Last update: Fri, 12 Feb 2016 10am

BR Research: All


Attock Cement turned in a strong performance in 2QFY16 on the back of ever-increasing local dispatches, to take its top-line tally to Rs6.4 billion for 1HFY16. Although its net sales for the period are similar to the sum reported for the same period of the previous fiscal, the real improvement is evident from rising margins.
Almost everyone would have noticed the ongoing opposition between the government and PIA management, and between Tapal and Lipton. The advertising tussle between the two key tea-brands has been turned up a notch with their recent ad campaigns.
Low spreads, multiyear low interest rates, super tax, more tax on dividend income and all of that aside - MCB still managed to report a slight increase in its after tax profits year-on-year for CY15. The pre-tax profits soared by a sizeable 15 percent, despite very nominal top-line growth. The impetus came from efficient liability profiling and an ever reliable hand from other income.
Turning the lens back to government, today's piece on privatization would attempt to review the government's ongoing sell off plans in light of the two main long held strands of economic liberalization.
If the first five trading sessions of February are any indication of the remainder of this month, or the rest of 2016 for that matter, investors have plenty to look forward. In January, the benchmark index saw its slowest opening since the recession-hit January of 2009. The market that year, despite dipping eight percent in the opening month, finished 60 percent in the green.
Apropos the article titled "Engro Fertilizers - Dream Quarter" published in these columns on February 9, 2016; the article reported erroneous profitability figures for the period ending December 31, 2015. Engro Fertilizers after-tax profits for CY15 stood at Rs15 billion and not at Rs19 billion as stated in the published piece. The error is regretted.
Real estate has an important role in economies worldwide; in a recently initiated study by Savills – an international real estate adviser, the value of global property in 2015 amounted to 2.7 times the world’s GDP, and residential property accounted for 75 percent of the total value of global property.