Profit of companies at PSX jumps 82%
Earnings of 94 firms clock-in at record high of Rs243 billion in Jan-Mar quarter
PHOTO: AFP
KARACHI:
The net profit earned by the top 94 Pakistani companies - mostly belonging to industrial and services sectors - surged 82% to a record high of Rs243 billion in the quarter ended March 31, suggesting that economic activities were in full swing during the start of the third wave of Covid-19 pandemic.
These companies are listed at the Pakistan Stock Exchange (PSX) and are part of the benchmark KSE-100 index, which is a group of top 100 performing companies. These companies had earned a net profit of Rs133.65 billion in the same quarter last year when the first wave shot down economic activities in the country, Topline Securities reported on Monday. “The largest contributors to KSE-100 profitability were oil marketing companies (OMCs) followed by fertiliser, cement, banks and chemical sector companies,” Topline Deputy Head of Research Shankar
Inquiry launched against Pakistani ambassador to Saudi Arabia: PM Imran
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Inquiry launched against Pakistani ambassador in Saudi Arabia: PM Imran
ISLAMABAD (Dunya News) – Prime Minister (PM) Imran Khan on Thursday has said that a high-powered investigation has been launched against Pakistani ambassador to Saudi Arabia for not taking care of the laborers.
He was addressing a ceremony in Islamabad in connection with Roshan Digital Account crossing one billion dollars in deposits and launch of Roshan Apni Car and Roshan Samaaji Khidmat products.
The PM said that he has received reports that the staff members of Pakistani embassy in Saudi Arabia were taking money as bribes from the laborers. Exemplary punishments will be handed over to those found guilty, he assured.
World Bank reiterates support to overcome Pakistan’s energy challenges
Business
April 21, 2021
ISLAMABAD: The World Bank on Tuesday reiterated support to Pakistan for overcoming challenges in the energy sector and reaffirmed its commitment to assistance for the implementation of structural reforms.
World Bank Managing Director (Operations) Axel van Trotsenburg lauded the socioeconomic coverage extended to the marginalised sections of the society during Coronavirus pandemic. He held a virtual meeting Minister for Finance and Revenue Shaukat Tarin.
Federal Minister for Economic Affairs Division Omar Ayub Khan, Minister for Power Hammad Azhar, State Bank of Pakistan Governor Reza Baqir attended the meeting.
No More Tax Amnesties, Government Commits to IMF
No More Tax Amnesties, Government Commits to IMF
Resumption of Extended Fund Facility accompanies undertaking for massive increase to taxes, utility prices
Pakistan has committed to not provide any new tax exemption or amnesty as part of terms agreed upon with the International Monetary Fund (IMF) to resume the Extended Fund Facility (EFF) that was stalled last year.
A Staff Report made public by the IMF on the second, third, fourth, and fifth reviews of the EFF that concluded last month reveals that the government has set ambitious targets for revenue generation, including by imposing the maximum possible levy on petroleum products (Rs. 30/liter) through the next year. According to the IMF, this would generate Rs. 510 billion in revenues against a budgeted target of Rs. 450 billion. For the next fiscal, this target has been raised to Rs. 607 billion.
Pakistan’s resurging trade deficit isn’t surprising given the nation’s heavy reliance on imports and the limited range of products it can sell to the world. This was expected to increase in the wake of new growth in import demand with the pick-up in economic activities and consumption. Few believed that the government and central bank could reduce the trade gap by holding down the import demand for a very long time to keep the pressure off the country’s current account.
The new trade data published by the Pakistan Bureau of Statistics (PBS) shows that the February trade gap expanded by almost 24 per cent to $2.5 billion year-on-year, mainly owing to the rebounding imports and the falling exports, which luckily continued to grow by above $2bn for the fifth consecutive month. The gap, however, declined by about 5.9pc from January on a month-on-month basis.