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Site update: April 25 2017, at 17:00 PKST
Stock update: April 25 2017.

Recent Financial News in the 'company-news' category

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Tuesday, April 25 2017

PSO profit shoots higher
KARACHI: Pakistan State Oil (PSO) logged strong growth in earnings during the nine months through March as its after-tax profit swelled 209 per cent year-on-year to Rs14.2 billion. Earnings per share rose to Rs52.10 from Rs16.91. The oil marketing company’s net sales jumped 29pc to Rs629bn and gross profit more than doubled to Rs27bn. However, the share of profit contributions from associated companies fell 12.6pc to Rs536 million. The results remained largely in line with expectations, according to Analyst Faizan Ahmed at JS Global. He recalled that the company skipped dividend during the July-December 2016 due to cash constraints emanating from increasing power-sector receivables. Lucky Cement Ltd: The cement giant’s after-tax profit rose 8.4pc to Rs10.42bn (or Rs32.23 per share) during July-March, the company said in a statement.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

Total sales of PSO surges by 62pc in first quarter of 2017
KARACHI: Total sales of Pakistan State Oil (PSO) were up 62pc to Rs. 218 billion driven by higher oil prices, casting positive impact on PSX trading, said a report issued here Monday evening. Growth in white oil (Petrol & diesel) was said to had also contributed to higher sales and gross profits for the company during the first quarter of the current year. International oil prices was said to had surged by 77pc in the period under review which was partially reflected in local ex-refinery prices. As a result of higher oil prices, gross profits also increased to Rs.9.2bn vs. loss of Rs 610 million in the same period last year. Higher gross profits could be attributed to higher margins on furnace oil (margins linked with prices) and absence of any inventory losses. Meanwhile PSO also cut down its operating cost by 5pc to Rs.2.9 billion contributing to the bottom-line. Similarly, other income was also up by 6pc to Rs.1.7 billion, likely due to higher penal income (late payment surcharge) from power sector.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

Monday, April 24 2017

Pak Suzuki unveils 1,000cc Cultus
KARACHI: Pak Suzuki unveiled the 1,000cc Celerio, rebranded to be the new Cultus in Pakistan, at a ceremony held in Lahore. The new Cultus, priced at Rs1.25 million for the VXR variant and Rs1.391 million for the VXL one, comes after its predecessor spent over a decade and a half on Pakistani roads with little modifications or upgrades. “The auto manufacturing industry is the backbone of any country and for the past couple of decades Pak Suzuki has played its part,” said General Manager Marketing Pak Suzuki Azam Mirza during the launch ceremony. “It offers an immobilizer feature, ABS and two air bags.”
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: psmc (news stock)

Growth maintained, Q-1 pre-tax profit up by 7.8pc
Board of Directors (BoD) of National Bank of Pakistan (NBP) was held on Friday at Bank's Head Office in which the BoD approved the financial statements of the bank for three months period ended March 31, 2017. The bank recorded a pre-tax profit of Rs. 6.7 billion i.e. 7.8pc up against Rs. 6.2 billion for the corresponding three months period of 2016. After-tax profit for the period was Rs. 4.2 billion i.e. 4.1pc higher than Rs. 4.0 billion for the corresponding three months period of 2016. This translates into earnings per share of Rs.1.98 as against Rs.1.90 for the corresponding quarter of 2016. Bank's net interest / mark-up income increased by 2.2pc to Rs. 12.3 billion against Rs. 12.0 billion for Q1 of 2016. This was achieved through maintaining an efficient asset-mix of high-yield loans and investments. Similarly, growth was also achieved in non-mark-up / interest income for the period which increased by 13.1pc YoY to Rs. 7.4 billion, said a statement of NBP.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: nbp (news stock)

Friday, April 21 2017

HBL posts flat earnings
KARACHI: Habib Bank Ltd (HBL) on Thursday declared a consolidated profit of Rs9.08 billion for Jan-March, registering little change in the bottom line on a year-on-year basis. In a stock filing, the bank also declared a dividend of Rs3.50 per share. The result was in line with market expectations. Net markup income after provisions amounted to Rs19.8bn, up by just 0.45 per cent from a year ago. However, non-markup income increased 26pc to Rs8.3bn. The increase was on the back of the gain on sale of securities, which jumped 2.5 times on an annual basis. A press release said HBL’s balance sheet grew 2pc from the preceding quarter to reach Rs2.6 trillion. Lending activity remained robust, with average domestic loans increasing 24pc over the first quarter of the last year, it added. According to Topline Securities, key risks to HBL’s earnings include a further cut in the benchmark interest rate, lower-than-expected growth in advances and overall deterioration in macro-economic indicators.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: hbl (news stock)

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