FFBL posts Rs249m second-quarter loss

KARACHI: Fauji Fertiliser Bin Qasim Ltd (FFBL) posted a loss after tax of Rs249 million translating into loss per share of Rs0.27 during the second quarter ended June 30, compared with loss after tax at Rs381m and loss per share at Rs0.41 for the comparable quarter last year.

It took the first half calendar year 2017 loss after tax to Rs384m and loss per share at Rs0.41 against loss after tax of Rs895m and loss per share at Rs0.96m year-on-year. The company also announced dividend at Rs0.10 per share.

Most analysts said that the dividend was an unexpected surprise but the results fell short of expectations. Gross profit margin of the company improved over the same period last year, due mainly to decline in prices of phosphoric acid to $580 per tonne, from $715m tonne.—Equities Correspondent

Corrolla prices raised by up to Rs160,000

KARACHI: Indus Motor Company (IMC) has made model improvement in Toyota Corolla with increase in prices from Rs105,000 to Rs160,000 on different models.

A company official said all the models will have dual air bags and extra safety measures.—Staff Reporter

Petronas drops gas project in Canada

MONTREAL: Malaysian energy giant Petronas said on Tuesday it was pulling out of its Can$36 billion (US$28.8 bn) liquefied natural gas exporting project on Canada’s west coast long opposed by environmentalists and native rights activists.

The Pacific NorthWest LNG project was greenlighted in September to build a pipeline and two liquefied natural gas terminals on Lelu Island, British Columbia, an area home to a huge nature preserve and wild salmon habitat.

Each of the two plants would liquefy some six million tonnes of natural gas per year, with the possibility of adding a third gas terminal at a later date.

But lagging natural gas prices and other changes in energy markets contributed to the about-face from Petronas and its partners.—AFP

Hershey profit soars on Easter demand

HERSHEY: Pennsylvania-based company Hershey, the maker of Milk Duds and Reese’s peanut butter cups, said on Wednesday that its second-quarter profit soared 40 per cent thanks to higher demand for its Easter-related chocolate and candy.

But the company also warned that people are making fewer shopping trips, making it less likely that they’ll pick up its gum, mints or chocolate bars at the checkout aisle. As a result, Hershey now expects revenue for the year to grow less than expected.

Shares of Hershey Co rose 22 cents to $107.70 before the stock market opened on Wednesday.—AP

Amazon goes on hiring spree

SEATTLE: Amazon on Wednesday said that it’s looking to fill more than 50,000 positions across the US. It’s planning to make thousands of offers on the spot on Aug 2, when it opens the doors to potential hires at 10 Amazon.com Inc. shipping sites.

There will be more than 10,000 part-time jobs available at sorting centers, and some supporting and managerial positions.

The labour market is growing tight with back-to-school and holiday shopping around the corner. Others will be competing for those same hires.

Published in Dawn, July 27th, 2017