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Refining crude oil is a low margin job, has always been so. And Attock Refinery Limited (ATRL) found it out that the gross margins could be as low as 0.08 percent, as it announced its FY14 financial results. Needless to say, the bottom line dipped considerably. Not that the ATRL has not seen worse; but the damage done in the first half proved too much.
Sixteen years, three Visions, a blueprint for economic growth and still nothing really to show for. We know of no other country to have produced three and a half Visions in less than two decades--the half or the quasi Vision being the Framework for Economic Growth (FEG).
Pakistan Oilfields Limited, the third largest oil and gas producer in the country, posted decent FY13 profits last week. More was expected as the profits remained below the consensus estimates, mainly on account of very high amortization charges that more than doubled during the year. The significantly better production flows, particularly, that of oil, helped the top line grow significantly, translating to the bottom.
FY14 was a decent year for Attock Petroleum. However, the year proved out to be not as good as the analyst community had anticipated. The financial results of Attock Petroleum (KSE: APL) depicted an increase of 11 percent year on year in its bottom line.
Riding on robust domestic sales and exports to Afghanistan, the Cherat Cement Company Limited (KSE: CHCC) has been able to post decent growth in its bottom line for the year ended June 2014. The Companys earnings are increased by 7.2 percent during the year along with 2.5 percent growth in sales.
Rupee is back in the news again; this week it was seen kissing the psychological barrier of 100 against greenback. But will it weaken further? The currency market has been in strict scrutiny of the State Bank under the influence of Finance Ministry ever since the market rebounded in March.
So the Competition Commission of Pakistan (CCP) thinks discriminatory practices in allowing access to Inland Freight Equalization Margin (IFEM) is indeed not healthy. Yes, discrimination is never good. But, is the IFEM in itself any good?


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 25, 2014
Reserves $13.925 bln