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Company News: Pakistan


The Board of Directors of MCB Bank Limited met under the chairmanship of Mian Mohammad Mansha, on April 22, 2014 to review the performance of the bank and approve financial statements for the quarter ended March 31, 2014. From financial performance perspective, the operational profitability of the bank depicted an improvement as net interest margin increased by 3 percent over March 2013.

Reliance Weaving Mills Limited (KSE: REWM) is a subsidiary of the FATIMA group of companies that was incorporated two decades ago in 1990 and is headquartered in Multan. The firm is engaged in the manufacturing and export of cotton, synthetic yarn and woven and processed fabric.
Fauji Fertilizer Bin Qasim Limited (FFBL) has announced earnings of Rs 48 million (Earning per Share of Rs 0.05), down 90 percent YoY in 1Q2014 compared to Rs 492 million (EPS of Rs 0.53) in the same period last year. According to Naveed Tehsin of JS Research, the results came in slightly above and market consensus estimates; where the consensus view was that the company may announce a loss in 1Q.
Jubilee Life Insurance Company, the largest insurance company from the private sector, announced an impressive batch of results for the financial quarter ending on March 31, 2014. The results were declared by the Board of Directors who met under the chairmanship of Kamal A Chinoy to review the performance of the company.
Pakistan Telecommunication Company Limited (PTCL) on Tuesday announced strong first quarter results riding on the back of its growing fixed and wireless broadband business. PTCL's revenue during the period stood at Rs 21.1 billion and showed a significant increase of nine percent, with net profit standing at Rs 3.4 billion, while gross profit was recorded at Rs 7.6 billion.
MCB Bank has decided to set up its own separate Islamic Banking Subsidiary instead of acquiring 55 percent shares of Burj Bank. Two months ago, MCB Bank Limited decided to acquire Burj Bank and reached an understanding with the majority shareholders of Burj Bank Limited to invest in new and existing shares.
Nishat Chunian Limited (NCL) is one of the leading companies of Nishat Chunian Group that was established in 1990. Nishat Chunian USA Inc and Nishat Chunian Power Limited are its subsidiary companies. The firm is engaged in the business of textile spinning, weaving, processing, stitching, and made-ups sewed together from raw cotton and processed cloth. It is one of the most modern and largest vertically integrated textile companies in Pakistan.


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln