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Great! In latest news, the government has withdrawn FBRs powers to grant concessions and exemptions of duties/taxes through Statutory Regulatory Orders (SROs). The Economic Coordination Committee of the Cabinet has now been made the competent authority to grant any exemption or tax concession.
Just this month the World Bank released the 2014 edition of its Global Financial Inclusion (Findex) database. Findex provides useful indicators on savings, borrowings, and payments made by people across the world. The data indicate that the global, adult, banked population stood at 62 percent as of 2014 end, but that still leaves a whopping 2 billion folks that still remain un-banked.
With nine months of the current fiscal are behind us, FY15 seems to be shaping up to be a great year in terms of profitability for the country's cement makers. For our analysis, BR Research focuses on nine of the largest cement firms of the country, namely Attock, Bestway, Cherat, D.G. Khan, Fauji, Kohat, Lucky, Maple Leaf and Pioneer cement.
HBL believes in investing in technology, human resources and government papers. The former two are extracted from the annual report, and the latter is made up. But it sure does realise the value of government securities. The country’s largest bank had the lowest peer ADR by the end of CY14. Little suggest any changes in the 39 percent ADR of HBL. The government may well have sold its stake in HBL, but HBL surely has not lost faith in the government.
There is no doubt over the benefits of including LNG in the country’s energy mix. What needed is the diversification of the energy mix which is currently skewed towards furnace oil. LNG is not only a cleaner fuel but also more efficient than FO in power production. It can also be used in fertilizer production and as CNG for transportation.
NetSol is not quite out of the woods yet, but its management can take solace in some small positives brought out by the quarter ending March 2015. During the third quarter, the Lahore-based software licensing firm generated a whopping Rs702 million in revenues, more than double in the same period last year. This top line jump, however, was still not good enough to save the bottom line from falling into red again.
Gul Ahmed Textile Mill’s numbers for the nine months ended FY15 are alarming; an increase of four percent in sales year-on-year but a whopping 56 percent fall in net profit. This was due to higher cost of sales, which eroded gross margins, and higher other operating expenses, which contracted net margins.


Index Closing Chg%
Arrow DJIA 18,162.99 0.67
Arrow Nasdaq 5,106.59 1.47
Arrow S&P 2,123.48 0.92
Arrow FTSE 7,033.33 1.21
Arrow DAX 11,771.13 1.26
Arrow CAC-40 5,182.53 1.95
Arrow Nikkei 20,472.58 0.17
Arrow H.Seng 28,081.21 0.60
Arrow Sensex 27,564.66 0.12

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln