Sharif launChES ‘SChool on WhEElS’ to booSt Child litEraCy

ISLAMABAD Staff RepoRt

PRIMEMinister Shehbaz

Sharif announced on Tuesday the launch of the “School on Wheels” project, which aims to provide maximum educational facilities to children.

The project will use eight mobile schools to increase the literacy rate in the country, particularly in rural areas.

The buses have been equipped with computers, desks, whiteboards, and LCDs to provide an effective teaching and learning environment.

Sharif expressed satisfaction that the project would help mainstream children in rural areas who faced a lack of modern educational facilities.

The prime minister also launched the countrywide Spring plantation campaign and urged the public to

Inflation to remain high in coming months

participate to save future generations.

PM wants no Power oUtage dUring seHar-iFtar tiMings: Prime Minister Muhammad Shehbaz Sharif on Tuesday directed for minimum power load management during the summer season and zero power outages during Sehar and Iftar in the holy month of Ramazan.

The prime minister while expressing his displeasure over the construction of 500Kv Thar-Matiari power transmission, directed for ensuring departmental proceedings against the negligent officials. He also questioned the delay in the completion of the power transmission in the stipulated period of time.

The prime minister was chairing a

new ihCba body decides not to pursue voting date petition in SC

ISLAMABAD

Staff RepoRt meeting to review the demand and supply of power during the summer season and the work on different power sector projects, PM Office Media Wing said in a press release.

The meeting was briefed over expected power demand and supply and load management during the upcoming summer season. The meeting was also apprised of the progress on the government’s 10,000 megawatts solarization project. The meeting was attended by federal ministers Ishaq Dar, Khawaja Asif, Khurram Dastagir, Marriyum Aurangzeb, Chaudhry Salik Hussain, Syed Murtaza Mahmood, Ahsan ur Rehman Mazari, PM’s Advisers Ahad Khan Cheema, Ministers of State Dr Musadik Malik, Muhammad Hashim Notezai and PM’s Special Assistants Jehanzaib Khan, Syed Fahad Hussain and other relevant authorities.

Hi-tech Lubricants records lowest consolidated half year earnings in five years

ContunIeD froM BACk PAge fiscal year.

Total expenditures grew by 19.8 % to Rs 6,382 billion in July-Dec FY2023, against Rs 5,328 billion in the same period last year. Current expenditures increased by 30 % to Rs 6,061 billion in Jul-Dec FY2023 against PKR 4,676 billion in the comparable period of the last year. Foreign Direct Investment (FDI) reached $683.5 million during Jul-Jan FY2023 (USD 1,224.7 million last year) decreasing by 44.2

%. Foreign Public Portfolio Investment recorded a net outflow of $1,010.9 million compared to an inflow of $958.3 million during the same period last year. Total foreign investment during Jul-Jan FY2023 recorded an outflow of USD 341.4 million as against an inflow of $1,875.4 million last year. The ministry maintained that the stabilisation policy of the government has been successful in improving the current account deficit by 67% reduction during the first seven months of the current fiscal year whereas the non-markup current expenditures are also significantly reduced to contain the fiscal deficit. During the first half of the current fiscal year, interest payments on the Government’s debt significantly contribute to the total expenditures, which can limit the Government’s fiscal space to carry out its normal operations, investments, social and structural policies if the trend continues. A couple of weeks ago, the market was corrected to minimize the difference between interbank and open market exchange rates whereas more recently, it is corrected by 5 % appreciation of the Pakistani Rupee given its economic fundamentals.

SECP requests Google to remove 58 unauthorised digital lending apps

The company’s other income rose by 997.06% to Rs 303.669 million. This was also a 1966.92% YoY increase as well. The other income edged Hi-Tech Lubricants over the edge to record an operating profit of Rs 213.6 million compared to the Rs 34 million loss it recorded in the previous quarter. The company’s cost of finance, however, rose to 132 million. This was a 45.74% QoQ increase, and a 20.7.2% YoY increase from its previous interest expenses. The company recorded a negative effective tax rate of 32.13% due to the Rs 25.9 million rebate it received. This is a 3.69% QoQ increase on its previous rebate of Rs 24.9 million, and a 132.09% YoY reduction on its tax expense of Rs 80.7 million in Q2FY22.

Finally, Hi-Tech Lubricants ended the quarter with a final profit of Rs 106.5 million. This is a 205.69% QoQ improvement on its previous loss of Rs 100.797 million, but a 61/57% YoY reduction on the Rs 277 million it earnt in Q2FY22.

