment agreements during the three-day event which was held between 12th and 14th august at Karachi Expo Center. It is also expected to lead to further investment agreements valuing $800 million in the next few months (organizers say)
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Pearl City Faisalabad
According to Express Tribune, Foreign companies that participated in the ABAD International Expo 2014 have signed $200 million worth of trade and investment agreements during the three-day event which was held between 12th and 14th august at Karachi Expo Center. It is also expected to lead to further investment agreements valuing $800 million in the next few months (organizers say)
__________________
Pearl City Faisalabad
Muhammad Omar
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3D View of Metro Bus Project Package-ISB-1 (Faizabad to Peshawar Morr)
Sulman Badshah
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Surprising statistics: Inflation falls to 7% in August
Stark contrast: 113.8% is the increase in price of potatoes in August 2014, compared to the corresponding period in 2013 300,000 tons of potatoes have been approved by the government for duty-free import. CREATIVE COMMONS
ISLAMABAD:
The rapid increase in prices of essential commodities has slowed down to what they were in the post-election period, as inflation fell to 7% on a year-on-year (YoY) basis in August, increasing prospects of a reduced discount rate in the upcoming monetary policy announcement.
Inflation measured by the Consumer Price Index (CPI) – an indicator that captures prices of 481 commodities every month – rose to 6.99% in August on a YoY basis, according to thePakistan Bureau of Statistics (PBS) on Monday. It was the lowest since July last year.
In June 2013, when the PML-N government came into power, the CPI-based inflation had been recorded at 5.9% – jumping to 8.3% within one month. Since then it remained above the 7.5% mark.
The latest reduction has taken the analysts by surprise as they were expecting inflation to clock in at 8.2%. The downward slide was recorded both in the prices of food and non-food items, according to the PBS data. The food inflation slipped to 5.6% while non-food inflation decreased to 8.1%.
In July this year, the overall index rose to 7.9% on a year-on-year basis and there was an almost one percentage point reduction in a single month that highlighted prospects of reduction in the key discount rate. The State Bank of Pakistan (SBP) is expected to announce monetary policy for next two months. In the last monetary policy announcement, the board of the SBP had kept the discount rate unchanged at 10%.
However, according to analysts, SBP may retain the discount rate in a bid to use the monetary policy as a tool to build foreign currency reserves after the recent slide in the level of reserves.
According to the PBS, the rate of increase in prices of perishable food items slowed down to 6.2% year-on-year in August. The prices of non-perishable food items also slowed down to 4.7% last month. Clothing and footwear prices remained at 9.2%.
The highest increase was in the category of alcoholic beverages and tobacco groups as the prices soared by 22.6%.
In food, the price of potatoes increased by 113.8% in August in comparison to the corresponding period of previous year, suggesting measures to curtail the rates were unsuccessful. The federal government has allowed duty-free import of 300,000 metric tons of potato to check the prices in the domestic market. Pulse moong rates increased about 21.5% and there was a 22.8% increase in prices of cigarettes due to increase in taxes from July this year.
The fuel- and food-adjusted inflation also slowed down to 7.8% year-on-year in August, a reduction of 0.4% in a single month. The slowdown in the pace suggests that the inherent risks of double-digit inflation are abating. Independent experts give more importance to core inflation, excluding food and energy, which are susceptible to seasonal price shocks.
The average inflation during the first two months (July-August) of the fiscal year remained at 7.44% as compared to the same period of the previous fiscal.
For the new fiscal year, the government has set the inflation target at 8% as any significant curtailment is not possible due to rationalisation of subsidies, monetary overhang and rising demand, according to the Annual Plan for 2014-15.
Stark contrast: 113.8% is the increase in price of potatoes in August 2014, compared to the corresponding period in 2013 300,000 tons of potatoes have been approved by the government for duty-free import. CREATIVE COMMONS
ISLAMABAD:
The rapid increase in prices of essential commodities has slowed down to what they were in the post-election period, as inflation fell to 7% on a year-on-year (YoY) basis in August, increasing prospects of a reduced discount rate in the upcoming monetary policy announcement.
