Islamabad: The Budget of the National Logistic Cell for the financial year 2011-12 was approved in the 47thNational Logistic Board meeting chaired by the Federal Minister for Finance and Economic Affairs, Dr. Abdul Hafeez Shaikh here today. The Budget showed that the NLC has earned a net profit of Rs.3.9 billion with an 11% increase from the last year’s 10%. The gross profit amounting to Rs.5893 million shown in the budget is 17% increase as compared to last year’s 15%. At the same time the operating cost decreased this year from 85% to 83%.
Earlier the meeting cantered around a request by the NLB for acquisition of the National Power Construction Company which is a public sector organization and currently enlisted on the privatization process. NPCC has expanded its operation in Saudi Arabia and successfully completed high value targets with 290 km long 380 KV transmission connecting Madina to Red Sea Coast. The NLB requested the Minister for Finance that the NLB be given a chance to acquire the overseas set up of the company. The Minister assured them that their company will be assisted in their bidding for the privatization of the NPCC, however, he added that he will not make any assurance that their bid be accepted in the due process as the highest bidder will be accepted.
Later the Minister appreciated the good work by the leadership at the National Logistic Cell as the company has started showing financial discipline and asset consolidation. He urged for more efforts in this direction to make the organization more and more competitive. Congratulating the NLC on the approval of the Budget he said that there is need for increasing profit margin from 11% to 12% this year as there is space for it in this organization.
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