Unconsolidated HFY23 earnings: Hi-Tech

Lubricants’ total revenue fell 5.95% YoY to Rs 8.17 billion, however, its net revenue rose by 4.31% YoY to Rs 7.3 billion. The company also saw its cost of goods sold rise by 17.12% YoY to 6.76 billion for a gross profit of Rs 606.8 million. This is a 53% YoY contraction from HFY22 gross profit of Rs 1.29 billion. The company’s GPM also contracted from 14.85% to 7.42%. The company’s other income rose by 14.89% YoY to Rs 331 million, whilst its interest expense rose by a whopping 223.28% YoY to Rs 224 million. The company’s tax expense also reduced by 142.95% YoY due to the Rs 50.8 million tax rebate it received. The company ended HFY23 with a total earning of Rs 5.7 million. This is in contrast to the Rs 619 million it earnt in HFY22. consolidated Q2FY23 earnings: The company’s revenue shrank by 15.23% QoQ and 28.35%

YoY to Rs 3.99 billion. Its net revenue also contracted by 13.03% QoQ and 13.97% YoY to Rs 3.42 billion. The company, however, recorded a gross profit of Rs 419 million, a 19.18% QoQ increase but a massive 50.06% YoY decrease. Subsequently, its GPM improved from Q1FY23’s 7.47% to 10.5%, but lagged behind Q2FY22’s 15.06%. Other income rose by 27.16% QoQ, and 104.29% YoY to Rs 35.19 million. Interest expense also similarly rose by 22.25% QoQ, and 198.52% YoY to Rs 178.9 million. The company continued to benefit from a tax rebate, similar to the previous quarter. The rebate, at Rs 47.5 million, however, was 37.74% lower QoQ. This did reduce the company’s tax expense by 167.05% YoY from its previous Rs 70.9 million. The company ended the quarter with a loss of Rs 89 million. This was a 68.23% QoQ improvement from its previous loss of Rs 280.3 million, and a 130.5% YoY deterioration from its profit of Rs 290 million last year. consolidated HFY23 earnings: Overall revenue fell by 7.46% YoY to Rs 8.7 billion, whilst net revenue rose by 4.31% YoY to Rs 7.37 billion. Cost of goods sold rose by 19% YoY to Rs 6.59 billion, despite the reduced revenue to culminate in a gross profit of Rs 770.9 million. Gross profit contracted by 49.28% YoY, whilst GPM also deteriorated YoY from 16.16% to 8.86%. Other income rose by 80.17% YoY to Rs 62.87 million, and interest expense similarly rose by an astounding 236.15% YoY to Rs 325 million. The company’s effective tax rate stood at 25.13% despite a Rs 123.9 million tax rebate due to it incurring a pre-tax loss of Rs 493 million. This is compared to its previous effective tax rate of 23.01% , and pre-tax profit of Rs 514.86 million. The tax expense was reduced by 204.63% YoY. The company finally ended its HFY23 earnings with a loss of Rs 369.376 million. This is a 193.18% YoY decline from the Rs 396.39 million profit it recorded in HFY22.

Inflation to remain high in coming months

ContInueD froM PAge 01

The report stated that during the first half of FY202223, total revenues grew by 18.8 % to reach Rs 4,699 billion against Rs 3,956 billion in the same period of last year.

The major contribution to this growth came from a 26.4 % increase in non-tax collection, while tax collection has also shown remarkable performance by posting a growth of 17 % during the first half of the current fiscal year.

Total expenditures grew by 19.8 % to Rs 6,382 billion in July-Dec FY2023, against Rs 5,328 billion in the same period last year. Current expenditures increased by 30 % to Rs 6,061 billion in Jul-Dec FY2023 against PKR 4,676 billion in the comparable period of the last year.

Foreign Direct Investment (FDI) reached $683.5 million during Jul-Jan FY2023 (USD 1,224.7 million last year) decreasing by 44.2 %. Foreign Public

Portfolio Investment recorded a net outflow of $1,010.9 million compared to an inflow of $958.3 million during the same period last year. Total foreign investment during Jul-Jan FY2023 recorded an outflow of USD 341.4 million as against an inflow of $1,875.4 million last year.

The ministry maintained that the stabilisation policy of the government has been successful in improving the current account deficit by 67% reduction during the first seven months of the current fiscal year whereas the non-markup current expenditures are also significantly reduced to contain the fiscal deficit.

During the first half of the current fiscal year, interest payments on the Government’s debt significantly contribute to the total expenditures, which can limit the Government’s fiscal space to carry out its normal operations, investments, social and structural policies if the trend continues.

A couple of weeks ago, the market was corrected to minimize the difference between interbank and open market exchange rates whereas more recently, it is corrected by 5 % appreciation of the Pakistani Rupee given its economic fundamentals.

