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Site update: September 18 2020, at 18:00 PKST
Stock update: September 18 2020.

Recent Financial News in the 'company-news' category

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Tuesday, September 15 2020

Row over hiring of arbitrator remains
ISLAMABAD: The federal government has stepped up efforts for the transfer of K-Electric shares to Shanghai Electric Power of China but differences have not been resolved over the appointment of an arbitrator that will deal with the issue of receivables and payables. An application seeking the national security certificate for the transfer of 66.4% K-Electric shares to Shanghai Electric Power was submitted to the Privatisation Commission in November 2016. Subsequently, stakeholder meetings were held at different forums. The Cabinet Committee on Privatisation, when it met in March 2018, agreed that the national security certificate would be issued but K-Electric would bear all its existing financial liabilities.
Related news categories: business company-news economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

SSGC’s loss drops 11% to Rs3.2 billion
Sui Southern Gas Company’s (SSGC) consolidated loss dropped 11.3% to Rs3.24 billion in the quarter ended September 30, 2018 due to an increase in revenue from the sale of gas, according to a bourse filing on Monday. The loss had been registered at Rs3.65 billion in the same quarter of previous year, according to the company’s profit or loss account sent to the Pakistan Stock Exchange (PSX). Accordingly, the loss per share fell to Rs3.68 in the quarter under review from Rs4.15 in the corresponding quarter of previous year. SSGC’s share price dropped 2.12%, or Rs0.38, to close at Rs17.55 with a volume of 2.44 million shares at the PSX on Monday. Company sales increased 3% to Rs55.80 billion in the Jul-Sept 2018 quarter compared to Rs43.27 billion in the same quarter of previous year.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ssgc (news stock)

Monday, September 07 2020

JS Bank’s half yearly profits skyrocket
LAHORE -JS Bank has reported an incredible turnaround in its profitability by posting profit before tax of PKR 1,472 million for the half year ended June 30, 2020 as compared to a loss before tax of PKR 597 million over the corresponding period last year. The increase in profit is mainly due to a remarkable growth in the Bank’s deposits which crossed PKR 400 billion resulting in improvement in net interest income and an upswing in fee-based income. The break-up value per share of the Bank as of June 30, 2020 was PKR 15.6 with an earnings per share of PKR 0.66 for the half year ended June 30, 2020. “We have witnessed a significant increase in the half-yearly 2020 profits due to a dedicated focus on business growth and associated income which reflects the trust of our customers and the dedication of our teams,” said Hasan Shahid, Chief Financial Officer, JS Bank.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: jsbl (news stock)

Thursday, September 03 2020

K-Electric tariff goes up by 26%
ISLAMABAD: The federal government has approved increase in electricity tariff for the K-Electric consumers by nearly 26% with immediate effect and decided to shut down the Roosevelt Hotel, New York, by paying its debt and severance cost totalling $142 million (Rs23.6 billion). The decisions were taken by the Economic Coordination Committee (ECC) of the Cabinet, chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh. “The ECC approved the summary moved by the Power Division for the rationalisation of eleven quarterly adjustments of K-Electric Limited from July 2016 to March 2019”, according to a handout issued by the Ministry of Finance. The quarterly adjustments of K-Electric for period from July 2016 to March 2019 would be notified with effect from September 1, 2020 to bring the K-Electric tariff on a par with 10 other power distribution companies, according to the ministry.
Related news categories: business company-news economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

PSO incurs Rs6.5bn loss
KARACHI: Pakistan State Oil (PSO) reported loss after tax (LAT) at Rs6.5 billion translating into loss per share of Rs13.77 for the year ended June 30. The results were in line with market expectations which is why the PSO stock price at the exchange remained generally unimpaired. The board of directors stated that unprecedented losses of Rs16.4bn incurred during Q4FY20 not only eroded the net profit of Rs3bn earned during the first three quarters, but also resulted in a net loss for the complete fiscal year. “In the wake of uncontrollable circumstances and despite massive inventory losses, the company was able to contain the extent of losses through efficient inventory management, focus on high margin products and prudent expense controls,” Pakistan State Oil said in a statement.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

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