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Site update: January 18 2019, at 17:45 PKST
Stock update: January 18 2019.

Recent Financial News in the 'company-news' category

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Thursday, January 17 2019

Auditors refuse to endorse PIA’s financial statements
ISLAMABAD: Statutory auditors of Pakistan International Airlines (PIA) have refused to validate financial statements for the last almost two years due to some missing record, which could carry huge implications for the company, shareholders and the management. Ernst & Young Ford Rhodes and KPMG Taseer Hadi and Co – the top chartered accountant firms – have not signed financial statements for the first half of 2017 and third quarter (July-September) of 2017. Yet, the PIA management and the board decided to upload these statements on its website. Due to the auditors’ refusal to sign the accounts, the PIA management has not been able to finalise the audited annual financial statement for 2017. The audited financial statements for 2018 have also not been prepared.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges transport
Related symbols: piaa (news stock)

Friday, January 11 2019

SNGPL appoints new MD
LAHORE - The deputy managing director of the Sui Northern Gas Pipelines Limited (SNGPL), Amir Tufail has been promoted and will now act as the new managing director (MD) of the company. The decision was taken in a meeting of board of directors of Sui Northern Gas Pipelines Limited (SNGPL), which was convened after Prime Minister Imran Khan fired MDs of SNGPL and SSGC over the recent gas crisis. The Board of Directors, in the meeting, has also considered and approved the resignation of Amjad Latif, the present managing director of Sui Northern Gas Pipelines Limited with effect from January 10, 2019. The Board has assigned the charge of managing director of the company to Amer Tufail for a period of 90 days or till the appointment of regular managing director, whichever is earlier. Amer Tufail was previously serving as deputy managing director at the company.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock)

MDs of SNGPL, SSGC to be removed thru BODs
ISLAMABAD - The Ministry of Energy (Petroleum Division) has initiated the process of the removal of the managing directors of Sui Southern Gas Company Limited (SSGC) and Sui Northern Gas Pipelines Limited (SNGPL) through the BODs, after the prime minister directives regarding their removal. READ MORE: $1.22 bn spent on Orange Line Metro Train project so far “The Prime Minister in a letter asked the Ministry of Energy (Petroleum Division) to remove the MDs of both the state owned sui gas companies immediately,” official source told The Nation. “On Wednesday, we have received the directives from the PM office regarding the removal of both the MDs and we have started the requisite procedure for the removal,” said the source. The PM orders has further directed to take action under the law (Company act), said the source. Amjad Latif is the MD of Sui Northern Gas Pipeline Limited while Muhammad Amin Rajput works as an acting MD of Sui Southern Gas Company Limited (SSGC).
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock) ssgc (news stock)

SNGPL pipeline damage reduces gas supply
LAHORE - The Sui Northern Gas Pipelines Limited (SNGPL) has reduced supply to the industry in Punjab and Khyber Pakhtunkhwa after terrorists blew up a 24-inch diameter gas pipeline near Sadiqabad before dawn on Wednesday. The action was taken when the system suddenly lost 25 million cubic feet of gas. A massive fire caused by the blast led to suspension of supply to the compressor of the gas purification plant. The shortage of gas affected Punjab and Khyber Pakhtunkhwa and some other parts of the country. Officials said that the incident has caused a reduction of 25 million cubic feet of gas in our system. Although gas supply to domestic consumers has remained unaffected, the blast caused shortage for the industrial sector. So we have reduced gas supplies to the sector from six to four hours, SNGPL officials said.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock)

Tuesday, January 08 2019

SSGC reports profit of Rs1.47 billion
KARACHI: Sui Southern Gas Company (SSGC) released the much-awaited financial results for the year ended June 30, 2017, posting a consolidated profit of Rs1.47 billion against a loss of Rs5.86 billion in the preceding year. The turnaround in earnings was realised with a massive cut in gas development surcharge, gas losses, operating losses and finance cost and a significant boost to the other operating income, according to a bourse filing. SSGC reported earnings per share of Rs1.67 for the year compared to a loss per share of Rs6.65 in the preceding year, according to a notification sent to the Pakistan Stock Exchange (PSX) on Monday. SSGC’s share price improved 2.47%, or Rs0.56, and closed at Rs23.20 with trading in 2.77 million shares at the PSX.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ssgc (news stock)

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