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The national flag carrier is drenched in red, as expected. The financial performance of Pakistan International Airlines for the half year ended June 30, 2012 is not pleasant at all. The airline has resided in the red zone for seven years consecutively since CY05, and from the looks of it, CY12 will be no different.
Faysal Bank Limited, in sharp contrast to the industry trend, posted a massive 36 percent year-on-year decline in net profits for the half year ended June 30, 2012. The decline came despite a sizeable increase of 14 percent in deposits over December 2011, which is significantly higher than the industrys performance on advances.
The dearth of foreign investment in Pakistan has become a serious threat to Pakistans economy as the investment as a percentage of GDP stands at its lowest in the countrys history at 12.5 percent. There was some good news on this front on Monday when the government announced the much awaited Petroleum Policy 2012, providing major incentives for investment in Pakistans oil and gas exploration and production industry.
The financial performance of Lotte Pakistan PTA for the half year ended June 30, 2012 based on the company notice sent to KSE yesterday looks awful. Lotte - one of the hottest scrips traded on the local bourse - is in deep loss, thanks to a dismal second quarter performance. Massive profitability decline in 1QCY12 foretold tough times ahead, but a net loss of nearly half a billion rupees in the following quarter is stunning.
Aggressive provisioning last year seems to have done the trick for commercial banks this time around. Askari Bank Limited (AKBL) announced its 1HCY12 financial results yesterday, posting a massive 56 percent year-on-year improvement in after-tax profits. This came on the back of significantly lower provision charges on NPLs against last year, as the NPL cycle seems to have peaked back then.
The half-yearly financial result posted by NIB Bank provided reasons to believe in the future of the bank for its shareholders. The banks top line posted a modest improvement; the mark up earned improved by five percent over 1HCY11 to reach Rs6.988 billion.
"Extortion is the biggest deterrent to business in Karachi, even more than the energy crisis" asserted former president Karachi Chamber of Commerce and Industry Anjum Nisar. "Even in Lahore, where businesses are significantly worse off due to energy crisis, extortion and violence targeted against businesses is fast becoming an existential threat for firms" he told BR Research.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln