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Countrys second largest commercial bank, National Bank of Pakistan (NBP) has quickly turned around things, posting a massive increase in profits. The major impetus came from a significant decline in provision charges, which reduced by a third year on year.
Its a job well done at Pakistan Tobacco Company (KSE: PAKT). The tobacco giant saw massive boost to both its top line and bottom line during the six months ended June 30, 2014, thanks to the firms two factories in Nowshera and Jhelum that appear to be producing cigarette sticks at top speed.
Banks big or small have all made good profits so far this year and Bank Alfalah Limited (KSE: BAFL) is the latest bank to join the club. The P&L statement makes a good reading, showing double-digit growth in every single account head.
Street protests by PTI and PAT and their mishandling by the government haven't been just badly affecting the day-to-day economic activities in the central Punjab for the last ten days; moreover the economically-irrational demands of the protesting leaders are also making international investors and lending institutions apprehensive of the countrys economic future.
Economic managers won't like the July FDI numbers. As per SBP data released yesterday, Pakistan's net FDI (inflows minus outflows) had gone down 80 percent year on year to a meager $24 million in July. Thats a bad start to the new fiscal year, especially when last fiscal year was closed at net FDI of $1.63 billion with a 12 percent growth, albeit largely due to the rare telecom spectrum auction and declining outflows.
What we saw from our eyes is slowly becoming clear through data. The bustling shopping malls, jam-packed restaurants and busy bakeries in July (the month of Ramazan) gave the impression that the consumer economy has been doing better. Now, as per the MCBs Purchasing Manager Index (PMI), July was the month when the manufacturing sector--the backbone of consumer goods--shrugged off the creeping lethargy and showed improvement, on the back of more new orders and increased production.
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.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln