Friday, August 6, 2010
Dewan Mushtaq Textile Mills Ltd. expected to report Fiscal Year 2010 results on August 27, 2010. This event was calculated by Capital IQ (Created on June 27, 2010).
Dewan Mushtaq Textile Mills Ltd. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended March 31, 2010
Dewan Mushtaq Textile Mills Ltd. announced unaudited earnings results for the third quarter and nine months ended March 31, 2010. For the quarter, the company reported net turnover of PKR 671,297,000 compared with PKR 1,559,131,000 for the same period a year ago. For the quarter, the company reported operating loss of PRK 159,292,000, loss before tax of PKR 160,316,000 and total comprehensive loss of PKR 162,479,000 or PRK 0.45 per basic and diluted share compared with operating loss of PRK 52,901,000, loss before tax of PKR 238,845,000 and total comprehensive loss of PKR 198,845,000 or PRK 0.56 per basic and diluted share for the same period a year ago. For the nine months, the company reported net turnover of PKR 2,792,853,000 compared with PKR 4,171,387,000 for the same period a year ago. For the nine months, the company reported operating loss of PRK 438,987,000, loss before tax of PKR 445,398,000 and total comprehensive loss of PKR 447,192,000 or PRK 1.25 per basic and diluted share compared with operating loss of PRK 34,403,000, loss before tax of PKR 667,809,000 and total comprehensive loss of PKR 508,543,000 or PRK 1.42 per basic and diluted share for the same period a year ago. For the period, the company reported net cash used in operating activities of PKR 54,914,000 compared with net cash used in operating activities of PKR 102,015,000 for the same period a year ago.
Dewan Mushtaq Textile Mills Ltd. to Report Q3, 2010 Results on Apr-29-2010
Dewan Mushtaq Textile Mills Ltd. announced that they will report Q3, 2010 results on Apr-29-2010
Saturday, July 3, 2010
ISLAMABAD, Dec 16 (APP): Mechanized irrigation system and corporate farming would help propel agricultural productivity besides realizing the long-term ambitious goals of achieving food self sufficiency in this sector. Agriculture sector-main backbone of the economy has been accorded top priority in the major policy initiatives taken by the government, said sources at the Agriculture Ministry. The Federal government under the patronage of the President has already provided Rs 120 billion to all provinces with the help of World Bank for lining of canals and watercourses and using concrete parabolic to save valuable water from seepage, added the sources.
In line with the policy carved out for the agri-sector, the Sindh government has awarded a project to Dewan Group for providing state of the art mechanized irrigation system for water conservation and productivity enhancement.
An accord is expected to be inked shortly between the Sindh government and Dewan Group.
The project has been awarded after open biding in which 15 companies participated. Dewan Group is pioneer in bringing and setting up various modernized industrial projects in the country the largest polyester project Dewan Sulman Fiber.
Mechanized irrigation technologies application will greatly help and lead the country on the path of achieving food self sufficiency, observed the sources.
With the application of mechanized irrigation systems and the development of corporate farming projects, Pakistan will not only achieve self reliance but also reposition itself to export food to Middle East and South East Asian countries.
The Dewan Group also participated in a mega event sponsored by the Ministry of Food, Agriculture and Livestock (MINFAL) for introducing high efficiency irrigation systems for water conservation and productivity enhancement this year.
It is worth mentioning, the government has allocated over Rs 18 billion under subsidiary programme for five years to facilitate farmers adopting latest irrigation systems and techniques.
They informed Pakistan has the world’s largest canal irrigation network which irrigate about 36 million acres land to produce all major and minor crops including wheat,rice, cotton, sugarcane, maize and pulses to meet domestic consumption as well as to export.
There are about 1,700,00 water courses with a total length of about 1.6 million kilometers which distribute water with 44 canal system spread over 56073 kilometers, they added.
It is very encouraging that participation of private sector group like Dewan directly entering into the projects of prime national interest which would ensure success of public sectors, the sources said.
Thursday, July 1, 2010
Overall 117 companies changed hands, out of which 25 advanced, 37 declined and 55 companies remained unchanged.
Total traded volume for the day stood at 6.159 million shares. Lotte PPTA remained on top of the list with a turnover of 1.332 million shares.
Uncertainty gripped the market as investors expressed concern over the audit carried out by the Federal Board of Revenue (FBR), said Mirza Irfan, an analyst at CVS.
The service industries, MCB Bank, Allied Bank Limited, Habib Bank Limited (HBL), Dewan Cement, OGDCL, RBS, Soneri Bank, Treet Corporation and Arif Habib Securities were the major gainers.
Friday, June 25, 2010
Top Pakistani bankers will meet on Friday to discuss whether the four companies should be liquidated or sold to some other business group, which could turn them around to pay off their liabilities, they said.
“The group has over Rs50 billion in debt,” a banker said. “In some cases, banks have not received a single installment or interest payment during the last four years. It is about time that they sell their assets to settle our debt.”
Likely outcome of deliberations will be the sale of two cement and two sugar units to recover part of the loans, while the remaining would be paid off by the new owner later, a banker said.
The Dewan Group, which owns 14 companies, has borrowed from almost all the Pakistani banks. Most of its factories are closed as banks have stopped financing working capital.
As of March 2010, Dewan Sugar Mills has accumulated losses of Rs661 million, which eroded its paid-up capital by Rs106 million. Its current liabilities exceed assets by Rs2.09 billion.
The other sugar mill is Dewan Khoski Sugar. Its financial statements were not available on the website of the group. The financial statements of Dewan Hattar Cement were also unavailable.
Dewan Cement is in a relatively stable position with fixed assets valued at over Rs19 billion. The losses incurred by the company are mainly due to the economic slowdown.
