After slow activity in the first month and a half of this fiscal year, the Public Sector Development Programme (PSDP) seems to have picked up some pace in late August and September. As per the most recent data released by the Planning Commission, the Federal Government had disbursed a total of Rs55.624 billion as on September 20, 2013.
The Federal Ministries and divisions that have received major funding thus far include National Highway Authority (Rs7.3 billion), Pakistan Atomic Energy Commission (Rs7.2 billion), National Health Services Regulation & Coordination Division (Rs5.6 billion), Railways Division (Rs5.6 billion), WAPDA (Rs4.9 billion for power projects and Rs4.1 billion for water projects), and Higher Education Commission (Rs3.7 billion).
In development funding for special areas, the Azad Jammu and Kashmir was provided block allocations worth Rs2.65 billion, Gilgit-Baltistan Rs4.34 billion, and Federally Administered Tribal Areas and frontier regions Rs3.31 billion. The Earthquake Reconstruction and Rehabilitation Authority (ERRA) received Rs1.57 billion so far.
About 6.3 percent of the total releases thus far came from foreign aid, for entities like NHA, WAPDA (power sector), special areas, ERRA and Railways.
It must be noted that the official PSDP funds release mechanism requires 20 percent of disbursements to be made in the Jul-Sep quarter. However, only 10.3 percent of the portfolio has been funded up till September 20. This shows that the PSDP releases might have picked up, but they are falling short of their targets.
The Planning Commission data shows that out of forty Federal Ministries and Divisions, only nine have received 20 percent or more funding against their respective FY14 PSDP allocations. Even among the major recipients listed above, only the ERRA, National Health Services Regulation Division, HEC, and special areas received 20 percent or more of their allocations during July 1 to September 20.
Some 13 ministries and divisions have not received any funding at all.
These observations could point towards a future clampdown in PSDP funding. Reportedly, the Federal PSDP may receive significant cutback in its allocations, in order to restrict fiscal deficit this year. It appears that this possible reduction in the size of PSDP may come primarily from the PML-N government’s “New Development Initiatives” worth Rs115 billion, which remain unspecified to date.
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Status of PSDP Releases in FY14
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Rs (bn) Budgeted Released*
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Rupee Foreign Rupee Foreign
Aid Aid
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Federal Ministries and Divisions 323.5 38.9 31.4 0.1
Corporations (NHA, Wapda (power) 49.9 64.6 9.2 3.1
Special Areas (Fata, AJK, GB, etc.) 44.8 3.3 10.0 0.3
ERRA 7.5 2.5 1.5 0.1
Tameer-e-Pakistan Programme 5.0 0 0.0 0.0
Sub-total 430.7 109.3 52.1 3.5
Total 540.0 55.6
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Data source: Planning Commission *as of 20-09-2013
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Other corporate results
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SAJJAD TEXTILE MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 807 308 162%
Cost of sales 685 288 138%
Gross profit 122 20 511%
Operating profit 88 6 1453%
Profit before tax 80 2 4664%
Profit after tax 52 3 1870%
EPS (Rs) - basic 2.43 0.12
Source: KSE notice
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GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 196 186 5%
Cost of sales 142 134 6%
Gross profit 54 52 3%
Other income 1.6 1.3 17%
Operating profit 4.4 6.3 -31%
Profit before tax 5.1 4.9 5%
Profit after tax 2.5 2.2 11%
EPS (Rs) - basic 0.33 0.30
Source: KSE notice
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ZEPHYR TEXTILE MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 3841 3134 23%
Cost of sales 3482 2820 23%
Gross profit 359 316 14%
Other income 47 43 10%
Operating profit 359 231 55%
Profit before tax 23 35 -36%
Profit after tax 14 15 -4%
EPS (Rs) - basic 1.92 0.25
Source: KSE notice
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DEWAN FAROORQUE SPINNING MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 1302 1363 -4%
Cost of sales 1194 1381 -14%
Gross profit / (Loss) 108 -18
Operating profit 62 -76
Profit / (loss) before tax 9.3 -105.8
Profit / (loss) after tax 36 -108
EPS (Rs) - basic 0.36 -1.10
Source: KSE notice
