Nishat Mills earns Rs800m profit

Nishat Mills Limited has announced a net profit of Rs800.183 million, translating into an earning per share of Rs3.3 for the quarter ended on March 31, 2010 as compared to a net loss of Rs37.36 million during the corresponding period last year, a statement issued on Monday said.

SBP cuts mark-up on textile loans

KARACHI: The State Bank has decided to provide cheaper money to the textile sector as being extended to exporters under Export Finance Scheme (EFS).
The SBP on Monday announced a mechanism in consultation with the ministry of textile industry, under which the eligible borrowers of the textile sector will be provided mark-up rate facility under the SBP EFS and the mark-up rate support against long-term loans availed from banks and development financial institutions (DFIs).

Textile sector says it is being forced to halt production

Friday, January 08, 2010
By our correspondent

LAHORE: Fourteen associations of the value added textile sector have declared that they are being forced to stop production due to inability of the government to press yarn spinners to rationalise their attitude.

Pakistan Hosiery Manufacturers Association (PHMA) stated this in a press statement, adding that instead of considering the needs of the sectors, the priority of spinners is to strengthen Pakistan’s competitors like Bangladesh, India and China.

Product, market diversification for textile suggested

Sunday, January 03, 2010
By Mansoor Ahmad

LAHORE: Structural imbalances in textile chain, limited product range and a small export market have kept the textile sector on its toes but it still accounts for over 56 per cent of the country’s total exports.

A study by The News reveals textile accounts for only 5.6 per cent of global trade. Economists since long have been urging the planners to explore other (94 per cent) avenues of global trade of which engineering alone has a share of over 60 per cent.

Textile exports declined to $4.20bn during Jul-Nov

Saturday, December 26, 2009
By Israr Khan

ISLAMABAD: Pakistani textiles sold abroad fell by 3.21 per cent to $4.20 billion, rice export cut by about one-third to $699.18 million and petroleum and coal down by one-fourth to $357 million during July-November 2009-10, the Federal Bureau of Statistics (FBS) has reported.

Whereas, during the same period of the last fiscal 2008-09, textiles exports stood at $4.34 billion, rice $1.01 billion and petroleum and coal exports were recorded at $471.83 million; gems and furniture exports also down sizably.

Customs duty on yarn import removed

ISLAMABAD: The Cabinet Committee on Textile has removed customs duty on import of cotton yarn falling under Chapter 52 of the Harmonised Tariff Schedule with immediate effect, and decided to take corrective measures if yarn export exceeds 50 million kg per month.

The second meeting of the committee, which was presided over by Federal Minister for Textile Industry Rana Mohammad Farooq Saeed Khan here on Wednesday, observed that due to cotton failure at the international markets yarn prices had increased globally. ‘However, if the mid-stream textile sector finds feasible it can import yarn even from India.’

Nishat Mills to acquire two thermal plants

KARACHI: Nishat Mills Limited, the largest composite textile mill in the country, announced on Monday that the company had entered into an agreement with AES Pakistan Holdco Limited to acquire ‘substantial majority shareholding’ in two thermal power plants owned by the AES.

Those included AES Lalpir (Private) Limited and AES Pak Gen (Private) Limited.

Both the AES thermal power stations were stated to be located in Mahmood Kot, Muzaffargarh ‘adjacent to each other’ and were identical in design as both were constructed by the same EPC contractor, i.e. Nichiment of Japan and MIU.