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Site update: February 21 2020, at 18:00 PKST
Stock update: February 21 2020.

Recent Financial News in the 'company-news' category

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Thursday, February 20 2020

Indus Motor’s profit dives 71% to Rs986m
KARACHI: Indus Motor Company (IMC) booked a profit of Rs985.8 million in the second quarter ended December 31, 2019 against earnings of Rs3.4 billion in the same period of 2018, a decline of 71%, according to a notice sent to Pakistan Stock Exchange (PSX) on Wednesday. In the Oct-Dec 2019 quarter, earnings per share (EPS) came in at Rs12.54 against Rs43.31 in the second quarter of previous year. “The earnings came in below our expectations on the back of lower-than-expected gross margins,” said Topline Research analyst Hammad Akram. Furthermore, the company recorded after-tax profit of Rs2.3 billion in the first half ended December 31, 2019, down 66.7% compared to Rs6.9 billion in the corresponding period of previous year. EPS of the automaker stood at Rs29.32 in Jul-Dec 2019 against Rs87.94 in the same period of 2018.
Related news categories: auto-assembler auto-parts business company-news economic-indicators misc psx
Related symbols: indu (news stock)

Wednesday, February 19 2020

PSO’s BoM meeting held
KARACHI - Pakistan State Oil (PSO), the leading oil marketing company of the country, convened its Board of Management (BoM) meeting at the PSO House in Karachi to review the performance of the company during first half of the financial year 2019-20. Despite unfavourable market conditions in the industry and many challenges, PSO remained focused on re-gaining market share and volumetric growth, and outperformed the industry by an enormous margin. In MOGAS, PSO’s volume growth over SPLY is 13.7% as compared to 3.8% of industry growth. PSO’s market share increased by 3.4% vs. SPLY. In HSD, PSO’s volume growth over SPLY is 7.8% as compared to 10.3% decline in the industry volumes. PSO’s market share grew by 7.6% vs. SPLY.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

Wednesday, February 12 2020

PTCL announces 5 percent final cash dividend
LAHORE - Pakistan Telecommunication Company Limited (PTCL), the country’s leading telecom and ICT services provider, has announced its financial results for the year ended December 31, 2019. Briefing media after Board of Directors’ meeting on Tuesday, President and Chief Executive Officer (CEO) of PTCL Group Rashid Khan said that a final cash dividend of 5% i.e. Re 0.50 per share has been declared which was in addition to the interim cash dividend of 5% i.e. Re 0.50 per share. Flanked by Chief Financial Officer Nadeem Khan and General Manager Corporate Communication Fariha Tahir Shah, he said that the total dividend for the year thus stands at 10% i.e. Re 1.00 per share. Giving details of BoD meeting, CFO said that PTCL Group’s revenue has shown a year-on-year (YoY) growth of 2.1% to reach Rs 129.5 billion. All Group companies have contributed positively towards this growth. Ufone continued its acquisition drive in 2019 to cross 23 million subscribers resulting in an improved market share. U Bank, a microfinance banking subsidiary of PTCL, has shown significant growth of 48% in its revenue over last year as a result of a rapid expansion in its branch network. PTCL Group posts operating profit and net profit for the year of Rs 6.7 billion and Rs 2.4 billion respectively. Decrease in profits is attributable to higher inflation, significant rupee devaluation, increase in interest rates and hike in power tariffs.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges tech-comm
Related symbols: ptc (news stock)

Monday, February 10 2020

OGDCL to start production from Dhoke Hussain gasfield soon
ISLAMABAD - The Oil and Gas Development Company Limited (OGDCL) Friday expressed confidence that it would soon start commercial production from the Dhoke Hussain Gasfield, situated in Kohat district of Khyber Pakhtunkhwa, after the matter regarding provision of the commodity within 5-kilometer radius of the exploratory well had been resolved amicably. The matter was settled down in a meeting that was chaired by Commissioner Kohar Division in his office and attended by MPA Amjad Khan Afridi, representatives of local administration and officials of OGDCL and Sui Northern Gas Pipelines Company Limited (SNGPL), a company press release said. The meeting discussed the issue of provision of gas within five-kilometer radius. The SNGPL representatives apprised the committee that the case of gasification within five-kilometer radius of Dhoke Hussain had already been approved by Oil and Gas Regulatory Authority (OGRA). “Whereas, initial survey of the gasification within 05 KM radius of Togh Well-1 has also been completed and case is under process for fulfillment of codal formalities.” The OGDCL had made a significant discovery of 12 MMCFD (Million Cubic Feet per Day) of gas and 300 BBL (Barrel) of condensate from the field in the year 2018, but the pipeline could not be laid due to the issue that was causing a huge financial loss to the OGDCL and national exchequer as well.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

Thursday, January 30 2020

Bank AL Habib declares profit after tax of Rs11.17b
KARACHI (PR): The Board of Directors of Bank AL Habib Limited has announced the financial results for the year ended December 31, 2019. The Bank reported profit after tax of Rs. 11.17 billion for the year ended December 31, 2019 as compared to Rs. 8.42 billion for the corresponding period last year, showing a growth of 32.66 percent. Earnings per share (EPS) were recorded at Rs. 10.05, showing an increase of 32.76 percent over the corresponding period last year. The Bank declared a final cash dividend of 35%. Profit before tax was Rs. 19.01 billion, showing an increase of 33.28 percent, whereas profit before provisions and tax increased by 54.41 percent. The Bank improved its net mark-up income by 33.32 percent. Fee and Commission income which is earned mainly through trade business, general banking services, alternate delivery channels, etc., showed an increase of 27.22 percent over the corresponding period last year. The Bank’s foreign exchange income increased by 41.25 percent. Dividend income for the year ended December 31, 2019 was recorded at Rs. 451 million.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: bahl (news stock)

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