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DEWAN KHALID TEXTILE MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 1426 1156 23%
Cost of sales 1382 1170 18%
Gross profit / (Loss) 44 -14
Operating profit 9 -54
Profit / (loss) before tax -6.0 -59.8
Profit / (loss) after tax 1.3 -1.5
EPS (Rs) - basic 0.22 -0.26
Source: KSE notice
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J. K. SPINNING MILLS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 8919 7194 24%
Cost of sales 7476 6177 21%
Gross profit 1443 1017 42%
Operating profit 867 606 43%
Profit before tax 650 364 79%
Profit after tax 599 282 113%
EPS (Rs) - basic 9.84 4.62
Source: KSE notice
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SHAHTAJ TEXTILE LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 4105 3885 6%
Cost of sales 3776 3652 3%
Gross profit 420 333 26%
Profit before tax 146 92 60%
Profit after tax 113 87 29%
EPS (Rs) - basic 11.69 9.04
Source: KSE notice
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CRESCENT JUTE PRODUCTS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 19 29 -35%
Cost of sales 39 127 -69%
Gross profit / (Loss) -20 -99 -79%
Other income 26 4 561%
Operating profit / (loss) -43 -156 -73%
Profit / (loss) before tax -67 -197 -66%
Profit / (loss) after tax -64 -191 -67%
EPS (Rs) - basic -2.68 -8.06
Source: KSE notice
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GHANDHARA NISSAN LIMITED
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Rs (mn) FY13 FY12 Chg
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Revenue - net 1852 1388 33%
Cost of sales 1626 1257 29%
Gross profit 226 131 73%
Operating profit 98 26 280%
Profit / (loss) before tax 46 -98
Profit / (loss) after tax 38 -86
EPS (Rs) - basic 0.85 -1.91
Source: KSE notice
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PAKISTAN ENGINEERING COMPANY
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Rs (mn) FY13 FY12 Chg
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Sales - net 386 523 -26%
Cost of sales 465 593 -22%
Gross profit / (loss) -79 -71 12%
Operating profit / (loss) -127 -126 0%
Profit / (loss) before tax -153 -152 1%
Profit / (loss) after tax -83 -100 -17%
EPS (Rs) - basic -14.61 -17.56
Source: KSE notice
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NOON PAKISTAN LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 2926 3305 -11%
Cost of sales 2634 2901 -9%
Gross profit 292 404 -28%
Other income 11 22 -52%
Operating profit -92 112 -182%
Profit / (loss) before tax -145 50 -392%
Profit / (loss) after tax 128 36 255%
EPS (Rs) - basic -9.18 2.58
Source: KSE notice
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SOUTHERN ELECTRIC POWER COMPANY LIMITED
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Rs (mn) FY13 FY12 Chg
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Revenue - net 2906 5414 -46%
Cost of sales 235 589 -60%
Gross profit 2671 4825 -45%
Other income 22 37 -39%
Profit / (loss) before tax -1883 -1863 1%
Profit / (loss) after tax -1883 -1832 3%
EPS (Rs) - basic -13.77 -13.40
Source: KSE notice
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KASB CORPERATION LIMITED
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Rs (mn) FY13 FY12 Chg
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Income from continuing operations 35 25 35%
Expenses 10 6 61%
Profit / (loss) before tax 25 19 27%
Profit / (loss) after tax 24 13 88%
EPS (Rs) - basic 0.79 0.42
Source: KSE notice
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DEWAN FAROOQUE MOTORS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 3 3 0%
Cost of sales 168 192 -13%
Gross profit / (loss) -165 -189 -13%
Operating profit / (loss) -244 -288 -15%
Other income 181 144 26%
Profit / (loss) before tax -317 -229 39%
Profit / (loss) after tax -317 -221 43%
EPS (Rs) - basic -2.91 -2.04
Source: KSE notice
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AL-KHAIR GADOON LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 1146 874 31%
Cost of sales 1010 749 35%
Gross profit 136 125 9%
Operating profit 48 38 26%
Profit before tax 40 35 15%
Profit after tax 25 45 -43%
EPS (Rs) - basic 2.55 4.51
Source: KSE notice
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GHANI GASES LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales - net 1217 740 64%
Cost of sales 827 465 78%
Gross profit 391 275 42%
Operating profit 211 116 81%
Profit before tax 158 94 67%
Profit after tax 152 86 76%
EPS (Rs) - basic 2.10 1.19
Source: KSE notice
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