PakRe registers substantial growth

By Abdul Qadir Qureshi

(Pakistan News & Features Services)

The Pakistan Reinsurance Company Limited (PRCL), rated as AA Company, has posted a net profit of Rs.925 million for the three Quarters ending September 30, 2012.

The break-up of Profit & Loss Account of PRCL in Underwriting Profit in nine months having ended on September 30, 2012, is Rs.578 million, as compared to Rs.283 million during the corresponding period last year.

The investment income stood at Rs.785 million as compared to Rs.747 million while the rental and other income went up from Rs.36 million to Rs.45 million. The general and administration expenses were brought down from Rs.30 million to Rs.29 million with the exchange gain being Rs.39 million compared to Rs.27 million last year.

The net profit before tax and value of available for Sale Investment-write-off was Rs.1408 million as Rs.1073 million last year, less Provision for Taxation Rs.337 million to Rs.217 million, net Profit after Tax and before Value of available for Sale Investment-write-off Rs.1071 million to Rs.856 million, and value of available for Sale Investment-write-off Rs.146 million to Rs.61 million.

The summary of accounts for the nine months ended September 30, 2012, as compared with the accounts for the nine months ended September 30, 2011 is Premium Written Rs.5472 million to Rs.4212 million, Reinsurance ceded Rs.2669 million to Rs.1278 million, Net Retention Rs.2803 million to Rs.2934 million, Premium Reserve Rs.282 million to Rs. 372 Million, Net Premium Rs.3085 million to Rs.2562 million, Net Commission Rs.644 Million to Rs.574 Million, Net Claims Rs.1530 million to Rs.1451 million Underwriting Profit before Management Expenses Rs.911 million to Rs.537 million, and Less Management Expenses Rs.333 million to Rs.254 million.

The Underwriting Profit during the period under report was Rs.578 million as compared to Rs.283 million during last corresponding period.

SSUET admission deadline remain unchanged

By Abdul Qadir Qureshi

(Pakistan News & Features Services)

The admission 2013 process is going on apace with November 10 being the last date for submission of admission forms at Sir Syed University of Engineering and Technology (SSUET).

The Chancellor SSUET, Engr Z A Nizami, reviewed the progress made so far at a meeting and directed that the process should be completed by November 10 as per check list.

It was informed that so far 3913 prospectus had been sold, much higher than the prospectus obtained during admission process in 2012, and of them 2161 eligible students had got themselves registered until October 30.

It was pointed out that as per analysis of the registered candidates, the admission has been sought in this university by students with marks as high as 89.5 percent.

The meeting was told that this year the highest number of students (867) have applied for admission in civil engineering followed by 672 in Electronics, 259 in Computer engineering and 228 in Computer Science. Besides, so far only 59 candidates had applied for admission in Bio-Medical and 76 in Telecommunication engineering as being their first choice.

The meeting was informed that out of total number of applications registered, 317 were submitted with marks above 80 percent and above whole 970 applications with marks of 60 percent and above.

In the Electronic Engineering discipline, the applicants had 73.91 percent and above of marks while it was 89.5 percent in the discipline of Computer Engineering.

It was pointed out that this year there was much higher pressure for admission in this university as compared to last year.

The Chancellor directed that admissions should be granted strictly on the basis of merit as well as the result of tests to be carried out on November 18 followed by interviews.

The Chancellor was told that like the last year, admission test will be carried out at Expo Center in view of very high number of applicants as well as keeping the security considerations into view.

The meeting also discussed university matters relating to Pakistan Engineering Council (PEC) and defaulters of university dues.

It was informed that no examination form was being entertained with out clearance of outstanding dues by students appearing in the examination.

The meeting was attended, among others, by Vice-Chancellor Prof Dr Jawed H. Rizvi, Dean of Engineering Prof Dr S.M. Makhdoomi, Chairman Electronics department Dr Prof Najib Siddiqi besides chairpersons of various departments.