The importance of a well-functioning and liquid derivative market cannot be stressed enough when it comes to creating a sustainable and robust financial ecosystem. Sadly, in Pakistan there is yet to be a concerted effort aimed at creating a derivative market that will make our integration into the global markets possible.
Crescent Steel and Allied Products (PSX: CSAP) continued its strong performance in FY16 on the back of orders from gas utility companies and infrastructure projects. The company ended the fiscal year 2016 with an EPS of Rs15.05, up a mammoth 424 percent compared to fiscal year 2015. The result was also accompanied by a final dividend of Rs2 per share, taking the dividend tally for the whole year to Rs5 per share.
The performance of Century Paper & Board Mills Limited (CPBM), a flagship company of the Lakson Group of Companies has remained satisfactory during the recently ended fiscal year. The company closed FY16 on a higher note and successfully brought itself out of the red, reporting Rs322 million in profit after tax.
A decade later, the $800 million ghost refuses to rest in peace. It is fair to say that the UAE-based Etisalat has given its Pakistani interlocutors a run for their money. The Emirati telco still owes the Pakistani government $800 million from its 26 percent management-stake-buyout in PTCL back in 2005-06. Since then, two different governments have tried to get the remaining money back, but in vain.
Pakistan's National Action Plan (NAP) has been making headlines at home lately, as blame is being passed back and forth between the military and the civilian leadership over its non-implementation. But whose responsibility is the 20-point NAP, and who is to blame for its inaction? These are important questions, to which factual answers are unlikely.
It is no secret that Pakistan has a dilapidated and obsolete transmission network that is in dire need of a revamp. This column has always stressed that it is not power generation that is the main problem but rather the recovery of dues as well as the state of the transmission and distribution system.
Tri-Pack Films Limited (Tri-Pack) the leading manufacturer of BOPP and CPP films in the country saw its revenue staying under pressure during the six-month period of 2016. It seems that once again the company was unable to fully utilize the growth in the FMCG sector. Consumer goods companies are the biggest purchasers of Tri-Pack's offerings. However, despite an unimpressive top line, the firm was able to register an impressive 70 percent year-on-year growth in its bottom line for the period ended June 2016, and that has kept the firm in a good shape.