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Corporate Watch

Corporate Watch

PSM to disburse Jan-Feb salaries

KARACHI: Finance ministry on Thursday released Rs960 million to Pakistan Steel Mills (PSM) for the disbursement of January-February salaries. Economic Coordination Committee during its April 23 session approved the amount, said a press release.

Emirates Airline profits surge 40pc to $1.2bn

DUBAI: Dubai’s Emirates Airline said Thursday annual profits have surged 40 per cent to $1.2 billion as revenues increased and fuel costs dropped.

The Middle East’s largest carrier said revenues rose 7pc to $24.2bn with passenger numbers up 11pc to 49.3 million in the financial year 2014-15.

Emirates chief executive officer Sheikh Ahmed bin Saeed al-Maktoum said the profit was achieved “despite a tough market and stiff competition. “The company said a significant drop in the price of jet fuel had reduced operating costs by 7pc to $7.8bn.

Fuel represented 35pc of operating costs, down from 39pc the previous year.—AFP

Alibaba profit halved, announces CEO change

PARIS: Chinese e-commerce giant Alibaba said Thursday its net profit plunged 49 per cent to $463 million for the final quarter of its financial year ending March, hit by a share-based compensation expense.

Revenues however rose 45pc to $2.811 billion, with mobile revenue showing a three-fold leap to $846 million.

Transactions made on mobile devices continued to grow, and accounted for just over half (51pc) of the value of sales made on the company’s China retail platforms, up from 42pc in the previous quarter.

Published in Dawn, May 8th, 2015

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