Inflation measured by the Consumer Price Index (CPI) – an indicator that captures prices of 481 commodities every month – rose to 6.99% in August on a YoY basis, according to thePakistan Bureau of Statistics (PBS) on Monday. It was the lowest since July last year.
In June 2013, when the PML-N government came into power, the CPI-based inflation had been recorded at 5.9% – jumping to 8.3% within one month. Since then it remained above the 7.5% mark.
The latest reduction has taken the analysts by surprise as they were expecting inflation to clock in at 8.2%. The downward slide was recorded both in the prices of food and non-food items, according to the PBS data. The food inflation slipped to 5.6% while non-food inflation decreased to 8.1%.
In July this year, the overall index rose to 7.9% on a year-on-year basis and there was an almost one percentage point reduction in a single month that highlighted prospects of reduction in the key discount rate. The State Bank of Pakistan (SBP) is expected to announce monetary policy for next two months. In the last monetary policy announcement, the board of the SBP had kept the discount rate unchanged at 10%.
However, according to analysts, SBP may retain the discount rate in a bid to use the monetary policy as a tool to build foreign currency reserves after the recent slide in the level of reserves.
According to the PBS, the rate of increase in prices of perishable food items slowed down to 6.2% year-on-year in August. The prices of non-perishable food items also slowed down to 4.7% last month. Clothing and footwear prices remained at 9.2%.
The highest increase was in the category of alcoholic beverages and tobacco groups as the prices soared by 22.6%.
In food, the price of potatoes increased by 113.8% in August in comparison to the corresponding period of previous year, suggesting measures to curtail the rates were unsuccessful. The federal government has allowed duty-free import of 300,000 metric tons of potato to check the prices in the domestic market. Pulse moong rates increased about 21.5% and there was a 22.8% increase in prices of cigarettes due to increase in taxes from July this year.
The fuel- and food-adjusted inflation also slowed down to 7.8% year-on-year in August, a reduction of 0.4% in a single month. The slowdown in the pace suggests that the inherent risks of double-digit inflation are abating. Independent experts give more importance to core inflation, excluding food and energy, which are susceptible to seasonal price shocks.
The average inflation during the first two months (July-August) of the fiscal year remained at 7.44% as compared to the same period of the previous fiscal.
For the new fiscal year, the government has set the inflation target at 8% as any significant curtailment is not possible due to rationalisation of subsidies, monetary overhang and rising demand, according to the Annual Plan for 2014-15.
khanboy007
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location of NGIA
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Muhammad Omar
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Labour Colony Lahore
Signal Free Qainchi, Ghazi & Khaira Junctions
Labour Colony Lahore
Signal Free Qainchi, Ghazi & Khaira Junctions
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Muhammad Omar
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Dolmen Complex Now
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Revival: Railways records impressive revenue
Published: September 4, 2014
Sixty new engines would be added by December PHOTO: MOHAMMAD AZEEM/EXPRESS
ISLAMABAD:
For the first time in 40 years, Pakistan Railways (PR) managed to reduce its deficit and earn Rs6 billion in revenue in the outgoing fiscal year 2013-14. A sum of Rs40 billion has been allocated for PR for the fiscal year 2014-15 to bring improvement in its system, provide better and convenient travelling facilities to passengers.
Sixty new engines would be added by December this year while tenders had been issued to acquire another 75 engines with emphasis on coal-powered ones. Fifty of them would be coal-powered engines of 4,500 Horse Power, more powerful than the existing 3,000 HP ones.
A new train would operate from Hyderabad to Mirpurkhas, while a late-night one would operate on Multan-Lahore route.
Railways would repair its main line-I from Karachi to Peshawar as part of initiatives for Pak-China Economic Corridor. MoUs have been signed for Pak-China Economic Corridor and a sum of Rs380 billion allocated for improving communications infrastructure.
