Fauji Fertiliser invests in TEL

KARACHI: Fauji Fertiliser Company (FFC) has invested an amount of Rs1.10 billion in TEL by way of subscription to shares of TEL (at the rate of Rs10 per share), constituting 30pc of the paid-up capital of TEL.

The company said in a statement filed with the PSX on Wednesday that the board of FFC had approved the investment in the meeting held on April 3.—Equities Correspondent

Capacity expansion to cost Maple Leaf Rs25bn

KARACHI: Maple Leaf Cement Factory Ltd has estimated the project cost for the enhancement of total grey cement capacity up to 18,000 tonnes per day at Rs25bn including the impact of recent devaluation of the the rupee.

The company in a filing with the PSX stated that the project cost would be financed approximately 17pc through the right issue, 51pc through bank loans and the rest through own resources.

“In this regard, the company after signing EPC contract, has opened Letter of Credit as on March 17, 2017 in favour of plant supplier M/s FLSmidth A/S, Denmark for supply and setting up of the above production line”, MLCF said. —Equities Correspondent

FCC commissions waste heat plant

KARACHI: Fauji Cement Company (FCC) is commissioning a Waste Heat Recovery Power Plant for Line-1 and Wartsila Captive Power Plant.

FCCL said in a notice to the PSX that the addition Waste Heat Recovery Power Plant with generation capacity of 12MW already installed at Line-2, FCCL now has installed capacity of generating 21MW through capping Waste Heat Gases of the plant. —Equities Correspondent

PSX earnings plunge

KARACHI: The board of Pakistan Stock Exchange (PSX) announced results for the nine-month period and the third quarter ended March 31.

PSX earned profit after tax of Rs66m in the 9MFY18, down 55pc from Rs147m in the corresponding period last year.

For the quarter the bourse posted loss of Rs5.6m against net profit of Rs39m year-on-year. The decline in profit for the latest nine months could be attributed to decline in revenue to Rs681m, from Rs786m year-on-year. For quarter ending March 31, revenue slipped to Rs205m from Rs300m.—Equities Correspondent

BAHL profit dips 9.1pc

KARACHI: Bank Al Habib (BAHL) declared profit after tax of Rs2.09 billion for 1Q2018, translating into earnings per share of Rs1.88. Compared to the same period of last year, the profit decreased by 9.1 per cent, said a press release. — Staff Reporter

Published in Dawn, April 19th, 2018