Corporate Watch

24 Jan 2020

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Honda Atlas earns Rs710m

KARACHI: Honda Atlas Cars Pakistan (HCAR) declared a profit after tax (PAT) of Rs710 million for the nine months ended Dec 31, 2019 (business year to close in upcoming March) and earnings per share at Rs4.97.

It reflected a decline of 74pc over Rs2.68 billion of net income and EPS at Rs18.78 from same period last year. On a quarterly basis, the company posted loss of Rs41m with loss per share at Rs0.29, as against PAT of Rs602m and EPS Rs4.21.

Analysts said that 3QMY20 earnings came in below market expectations on account of lower-than-expected gross margins and higher-than-anticipated finance costs.—Equities Correspondent

Jazz launches cheap 4G phone

ISLAMABAD: Jazz on Thursday launched an affordable 4G smartphone to enable the low-income groups join the digital economy such as food supply chains, cab service etc.

Speaking on the occasion, Special Assistant to Prime Minister on Social Protection and Poverty Alleviation and Benazir Income Support Programme Chairperson Dr Sania Nishtar stressed for enhanced role of IT for the promotion of small scale entrepreneurship in the country.

She said the Ehsaas programme was dedicated towards poverty alleviation through leveraging technology and promoting the access of vulnerable population to digital and financial inclusion. The launched device runs on KaiOS.—Reporter

Byco Petroleum to export HSFO

KARACHI: Byco Petroleum became the first company in Pakistan to export High Sulfur Furnace Oil (HSFO), the company said in a press release issued on Thursday.

The first consignment of 25,000 metric tonnes of HSFO is currently being loaded on the Roy Maersk vessel at the Keamari Port.

The company noted that with dwindling local demand, and the passing of International Maritime Organization 2020 on Jan 1, the export of furnace oil help the sector.

Byco Chief Executive Officer Amir Abbassciy said “innovation is the key that will lead Pakistan to becoming self-sufficient in energy production.”—Staff Reporter

Published in Dawn, January 24th, 2020