Published in The Express Tribune, September 4th, 2014.
source: Revival: Railways records impressive revenue – The Express Tribune
Published: September 4, 2014
Sixty new engines would be added by December PHOTO: MOHAMMAD AZEEM/EXPRESS
ISLAMABAD:
For the first time in 40 years, Pakistan Railways (PR) managed to reduce its deficit and earn Rs6 billion in revenue in the outgoing fiscal year 2013-14. A sum of Rs40 billion has been allocated for PR for the fiscal year 2014-15 to bring improvement in its system, provide better and convenient travelling facilities to passengers.
Sixty new engines would be added by December this year while tenders had been issued to acquire another 75 engines with emphasis on coal-powered ones. Fifty of them would be coal-powered engines of 4,500 Horse Power, more powerful than the existing 3,000 HP ones.
A new train would operate from Hyderabad to Mirpurkhas, while a late-night one would operate on Multan-Lahore route.
Railways would repair its main line-I from Karachi to Peshawar as part of initiatives for Pak-China Economic Corridor. MoUs have been signed for Pak-China Economic Corridor and a sum of Rs380 billion allocated for improving communications infrastructure.
Published in The Express Tribune, September 4th, 2014.
source: Revival: Railways records impressive revenue – The Express Tribune
Sulman Badshah
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Corporate results: PSO posts 73% rise in profits
The company announced a final cash dividend of Rs4 per share, which is equal to the amount disbursed among shareholders earlier this year. PHOTO: STOCK IMAGE
KARACHI:
Pakistan State Oil (PSO) on Wednesday reported a 73% surge in profits, clocking in at Rs21.818 billion, during fiscal year 2013-14 over the previous year as the country’s largest petroleum supplier reaped benefits of the appreciation of the rupee and inflow of billions in overdue payments.
It announced a final cash dividend of Rs4 per share, which is equal to the amount disbursed among shareholders earlier this year.
“The main reasons attributed to high profit were the exchange gain and the money PSO received following settlement of circular debt,” said Shahid Ali, head of research at Summit Capital. “There was also some improvement in gross margins on petroleum sales. But most of the rise was due to a one-time gain.”
PSO, which has 3,689 outlets across the country, posted a rise of 230% in “other income” during fiscal 2013-14. It increased to Rs19.517 billion, compared with Rs5.9 billion recorded in fiscal 2012-13.
Exchange gain materialises as PSO books furnace oil for import and by the time it has to pay in dollars the rupee appreciates.
Net sales slightly improved to Rs1.187 trillion from previous year’s Rs1.1 trillion.
Vahaj Ahmed of Topline Securities said that sales grew 8% on the back of 8% to10% growth in furnace oil and petrol sales, while gross margin remained unchanged at 3.1%.
Much of the increase in other income was a result of Rs12.2bn the company received from IPPs under penal income on overdue receivables which was not cleared when the government partially resolved circular debt in June 2013, he said.
Moreover, company’s finance costs increased by 26% primarily due to the significant hike in short-term borrowings which reached Rs120.4 billion in March 2014 versus Rs17.3 billion by the end of June 2013.
“Once again, the company remained a major victim of circular debt which crossed Rs500 billion in FY14 despite a major resolution of the problem by the government.”
In fourth April-June 2014, PSO posted net earnings of Rs2.4 billion as against Rs3.3 billion, down 26% over the same quarter of the previous year.
In KP: Rs300m recovered from corrupt officials in two months
- File
MANSEHRA: Anti-Corruption Establishment (ACE), Khyber Pakhtunkhwa, director Ziaullah Toru said on Thursday said that despite hurdles being created by lawmakers his department had arrested 302 officials of different government departments and recovered looted amount of Rs300 million from them during last two months.
