Pakistan Petroleum posts Rs11bn profit

KARACHI: Pakistan Petroleum Ltd (PPL) announced profit after tax (PAT) of Rs11 billion (earnings per share: Rs5.66) in 3QFY18, up by 54 per cent year-on-year. This took the total profitability during 9MFY18 to Rs33bn (EPS: Rs16.83), higher by 74pc.

Topline of the company in 3QFY18 increased by 29pc to Rs30.8bn and can be attributable to higher gas production by 8pc along with surge of 22pc in average oil prices. During the 9MFY18, earnings observed a massive surge by 74PC amidst re-pricing of Sui field, along with 2pc uptick in gas production. —Equities Correspondent

ICI Pakistan earnings jump 16pc

KARACHI: The company declared unconsolidated PAT for the quarter at Rs1,002 million, up 16pc from the same period last year. During the nine month period, PAT went up by 3pc to Rs2,465m.

Net turnover for the quarter stood at Rs12,956m while the figure for for the nine months rose 19pc to Rs36,133m, with all businesses exhibiting a positive trend.—Equities Correspondent

First Sharia advisory company registered

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has registered Al Hilal Sharia Advisors Ltd as the country’s first Sharia advisory company.

The company, registered under the Sharia Advisory Regulations 2017, will provide services to asset management companies, modaraba and other Islamic financial institutions.—Staff Reporter

Lenovo eyes making smart wearables in India

NEW DEHLI: Lenovo Group Ltd is looking to make smart wearables in India and raise its share of the local market by three-fold, in a plan that will help boost Prime Minister Modi’s scheme to promote the country as an electronics manufacturing hub.

The company is targeting to corner by this year a 20 per cent share of India’s market for smartwatches and fitness bands, Sebastian Peng, head of accessories at Lenovo Mobile Business Group said.—Reuters

Published in Dawn, April 25th, 2018