At its prime, Dewan had a turnover of over Rs30 billion and around 12,000 employees. Now its workforce has shrunk to 4,000.
A banker said that chances for the loan rescheduling seem remote. “The situation could have been different if Dewan Group had made the offer two years back.”
Dozens of recovery suits are pending before courts. The group has also filed counter suits against banks.
It still has some companies, which carry a lot of intrinsic value. The Dewan Salman Fibre is the country’s largest manufacturer of polyester stable fibre.
“This valuable company is literally dormant,” said Hamad Aslam, head of research at BMA Capital.
“The other two local PSF makers are running at full capacity and yet the country has to import to meet local demand. So you can imagine the potential.”
Some people close to the Dewan family say banks have been ruthless in their demands. “If a little more time had been allowed, the companies could have made a comeback. Other companies in cement, sugar and automotive industries are doing pretty good these days.”
The decline of the once powerful group in the wake of infighting between Dewan brothers is classic example of the vulnerability of family-run businesses.
A source said for too long, the group avoided hiring professionals in the management and relied on family members for its operations, something that ultimately proved disastrous.
Saturday, June 19, 2010
The company secured licenses for the blocks 2869-14 (Kalchas South), 2872-1 (Noor South), 2871-3 (Rukanpur), 2771-2 (Khangarh) and 2871-2 (Yazman) for a financial commitment of $18.65 million, the statement added. The blocks are spread over 12343.35 square kilometers area, it added.
The agreements were signed with Dewan Petroleum by Secretary Petroleum and Natural Resources Kamran Lashari, Director General Petroleum Concessions, Mohammad Naeem Malik and Chairman Dewan Petroleum Limited Zia Ur Rehman Farooqui.
Minister for Petroleum and Natural Resources Syed Naveed Qamar was also present.
The government gives high priority to promote a culture of self-dependency and efforts remain underway to exploit the local resources to meet energy needs, the minister told reporter.
He said local companies would have to take the lead in carrying out exploration work in view of the security situation in certain areas. He said the government was also signing agreements with other countries to meet energy needs and the IP project finalised recently with Iran was part of such efforts. He said the majority of oil and gas production was from Sindh but major discoveries had also been made in Khyber Pakhtunkhwa.
Thursday, June 10, 2010
He was addressing a gathering at Dera Awanan here on Tuesday evening. The minister asked President Asif Ali Zardari not to sell national dignity in exchange for few dollars. “The federal government is creating crisis to deceive the masses and mint money on one or another pretext,” he said. He added that foreign powers wanted to destabilise Pakistan by showing the presence of terrorists in Southern Punjab.
He was of the view that Israel, India and their allies wanted to seize country’s nuclear programme while the rulers were promoting ties with these countries. “Time has come to teach a lesson to Israel as it violated international rules by attacking Palestine-bound aid flotilla,” he maintained. PML-N district president Dewan Mushtaq Ahmad, secretary Sikandar Hayat Gondal, city president Haji Usman Ahmad, former MNA Mumtaz Ahmad Tarar, former tehsil nazim Imtiaz Ahmad Chaudhry, Tahir Awan and Asifullah Awan were also present. Meanwhile, hundreds of people belonging to the Awan family joined the PML-N.
CONDOLENCE: President Asif Ali Zardari and Prime Minister Syed Yousaf Raza Gilani have expressed their grief over the sad demise of Haman Shamim, son of PPP district president Dewan Shamim Akhtar, on Wednesday. Meanwhile, PPP Punjab president Samiullah Khan visited the Dewan House and offered his condolence over the death son of Dewan Shamim Akhtar.
Friday, April 30, 2010
The provincial assembly’s seat fell vacant when member of Pakistan Muslim League-Q (PML-Q) Naghma Mushtaq Lang resigned on April 7. Ms Lang’s graduate degree was challenged by runner-up Malik Muhammad Akram Kanhoon. After her resignation, Ms Lang has been awarded ticket by the ruling PML-N for the election.
Mr Gilani, the younger brother of Prime Minister Yousaf Raza Gilani, who earlier failed to get the PPP ticket for NA-178 by-election, was nominated for the by-poll by the party’s parliamentary board, led by PPP Co-Chairperson Asif Ali Zardari.
The leading political figures of the area besides Ms Lang are former provincial minister Rana Qasim Noon and PML-Q MNA Dewan Ashiq Bukhari. So far, Noon and Dewan families have put their weight behind Mr Gilani.
Ms Lang is the widow of former MPA Malik Mushtaq Lang, who died in 2004 when he was Jalalpur Pirwala tehsil nazim. Ali Mushtaq, the son of Mushtaq Lang, died in a tragic accident in 2005.
In 2008 elections, the Dewan group and the Lang group, under the leadership of Dewan Ashiq Bukhari, contested against the Noon group, led by Qasim Noon.
The Dewan group fielded Ms Lang and Mehdi Abbas Langah for PP-206 and PP-205 and Dewan Ashiq Bukhari for NA-153, all on PML-Q tickets. All three candidates won their seats.
Qasim Noon, who had contested for NA-153 as independent candidate and lost the seat with a margin of just 1,000 votes, later joined the PML-N. When he saw Ms Lang would be the ultimate PML-N candidate in the by-election, Mr Noon met with the prime minister and announced joining the PPP.
Mr Bukhari who is still in the PML-Q has very close relations with Prime Minister Gilani. He reportedly contacted the PPP to get the ticket for his son Dewan Muhammad Abbas.
Later on, both Noon and Dewan groups agreed on the younger Gilani as candidate for the seat.
It is also expected that Mr Gilani would be elected unopposed if court disqualify Ms Lang because of her fake degree and the PML-N may not get any suitable candidate to face the PPP candidate.