Engro Food’s corporate results for the outgoing quarter are in and the sight is prettier than ever. Posting a bottom line of Rs1.6 billion at the end of the first nine months of the current year, the food manufacturing giant has raked up a monumental year-on-year growth on the back of accelerated sales and improving margins.
It has been a while since press releases from Pakistans conglomerate Engro Corporation have spelled good news. Yesterday was no different - the only difference being it was not about gas curtailment issues or the slow government response on Thar coal. It was bigger - as Asad Umar, Engro Corporations President and CEO, announced his resignation.
The FAOs rice price update for March shows that after a declining trend in export prices of Pakistani rice over the past few months, a mild recovery was seen in export prices of the Pakistani variety in March this year.
The fields of Sindh are turning to that shade of gold that farmers cherish so much. Wheat harvest season is almost upon us. Before long the hands that have toiled for months to nurture these crops will carry their produce to markets, eyeing lucrative returns.
The bearish trend seen in the global food commodity prices over the last 6 months is being followed by rice.
The higher prices that rice had during much of 2011 mainly due to massive flooding in Thailand; worlds largest rice exporter, started declining in November 2011. From 254 in November the rice price index of Food and Agriculture Organization (FAO) of United Nations, started a downwards journey and in February the index fell to an year low of 233.