Bravo! Congratulations to the PML-N for pulling off an excellent exercise in self-congratulations. After the award by Emerging Markets magazine turned controversial, IMFs MD, Christine Lagardes address in Islamabad yesterday should help PML-N shine its shop.
Hilary Clinton isnt the only one who is "relieved and very grateful" at the end of her rancorous debate duels with Donald Trump. Watchers of American politics outside US will also be relieved. Americas is a remarkably open political process, and that is partly the reason, besides that countrys global clout, why the ugliness that has characterized the current US presidential campaign has been felt far and wide.
Pakistan State Oil (PSX: PSO) announced its financial performance for the first quarter of FY17 yesterday, and after a healthy growth in earnings for FY16, the first quarter of FY17 continued with the sanguine streak.
Nishat Power Limited (PSX: NPL) announced its results for 1QFY17, which saw a decrease in the top line. Revenue generation decreased by 21 percent as compared to 1QFY16, which might be attributable to the lower furnace oil prices. However, as result of the overhauling completing in FY16 the company managed to implement effective cost management that resulted in the cost of sales also decreasing by almost 21 percent as compared to the corresponding period in the previous year. The overall gross profit fell by 21 percent, which could be explained by lower fuel savings amidst lower furnace oil prices.
The second-largest tractor manufacturer in Pakistan, Al-Ghazi Tractors Limited (PSX: AGTL) is picking up the pace. Although the 9MCY16 figures reflect lower sales and net profit, the third quarter showed something of a turnaround, with sales up by 18 percent year-on-year and bottom-line increasing by 21 percent.
Habib Groups Thal Limited (PSX: THALL) is going strong; for the first quarter of FY17, the companys top line grew by five percent year-on-year, while the bottom line shows an enormous improvement over the same period last year (back when the company incurred a loss due to the one-time charge of closing down a store of its subsidiary company Makro Habib Pakistan Limited).
A year after the IMF forced the government to shelve its plans of doling out a textile package for boosting the sector's overseas sales, the government is now pondering over an exports package of about Rs120 billion to Rs180 billion, a bulk of which is due to be allocated to the textile sector.