Remaining depressed especially in 3QFY16, Pakistan State Oil (PSX: PSO) has come forth much better in its annual financial performance. In FY16, PSO posted an improvement of 48 percent year-on-year in its earnings. PSO has reported a notable decline in earnings in the third quarter of FY16 due to higher inventory losses, while the top line slowed down on account of lower margins on furnace oil and weaker petrol and diesel sales in the quarter.
Expectedly, heavy rainfall especially in the north led to weaker total dispatches for both June and July from the highest total dispatches the cement sector recorded yet in May of 2016 (3.6 million tons). The sector kicked off FY17 with total dispatches of 2.33 million tons recording for July; a 3 percent up tick from this time last year but disappointing in month-on-month growth of 30 percent decline from June's 3.35 million tons. (Read our year end coverage: "Cement: Setting local precedence", published July 14, 2016).
Pakistan's leading corn refiner Rafhan Maize Products Limited (PSX: RMPL) has delivered sterling result for the half year ended June 2016. Company's gross profits surged by double digits year-on-year despite a net turnover that came under pressure during the period under discussion. The bottom line also grew at an impressive rate of 40 percent year-on-year.
Attock Petroleum Limited (PSX: APL) was saved by reduced inventory losses in 9MFY16. The OMC's earnings for 9MFY16 jumped up by 22 percent year-on-year, while the top line continued to witness a decline amid lower crude oil prices and lower margins.
The country is moving on the right path - political stability is there, security apparatus is in a better shape, economic reforms are taking place and incentive structures are aligning to the businesses needs. The consistency is there and policy framework whether right or wrong is present for interest groups to bet for the world's to be eight largest economy by 2050.
The preparations that began earlier this month have reached its logical end by now. Children in neighbourhoods across Pakistan have wound up their stalls that sold national flags, patriotic lapel pins, flaglets, t-shirts, mugs and other memorabilia marking the celebration of the country's Independence Day on August 14.
International Steels Limited (ISL) posted a remarkable comeback during the reported fiscal year. The company announced an EPS of 2.71 for FY15 versus 0.46 of FY14 - up a massive 489 percent. The result was accompanied by an unexpected dividend of Rs. 1.25 per share.