“I am thankful to Chief Minister Pervez Khattak who has given a free hand to ACE to end corruption from the province and this is why we have arrested 302 employees, including officers, and recovered Rs300 million in last two months,” Mr Toru told an open forum, which was held here at the Circuit House and attended by lawyers, contractors, revenue officials and members of civil society.
The ACE director said that the chief minister had announced to double the staff of the department. He said that if this was done then there should be no doubt about making corruption-free society. He claimed that ACE had now been playing an important role in curbing timber smuggling and time was not far when the menace would be ended.
ACE chief says KP govt sincere in ending corruption
“During last three months timber smugglers have cut trees of over Rs8 billion in the province and we are working on such big issues not only to protect green gold, but also take action against those involved in this business,” he said.
He said that the government had finalised a policy for conservation of forests and giving share to forest owners, but black sheep in the forest department were being taken to justice.
Mr Toru asked people to come forward to end corruption from the society and inform his department so that action could be taken against the corrupt. He said that every complaint was thoroughly checked by ACE and action taken in genuine cases. He said that his department was also focusing on embezzlement of goods and medicines intended for public at the basic health units and other hospitals in the province.
Mr Toru said that though most of the lawmakers were still following the same path to protect their supporters from ACE, but now their recommendations were turned down for the sake of justice.
Open-source programming: Project initiated to help IT students
Costing Rs35 million, the project is aimed at providing training to IT students with respect to requirements by prospective employers in the software industry. PHOTO: TOCK IMAGE
ISLAMABAD:
A project has been completed that focuses on developing an open-source approach for making students more learned about the skills required for developing industrial strength software.
Costing Rs35 million, the project is aimed at providing training to IT students with respect to requirements by prospective employers in the software industry.
Other objectives were to allow students understand good programming practices through high-quality coding and feedback from professionals who write them. It was also made to address (and resolve) the lack of quality in computer science/software engineering teachers in most universities.
The National ICT Research and Development Fund, Ministry of Information Technology and Telecommunications completed the project in collaboration with the National University of Computer and Emerging Sciences (NU-FAST), in Lahore.
Official sources said education in Software Engineering aims at preparing students for their utilisation of services in the software industry. This could ideally be achieved by involving the students in realistic projects.
They said several attempts have been made to emulate such real life scenario in the classroom environment. However, unavailability of such projects in large number on a continuous basis has resulted in experiments which could not be repeated on large scale, if at all, the sources added.
According to them, the project focused on student participation in developing open-source software which has emerged as a mainstream activity over the last 10 years, and can help in achieving the objectives of practical software engineering.
Open source software development is a very well-coordinated and properly engineered practice on a larger scale as typically, an individual or a small group of people start work on a project. After reaching a certain maturity level, the project is floated as open-source and volunteers are invited to participate in the development effort.
The company announced a final cash dividend of Rs4 per share, which is equal to the amount disbursed among shareholders earlier this year. PHOTO: STOCK IMAGE
KARACHI:
Pakistan State Oil (PSO) on Wednesday reported a 73% surge in profits, clocking in at Rs21.818 billion, during fiscal year 2013-14 over the previous year as the country’s largest petroleum supplier reaped benefits of the appreciation of the rupee and inflow of billions in overdue payments.
It announced a final cash dividend of Rs4 per share, which is equal to the amount disbursed among shareholders earlier this year.
“The main reasons attributed to high profit were the exchange gain and the money PSO received following settlement of circular debt,” said Shahid Ali, head of research at Summit Capital. “There was also some improvement in gross margins on petroleum sales. But most of the rise was due to a one-time gain.”
PSO, which has 3,689 outlets across the country, posted a rise of 230% in “other income” during fiscal 2013-14. It increased to Rs19.517 billion, compared with Rs5.9 billion recorded in fiscal 2012-13.
Exchange gain materialises as PSO books furnace oil for import and by the time it has to pay in dollars the rupee appreciates.
Net sales slightly improved to Rs1.187 trillion from previous year’s Rs1.1 trillion.
