A 3pc YoY decline in urea offtake has neutralised the impact of higher urea prices (Rs260 per bag over 2019 vs. gas price hike impact of Rs180 per bag), keeping the gross profit flattish. Results remained below their expectations due to one-off. Naeem shared that Fauji Fertilizer Company FFC posted 19pc YoY higher profit after tax of Rs17.1 billion (EPS: Rs13.45). Higher other income, up 85pc YoY, led by interest earned on cash reserves (GIDC accumulation) was the major earnings growth driver during CY19 while major drags included (i) 51pc YoY higher finance cost and, (ii) 62pc YoY higher other expenses, led by Rs1.1bn of impairment of FFL recorded (-ve EPS impact: Rs0.61/share) during 4QCY19. HIGHER OFFTAKE She recalled that the ECC had approved the removal of Gas Infrastructure Development Cess on feed/fuel gas supply for the fertilizer sector on January 20, in a move to make urea prices more affordable. Following the GIDC waiver, FFC announced Rs300/bag urea price...
Pakistan International Airlines (PIA) has recorded a loss of Rs2.2 billion in March due to suspension of flights from different routes because of the spreading coronavirus, a source said.
This came despite the fact that many air travellers were seeking to fly through PIA, which achieved 100% seat occupancy.
Flights have been suspended on several routes including the most important ones such as China, Kuwait, Qatar, Italy, Japan and Saudi Arabia. Riyadh has suspended flights for only sevevty two hours ending at 3pm on Sunday.
The Saudi Arabian government also told Umrah pilgrims to leave the country, prompting them to immediately book airline seats. PIA was one of the few airlines offering its services to them.
There were around 40,000 Umrah pilgrims. About 18,000 came through PIA and Airblue while others reached home with the help of other airlines.
‘Mothers advised not to bring children’ as PIA shuts baby daycare centre in Karachi
On the other hand, Riyadh has allowed the holders of Iqama, a one to two-year residence permit issued to expatriates working in Saudi Arabia, to return to the kingdom in 72 hours.
Initially, PIA planned three flights whose seats were booked immediately. Looking at the high demand, the national air carrier announced four more flights from Karachi and Islamabad to Jeddah and Madina, but it was still not being able to meet the demand of all passengers said a PIA spokesperson.
Keeping in view the demand, the national flag carrier has requested Saudi authorities to allow three more flights.
On PIA’s losses, its spokesperson Abdullah Khan said they could not assess the accurate loss to the airline right now but the loss was significant due to the spread of coronavirus across the world.
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