The Financial Daily : 2020-08-22

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NATIONAL Saturday- Sunday, August 22- 23, 2020 SPL posts after tax loss of Rs3,540mn Industries in SITE shutdown due to zero gas pressure Shallwani opens tree Planting campaign at the Quaid's mazar The Board of Directors of Shell Pakistan Limited (' SPL') announced the second quarter results for the company Friday ( 21st August). The company posted an after tax loss of PKR 3,540 million compared to the loss of PKR 1,704 million made in the same period last year, says a Press release. Q2 was a challengin­g quarter for the industry, COVID- 19 lockdowns severely impacted volume. Although the lockdown measures have been recently eased by the Government, Oil Marketing Companies in Pakistan still experience­d a reduction in oil consumptio­n. Pakistan's Motor Gasoline volumes fell by 7% while High Speed Diesel volumes fell by 9% compared to same period last year. This declining trend in volumes also impacted SPL and had a significan­t effect on its financial performanc­e. During this quarter, the crude oil also reached a new low of $ 19/ barrel in April 2020. The oil industry felt the impact of this volatility in the oil prices. This sharp decrease in the oil prices resulted in exceptiona­lly high inventory losses at SPL which has significan­tly impacted its financial performanc­e. SPL is focused on playing a key role in developing Pakistan's energy future and remains committed to improving its financial performanc­e, while ensuring safety and compliance. KARACHI: President of SITE Associatio­n of Industry Suleman Chawla expressed deep concerns over low gas pressure in SITE area Karachi and demanded the SSGC to immediatel­y restore gas to industrial sector with required pressure otherwise production will come to a halt completely, says a Press release. In a press statement he informed that for the last 3days industrial­ists are facing severe low gas pressure due to which production is badly affected, especially exporters. KARACHI: Commission­er Karachi Ifitkhar Shallwani inaugurate­d "Tree Plantation and Landscapin­g program for the City of Karachi "organised by the Community Advisory and Welfare Services ( CAWS) in collaborat­ion with the Quaid- i- Azam Mazar Management Board held at the Mazar of Quaid on Friday, says a Press release. Former Chairman of Pakistan National Shipping Corporatio­n Arif Elahi, Director General Sindh Building Control Authority Ashkar Dawar, Chief Executive of CAWS, Shokat Omeri, Director of Quaid- iAzam Mazar Management Board Mohammad Arif and its members and president of Karachi Basketball Associatio­n Ghulam Monammad also participat­ed and planted trees at the Mazar. Commission­er speaking on this occasion assured the non- government organizati­ons and citizens that Sindh government as well as the city administra­tion would extend all possible support to them for making the city green and plantation campaign successful. Commission­er said that the trees are very important and he said he believed the city of Karachi needs tree plantation at large scale to counter balance the effects of cli- KARACHI: See# 10 Page7 K- E opens filtration plant in Surjani SHC seeks record of salaries, allowances of MNAs As part of continued efforts to engage with the communitie­s it service and provide upliftment, K- Electric ( KE) on Thursday inaugurate­d a new water filtration plant in Surjani Town area. The plant, capable of producing 1,000 gallons per hour, will provide clean drinking water to the surroundin­g community. With a planned running time of 8 hours a day, the community will be able to receive up to 8,000 gallons per day. The plant will eventually run for 24 hours straight. 10,000 community residents are expected to directly benefit from this, says a Press release. KE Chief Distributi­on Officer, Amer Zia, present at the inaugurati­on ceremony said; "KE believes that dual investment­s in Karachi's infrastruc­ture and communitie­s is vital for long- term growth. Project Sarbulandi, under which this plant has been inaugurate­d, is the representa­tion of KE's efforts to do just that." On the occasion, Mahreen Aziz Khan, Chief Marketing & Communicat­ions Officer KE, said; "A company is only as strong as the communitie­s it serves. As such, KE strives to go beyond power provision, to empowering communitie­s that will enable the people to benefit in various ways, ranging from clean- up drives, infrastruc­ture developmen­t, family melas to medical camps. This water filtration plant is a representa­tion of broader efforts to engage and grow with the wider community." Member of Provincial Assembly, Waseem Qureshi also attended the plant inaugurati­on and praised KE" s efforts for its efforts. At the event, Mr. Qureshi was apprised of KE's different activities under Project Sarbulandi and its progress this far. The MPA said; "Karachi's communitie­s as a whole can only evolve when public and private stakeholde­rs work together for their betterment. KARACHI: The Sindh High Court ( SHC) has directed the Attorney General of Pakistan ( AGP) to submit comments on a petition challengin­g the recent increase in salaries and privileges of the members of the National Assembly ( NA). A two- judge bench of the SHC headed by Justice Nadeem Akhtar issued a notice to the attorney general to file a reply before the next hearing scheduled for Sept 16. The court also sought the complete record of the salaries, allowances and perks the members of the National Assembly have been receiving KARACHI: mate change. He appreciate­d the activities being carried out by the CAWS and their partners working for the improvemen­t of environmen­t in the city. He invited all non- government organizati­ons working for the improvemen­t of environmen­t in the city to come forward to promote the plantation campaign. He said Government of Sindh was making the world's largest urban forest at Malir and Lyari River beds. Planting an urban forest along the rivers will make the city's temperatur­e cool down, he added. Naval chief opens joint maritime informatio­n coordinati­on centre See# 11 Page7 See# 9 Page7 Chief of the Naval Staff, Admiral Zafar Mahmood Abbasi inaugurate­d the state- of- the- art Joint Maritime Informatio­n Coordinati­on Centre ( JMICC) here on Friday. The naval chief termed it an important milestone, which will further support Pakistan Navy's efforts to promote maritime security in the region. He appreciate­d the indigenous efforts to develop such a state of the art system. Joint Maritime Informatio­n Coordinati­on Centre ( JMICC) functions as a nerve centre to harmonise the efforts of all maritime related organizati­ons/ agencies. It helps generate a coordinate­d response to maritime security challenges within Pakistan's Exclusive Economic Zone ( EEZ), primarily through informatio­n sharing and inter department/ agency coordinati­on. The centre was establishe­d in February 2013 and is manned round the clock by a competent team which include representa­tives of relevant stakeholde­rs. The new setup of JMICC has been equipped with indigenous­ly developed Joint Maritime Informatio­n Sharing ( JMIS) software, a modern operations room and associated infrastruc­ture. The capacity enhancemen­t will enable JMICC to effectivel­y knit maritime entities of Pakistan and Internatio­nal Informatio­n Fusion Centres ( IFCs) to augment safety and security in the maritime domain. The inaugurati­on ceremony was attended by Chief of Staff ( Operations), Commander Pakistan Fleet, Commander Coast, Commander Karachi and other Senior Naval Officers. - TLTP KARACHI: PID( H) 365/ 2020 PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r. com + 1 604 278 4604 O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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