Vahaj Ahmed of Topline Securities said that sales grew 8% on the back of 8% to10% growth in furnace oil and petrol sales, while gross margin remained unchanged at 3.1%.
Much of the increase in other income was a result of Rs12.2bn the company received from IPPs under penal income on overdue receivables which was not cleared when the government partially resolved circular debt in June 2013, he said.
Moreover, company’s finance costs increased by 26% primarily due to the significant hike in short-term borrowings which reached Rs120.4 billion in March 2014 versus Rs17.3 billion by the end of June 2013.
“Once again, the company remained a major victim of circular debt which crossed Rs500 billion in FY14 despite a major resolution of the problem by the government.”
In fourth April-June 2014, PSO posted net earnings of Rs2.4 billion as against Rs3.3 billion, down 26% over the same quarter of the previous year.
In KP: Rs300m recovered from corrupt officials in two months
- File
MANSEHRA: Anti-Corruption Establishment (ACE), Khyber Pakhtunkhwa, director Ziaullah Toru said on Thursday said that despite hurdles being created by lawmakers his department had arrested 302 officials of different government departments and recovered looted amount of Rs300 million from them during last two months.
“I am thankful to Chief Minister Pervez Khattak who has given a free hand to ACE to end corruption from the province and this is why we have arrested 302 employees, including officers, and recovered Rs300 million in last two months,” Mr Toru told an open forum, which was held here at the Circuit House and attended by lawyers, contractors, revenue officials and members of civil society.
The ACE director said that the chief minister had announced to double the staff of the department. He said that if this was done then there should be no doubt about making corruption-free society. He claimed that ACE had now been playing an important role in curbing timber smuggling and time was not far when the menace would be ended.
ACE chief says KP govt sincere in ending corruption
“During last three months timber smugglers have cut trees of over Rs8 billion in the province and we are working on such big issues not only to protect green gold, but also take action against those involved in this business,” he said.
He said that the government had finalised a policy for conservation of forests and giving share to forest owners, but black sheep in the forest department were being taken to justice.
Mr Toru asked people to come forward to end corruption from the society and inform his department so that action could be taken against the corrupt. He said that every complaint was thoroughly checked by ACE and action taken in genuine cases. He said that his department was also focusing on embezzlement of goods and medicines intended for public at the basic health units and other hospitals in the province.
Mr Toru said that though most of the lawmakers were still following the same path to protect their supporters from ACE, but now their recommendations were turned down for the sake of justice.
Open-source programming: Project initiated to help IT students
Costing Rs35 million, the project is aimed at providing training to IT students with respect to requirements by prospective employers in the software industry. PHOTO: TOCK IMAGE
ISLAMABAD:
A project has been completed that focuses on developing an open-source approach for making students more learned about the skills required for developing industrial strength software.
Costing Rs35 million, the project is aimed at providing training to IT students with respect to requirements by prospective employers in the software industry.
Other objectives were to allow students understand good programming practices through high-quality coding and feedback from professionals who write them. It was also made to address (and resolve) the lack of quality in computer science/software engineering teachers in most universities.
The National ICT Research and Development Fund, Ministry of Information Technology and Telecommunications completed the project in collaboration with the National University of Computer and Emerging Sciences (NU-FAST), in Lahore.
Official sources said education in Software Engineering aims at preparing students for their utilisation of services in the software industry. This could ideally be achieved by involving the students in realistic projects.
They said several attempts have been made to emulate such real life scenario in the classroom environment. However, unavailability of such projects in large number on a continuous basis has resulted in experiments which could not be repeated on large scale, if at all, the sources added.
According to them, the project focused on student participation in developing open-source software which has emerged as a mainstream activity over the last 10 years, and can help in achieving the objectives of practical software engineering.
Open source software development is a very well-coordinated and properly engineered practice on a larger scale as typically, an individual or a small group of people start work on a project. After reaching a certain maturity level, the project is floated as open-source and volunteers are invited to participate in the development effort.
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