PM: Govt to make youth active in country’s development

ISLAMABAD Staff RepoRt

Prime Minister Shahbaz Sharif said on Monday the government had decided to launch several initiatives to make youth selfsufficient and active in the country’s progress. In a video message related to the ongoing Youth Week, the prime minister said his government had decided to divert ample resources to youth to help them contribute to the country’s development. The prime minister added that an inclusive approach would be extended to youth in order to bring them to the mainstream in all fields. Sharif mentioned that the government had declared 2023 as the year of the youth, adding that several projects would be launched across the country to encourage the participation of youth comprising over 60 percent of the country’s population. The prime minister said that the government had launched various initiatives for youth, including sports projects, education support funds, soft loans, scholarships and professional training.

The Islamabad High Court Bar Association (IHCBA) Tuesday decided not to pursue its constitutional petition filed by its outgoing president in the Supreme Court regarding date of elections in Punjab and Khyber Pakhtunkhwa. According to the details, IHCBA newly-elected President Naveed Malik and Secretary Rizwan Shabbir officially announced the decision. Rizwan Shabbir said that the decision was taken in the first executive committee meeting of the IHCBA. Keeping the association aloof from the previous body’s decisions, Rizwan Shabbir said that former IHCBA president had filed the constitutional petition in the Supreme Court in his personal capacity. The meeting was of the view that former IHCBA president filed different cases for his personal political purposes. In connection with the elections of Punjab and Khyber Pakhtunkhwa in the Supreme Court, the constitutional petition is also a part of the same, he said. The IHCBA secretary said that the meeting evolved a consensus that the constitutional petition filed in the Supreme Court was not approved by the Islamabad High Court Bar Association’s body. The IHCBA’s meeting expressed its complete indifference to the constitutional petition, he added. In this regard, he said that there is no record found in the office regarding any IHCBA meeting or resolution for filing a such constitutional petition. The participants of the meeting decided that this constitutional petition will not be pursued in the Supreme Court, the meeting declared. He said that it has been decided in the meeting that the association’s platform will not be allowed to be used for any political party. The lawyers continued to criticize during the meeting that the bar forum was being used for political purposes. The Islamabad High Court Bar forum will be used only for the welfare of lawyers, the meeting upheld lhC

seeks ‘assistance’ over plea seeking contempt proceedings against Maryam

LAHore

Staff RepoRt

Lahore High Court’s (LHC) Justice Shujaat Ali Khan on Tuesday sought assistance of the petitioner’s counsel by March 1 on “admissibility of a case” seeking contempt proceedings against PML-N leader Maryam Nawaz over contemptuous remarks against Supreme Court judges. Justice Shujaat heard a plea seeking contempt proceedings against Pakistan Muslim League-Nawaz (PML-N) Senior Vice President Maryam Nawaz over allegedly making contemptuous remarks six times during her speech at a convention at Sargodha. During proceedings of the case, Advocate Rana Shahid, the counsel for the petitioner shed light on the contemptuous remarks made by Maryam Nawaz. He argued that world leaders like Joe Biden and Bill Clinton did not use such language, which means “this practice does not exist in civilised societies”. However, most Pakistani leaders hurl blame at judges and commit contemptuous remarks. When asked under which article the petition was filed, the counsel told the court that it was filed under Article 204, adding that any person who commits contempt could be charged with six months imprisonment with a fine of up to Rs100,000. Further, Justice Shujaat asked against whom the contempt was committed. Directing the lawyer to read sub-clause 2 of Article 187, the judge asked how this case falls under the LHC’s jurisdiction. “This matter contains the contemptuous remarks about the judges of the superior court,” the judge noted, questioning how the high court could hear this matter. Advocate Rana Shahid responded that Maryam Nawaz had also committed contempt by scandalising the LHC’s judges who were hearing Pakistan Tehreek-eInsaf (PTI) chief Imran Khan’s protective bail. “Do you have any judgment in your support?” Justice Shujaat asked. The counsel requested the court to adjourn the case, assuring he would return with supporting court judgments. The court adjourned proceedings till March 1. Petitioner Muhammad Shahid in his petition implored the court that on February 23, 2023, Maryam Nawaz delivered a speech that was telecasted on most local television channels.

amin meets dCo boss to explore digital growth potential

ISLAMABAD

Staff RepoRt

Minister for Information Technology and Telecom, Syed Amin ul-Haque, met with Deemah al-Yahya, secretary general of the Digital Cooperation Organisation (DCO), during the Mobile World Congress (MWC) in Barcelona on Tuesday. DCO is an international body — founded by Pakistan and a group of Middle Eastern countries in November 2020, to accelerate the growth of the digital economy — which aims to achieve prosperity and social stability by unifying efforts to advance digital transformation. AlYahya, a tech pioneer from Saudi Arabia, became its first secretary-general in April of the following year. During the meeting, the minister expressed Pakistan’s desire to form a strategic partnership with DCO to fully leverage the potential of information and communication technology (ICT) for socio-economic growth in the region, in line with the DCO Foundation Charter.