KARACHI: Wyeth Pakistan Ltd reported on Monday its net profit for the quarter ending on Feb 28 was Rs8.99 million, down 79.9 per cent from a year ago.

A stock filing showed the entity posted quarterly revenue of Rs210.2m, down 29.8pc on a year-on-year basis.

The foreign sponsor of Wyeth Pakistan Ltd recently bought the required number of shares from minority shareholders to get its Pakistani subsidiary delisted from the Pakistan Stock Exchange (PSX).

IGI Life records Rs349m loss

The loss after tax of IGI Life Insurance for 2021 remained Rs349.15m, which is 265pc higher than the net loss of Rs95.72m recorded a year ago, a stock filing said.

Its net premiums increased 15pc to Rs6.83 billion while investment income dropped 19pc to Rs1.33bn.

AGP posts flat earnings

Descon Engineering Ltd has been awarded a large turnkey project by AkzoNobel Pakistan Ltd to construct a 25-acre integrated paints and coatings manufacturing plant at the Allama Iqbal Industrial City in Faisalabad. The project is stipulated to be completed within 18 months, said a press release.

Published in Dawn, March 29th, 2022