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Site update: March 18 2019, at 17:15 PKST
Stock update: March 18 2019.

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Monday, March 11 2019

Power sector entities owe Rs132b to SNGPL, SSGC
Islamabad - The outstanding dues of Sui Northern Gas Pipeline Liminterd (SNGPL) and the Sui Southern Gas Company (SSGC) against power sector entities have surpassed Rs132 billion. Out of the total outstanding dues, Rs 53.71 billion is principal amount while Rs 78.62 billion is Interest. The receivables of Pakistan’s two state-owned gas companies against Independent Power Plants (IPPs), Wapda and K-Electric have surpassed 132.323 billion, said the official documents available with The Nation. According the documents the total receivables of SNGPL as of as of February 1, 2019 were Rs 35.700 which includes the principal amount of Rs 20.967 billion and the interest of Rs 14.733 billion. Similarly the total receivable of SSGC is Rs 96.623 billion which includes RS 32.740 billion principal amount and the remaining Rs 63.883 billion was interest. Ironically the interest of SSGC against K-Electric and Wapda is almost double than the principal amount.
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 directed to refund extra amount to consumers
ISLAMABAD - The federal government has asked SNGPL to refund the extra amount to the gas consumers and take action against all those general managers who have overcharged the consumers by applying fraudulent gas pressure factor. Following the directives of the Prime Minister, the ministry of Energy (Petroleum Division) has asked the managing director SNGPL to immediately refund the extra amount charged from the gas consumers, official source told The Nation here Saturday. The SNGPL has been asked to refund the extra bills to all those gas consumers who have been charged inflated gas bills because of applying extra gas pressure which was over and above of OGRA’s permitted pressure, said the source. One of the main reasons of the high bills are violation of OGRA’s gas pressure rules by SNGPL, said the source. It is pertinent to mention here that OGRA in a letter asked the SNGPL that “application of higher pressure factor by the SNGPL is resulting in higher gas bills,” the source added. The source further said that almost half or 3.2 million of 6.4 million domestic consumers of SNGPL were affected by the fraudulent gas pressure factor.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock)

Thursday, March 07 2019

Shell Pakistan reports loss of Rs1.10b in 2018
KARACHI: Shell Pakistan Limited posted a loss of Rs1.10 billion in the year ended December 31, 2018 mainly due to an exorbitant surge in other expenses and higher administrative expenses, according to a bourse filing on Wednesday. The oil marketing firm had booked a profit of Rs3.18 billion in the previous year, the company said in a notification to the PSX. Accordingly, it booked a loss per share of Rs10.30 in the year under review compared to earnings per share of Rs29.74 in the preceding year. Shell’s share price dropped 3.66%, or Rs10.89, and closed at Rs286.44 with 17,200 shares changing hands at the PSX.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: shel (news stock)

Wednesday, February 27 2019

Nishat Mills’ profit remains almost flat at Rs2.65b
KARACHI: Nishat Mills Limited’s (NML) profit barely inched up in the second quarter ended December 31, 2018 due to delay in tax rebates and other factors. The company posted consolidated earnings of Rs2.65 billion in the three-month period, up 2.4% compared with Rs2.59 billion in the same period of last year, according to a company notice sent to the Pakistan Stock Exchange (PSX). Although it posted a 14% increase in revenue, the profit remained almost flat due to high finance cost. The finance cost rose 63% to Rs684 million. However, the same cost for its textile business nearly doubled to Rs444 million in the second quarter of financial year 2019 amidst high borrowing, said Topline Securities’ analyst Shankar Talreja. He said the company made borrowing for the textile business due to delay in release of rebates.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges textile-composite
Related symbols: nml (news stock)

DG Khan Cement’s profit skyrockets 81.5% to Rs1.3b
KARACHI: DG Khan Cement Company’s profit soared 81.5% to Rs1.3 billion for the quarter ended December 2018. The cement manufacturer had reported a profit of Rs732.8 million in the same quarter of previous year. It posted earnings per share (EPS) of Rs3.04 in the second quarter of FY19 compared to Rs1.67 in the same period of FY18. In May 2018, the cement company kick-started production at its new 2.6-million-ton plant in Hub, Balochistan. Its southern plant is entitled to a five-year tax holiday. On that basis, the company received tax benefits, which were reflected in its bottom-line, said Topline Securities’ analyst Nabeel Khursheed.
Related news categories: business cement company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: dgkc (news stock) helpline: +92-42-3631-4186 (10:30am to 5:30pm)