Tag: Losses

KARACHI - Four hour load-shedding has resulted in Rs 500 million losses in Tannery Zone for the last three days in terms of production hours and damage to stocks. Pakistan Tanners Association (SZ) Chairman Aziz Ahmed, while expressing his grave concern over ongoing load-shedding in industrial areas for the last three days, said that due to abrupt decision of KESC to start four hours electricity load-shedding had resulted in losses of over Rs 500 million and exporters were fearing

ISLAMABAD - The Supreme Court on Wednesday directed Secretary Industries and Production to submit a written report on the losses incurred by the Pakistan Steel Mills (PSM) and the steps taken to make up for them.
A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani was hearing a suo motu case into alleged corruption of Rs 22 billion in Pakistan Steel Mills. The court also directed the secretary to submit

KARACHI - An unnecessary delay on the part of the government in revising the petroleum pricing mechanism has added to the financial woes of the public sector refiners like Pakistan Refinery Limited (PRL).
According to the auditor's report, the current liabilities of the state-owned refiners have exceeded the company's current assets by Rs 2.46 billion. PRL, a hydro skimming refinery, has told its shareholders at Karachi Stock Exchange that it was facing an accumulative loss of Rs

ISLAMABAD/KARACHI/LAHORE - Sticking to their guns on the demand of removal of PIA MD Ejaz Haroon, the enraged workers of the national carrier continued their protest on the third consecutive day on Thursday, virtually paralysing flight operations countrywide.
The government sent its trouble-shooter, Interior Minister Rehman Malik to convince the angry PIA workers after its two-member ministerial committee comprising Khursid Shah and Ahmad Mukhtar failed to woo the Joint Action

KARACHI - With the assistance of a $200-million loan from the World Bank (WB), the Sui Southern Gas Company (SSGC) intends to implement WB's Natural Gas Efficiency Project for the purpose of reducing unaccounted-for gas (UFG) [gas loss through leakage and other reasons].
Under this project, the SSGC would replace approximately 5,750km of distribution pipeline - excluding the main supply line - during the next five years along with overhead and underground leak survey, and

ISLAMABAD - A fire broke out at a shopping centre located in Blue Area on Sunday night that damage the building and goods worth millions of rupees, however no causality was reported.
Fire erupted at the forth floor of the shopping center after 9 pm and engulfed major part of the building in minutes. The fire-fighters reached the sight soon after the incident but failed to bring the flames down quickly due to the water shortage and lack of extinguishing equipments.
The city

ISLAMABAD - The nation paid more price for its support to the US-led war on terror in 2010 than ever, with around 1,544 Pakistanis getting killed and 3,571 being injured in 467 bomb blasts across the country.
The figures are much higher than 1,018 killings in 80 suicide attacks in 2009, 917 in 59 suicide attacks in 2008 and 787 deaths in 58 suicide attacks in the year 2007.
According to the data available with Pakistan Today, November 5 attack at Darra Adamkhel remained the

LAHORE - Former Foreign Affairs minister minister Khursheed Mahmood Kasuri has said that the rampant corruption has inflicted bigger losses to the economy than the three wars the country fought with India.
He was addressing a cake-cutting ceremony held in connection with Quaid-e-Azam's 134th birth anniversary in Lahore on Saturday. Kasuri said Pakistan might have reached its destiny if the rulers followed in footsteps of the country's founder.
He also alleged that the PML-N

KARACHI - The Karachi Stock Exchange (KSE), facing a loss of around Rs 10 million every month, has embarked upon, what the sources call, an austerity plan. In a move to curb losses at the bourse, the KSE management has terminated the services of at least three general managers as a part of its austerity plan under which the termination of some 83 non-management staffers of the KSE is also being considered.
According to sources, the country's largest bourse is incurring sustained

KARACHI: At least 200 markets at the MA Jinnah Road, the heart of business in Karachi, would be closed from the eighth of Muharram to thwart any possible terrorist attacks in the city, meanwhile, causing estimated losses of over Rs 5 billion to the national exchequer.
Showing the inability to provide foolproof security to Muharram processions, the law enforcement agencies (LEAs) have requested the traders based on the Mohammad Ali Jinnah Road, commonly known as the MA Jinnah

ISLAMABAD: The 2009-10 audit report of Pakistan Railways clearly indicates that the present day severe financial crunch of the organisation was due to persistent pilferage, misappropriation of funds and habitual apathy of railways' high-ups to check wastage of public money.
Pakistan Railways (PR) is facing a financial deficit of around Rs 40 billion and has so far closed down thirteen passenger trains to address fiscal constraints, but the Auditor-General of Pakistan's 217-page

ISLAMABAD: The audit report 2009-10 of the Utility Stores Corporation (USC) reveals massive losses of Rs 76.813 million due to theft and burglary incidents across the country.
The audit report of the Auditor General of Pakistan points out that the USC reported losses of Rs 30.468 million in the year 2008-09 due to incidents theft and burglary at 147 stores across the country.
"FIRs were lodged with police, formal enquiries were conducted and insurance claims of Rs 30.468

ISLAMABAD: PML-Q MNA Marvi Memon will table a privilege motion today (Monday) in the National Assembly Secretariat against Defence Minister Ahmed Mukhtar for misleading the House by giving wrong figures on the PIA losses.
"A report published by daily Pakistan Today on Saturday has reflected that the minister submitted false figures in his written reply to a question raised by MNA Sheikh Salahuddin about the PIA losses from during the first nine months from January to September

ISLAMABAD: Defence Minister Ahmed Mukhtar on Friday attempted to mislead the National Assembly on the amount of losses incurred by the state-run PIA, saying the national carrier suffered losses worth Rs 10.9 million in the first nine months of the current year, while PIA's third financial quarter report said the losses for the period were to the tune of Rs 11.7 billion.
The Pakistan International Airline report, uploaded on its website, contradicts the minister's claim, as it

KARACHI: Pakistan International Airlines has decreased its losses to Rs 10.955 billion in the nine months ending September, 2010 compared to Rs 11.403 billion in the preceding year. According to a press statement, the total revenue PIA has earned in the nine months period ending September, 2010 was Rs. 74.360 billion, which was 16.3 percent higher than in the same period of 2009.
This was announced in the PIA Board of Directors (BOD) meeting held in Multan chaired by Federal

PESHAWAR: The livestock, dairy and poultry sectors have suffered a loss of over Rs 7 billion in Khyber Pakhtunkhwa.
However, the government has not provided any compensation yet. The Ministry of Livestock has completed its preliminary survey, with the support of its district field offices and local administrations in the flood affected areas and has compiled its complete report of both direct and indirect losses to the livestock, dairy and poultry sectors.
The report

LAHORE: Pakistan's rice export is likely to fall by approximately 0.6 million tons this year due to the loss of crops in the wake of the heavy floods the country has endured. But exporters are hopeful that higher rice prices on the global markets will compensate for the reduction in the output.
Pakistan, the world's fifth-largest rice exporter, will likely export some 4.0 to 4.2 million tons of rice in 2010-11 as compared to 4.6 million tons rice shipped in 2009-10.