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PSO’s latest financial performance slipped slightly, and it all started at the top. It has been a long time since Pakistan State Oil has witnessed a decrease in its revenues. In FY14, PSO’s top line growth was highlighted by better volumetric sales and better product margins. However, the oil marketing company did not open FY15 well as sales dropped by five percent year-on-year.
Not very long ago, a dip of any sorts in Fauji fertilizer Company’s (KSE: FFC) profits was unthinkable. It is now a reality. Urea off-take has not been impressive to say the least. FFC faced slight dip in urea sales during the 9MCY14 period, but this is not the primary concern. FFC has had many such dips resulting in profit increase, but times have changed – big time!
Analysing banking sector financial results has of late become a monotonous job. You can just simply replace a few numbers, insert Bank Alfalah (KSE: BAFL) in place of any similar-sized bank and your job is done. The story is similar – most of the deposit growth parked in longer term government securities, advances kept in check, deposit-mix rationalised, non-core income improved – and you have pretty healthy after-tax profits.
Historically, Nishat Power Limited’s margins have been on an upward journey even during the toughest times. And when power sector is in a deplorable state again, the firm has posted a hefty increase in its earnings for 1QFY15.
HUM Network Limited’s (KSE: HUMNL) mounting fame in recent years hasn’t gone unnoticed. Its success is penned all over its financial statements while its sky-rocketing rise on local bourse has baffled many. To recall, in FY14, the company flaunted a phenomenal profitability growth of 98 percent year-on-year. And the start of FY15 has continued to be promising with its bottom line boasting a growth of 33 percent in 1HFY15.
Pakistans broadband subscriptions are very low, at 3.63 million subscriptions as of April 2014. By now, broadband connections would have presumably crossed 4 million. That is not a decent penetration level given there are around 30 million households across Pakistan.
Banks are supposed to lend and Summit Bank (KSE: SMBL) does that. Lending is also supposed to be risky at times, and Summit is facing just that. Being small in size does not help, but the yesteryears problems seem to have made a comeback at Summit. The asset and deposit bases are almost flat - gross spreads have improved, cost of deposit is down but provisioning is back to haunt.


Index Closing Chg%
Arrow DJIA 17,195.42 1.30
Arrow Nasdaq 4,566.14 0.37
Arrow S&P 1,994.65 0.62
Arrow FTSE 6,463.55 0.15
Arrow DAX 9,114.84 0.35
Arrow CAC-40 4,141.24 0.74
Arrow Nikkei 15,658.00 1.67
Arrow H.Seng 23,702.04 1.49
Arrow Sensex 27,346.33 0.92

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln