The company posted a decline of 38.2 percent in earnings, as against the profit of Rs3.4 million and EPS of Rs10.51 in 2019, primarily due to subdued demand and lower sales. Company’s sales revenues clocked in at Rs8.09 million in 2020, down 38.7 percent compared with the revenues of Rs13.2 million in the corresponding year. Engro Powergen also announced final…
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DUBAI: United Arab Emirates energy firm Dana Gas said on Thursday it posted a 2020 net loss of $376 million compared to a net profit of $157 million the year prior. “Following the sharp decline in oil prices and associated negative effects as a result of the COVID-19 pandemic, the group recognised a non cash impairment of $244 million (AED…
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LAHORE: The zero-rated sector sought an increase in grid ceiling from 5MW to 6.5 MW for B3 Industrial Consumers as it would help boosting up exports, augmenting foreign exchange earnings and creating additional employment opportunities, said Power Division sources. They said the request for increase in grid ceiling has been made in the backdrop of Jan 21 decision of Cabinet…
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LONDON: Global market regulators have thrown their weight behind plans for a new international standards body for company disclosures on climate risks and sustainability, saying it would cut the scope for so-called greenwashing. The current patchwork of voluntary public and private initiatives for disclosures has at times given misleading and inconsistent information to investors, said Ashley Alder, chair of the International Organisation…
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The prerogative to conduct forensic audit of the Independent Power Plants (IPPs) rests with the government, said the Power Division, adding under no circumstances it gave up on any of its right during lengthy negotiations towards a reaching a final agreement with them. In a recent meeting, Cabinet Committee on Energy (CCoE) Chairman Asad Umar sought clarification whether any right…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday allowed another 83-paisa per unit (kWh) increase in electricity rates of Distribution Companies (Discos) of ex-Wapda under quarterly tariff adjustment (QTA) mechanism to generate over Rs84 billion to the bleeding power sector. This comes a day after the power regulator notified about Rs1.54 per unit increase in power rates for…
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State Bank of Pakistan’s (SBP) Temporary Economic Refinance Facility (TERF) has shown significant growth over the last ten months despite the COVID-19 pandemic. As per SBP, as of Jan 28, 2021, investments approved under TERF have reached Rs374bn, up by Rs51bn in one week. The highest weekly increase since the announcement of this scheme. Whereas, 450 projects approved so far.…
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ISLAMABAD: In a shocking development, the 100 percent state-owned company, Pakistan LNG Limited (PLL), has defaulted with the United Bank Limited (UBL) on LNG payments, putting the LNG supply chain in jeopardy. This appalling situation, which has emerged because of non-payment of dues of Rs61.2 billion by Sui Northern, has exposed PLL to an imminent default on future LNG supply.…
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LONDON: Oil extended its rally for a ninth day on Wednesday, its longest winning streak in two years, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand. The American Petroleum Institute said on Tuesday crude inventories fell by 3.5 million barrels, versus expectations for a 985,000-barrel build. The Energy Information Administration’s official stocks…
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Metals. It isn’t often that we — most of us, anyway — think about them. They are like water or packaged foods, things that appear out of a faucet or on a grocery store shelf as if by some magic inception. But there is a scientific beginning to metals. And it’s something we ought to be thinking about, increasingly so.…
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