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Site update: September 22 2017, at 18:00 PKST
Stock update: September 22 2017.

Recent Financial News in the 'company-news' category

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Friday, September 22 2017

TPL Direct Insurance Limited is now TPL Insurance Limited
KARACHI: TPL Direct Insurance Limited has announced a change in its corporate identity. TPL Direct Insurance Limited will now be TPL Insurance Limited, with its commitment to provide continuous improvements in all its processes and to become the top general insurance solutions provider in Pakistan. The new corporate identity unifies the company’s operations under a set of common corporate values, goals and commitments. It also signifies the expansion into commercial lines business of general insurance, with the same commitment of best customer services.
Related news categories: business company-news economic-indicators insurance ise kse lse misc psx stock-exchanges
Related symbols: tdil (news stock)

Thursday, September 21 2017

Corporate result: Fauji Cement profit dips 51%, amounts to Rs2.6b
KARACHI: Fauji Cement Company Limited posted a net profit of Rs2.61 billion in fiscal year ended June 2017, down 51% compared to Rs5.37 billion in the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX). Earnings per share (EPS) stood at Rs1.89 in FY17 compared to Rs3.98 in the previous year. The massive drop in profit was due to the closure of its production line-II due to an incident. Alongside the result, the company also announced a final cash dividend of Rs0.90 per share.
Related news categories: business cement company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: fccl (news stock)

Fauji Cement profit plunges
KARACHI: Fauji Cement Company Ltd (FCCL) earned a profit of Rs2.61 billion (earnings per share at Rs1.89) for the financial year ended June 30. This represented a decline of 51 per cent year-on-year from Rs5.37bn and EPS at Rs4.03 the previous year. The board recommended a cash dividend at Rs0.90 per share (9pc). Decline in earnings was attributed to the silo incident, which damaged FCCL’s clinker line. Resultantly, FCCL had to purchase clinker, which shrank margins. The company recorded growth of 2pc YoY in net sales to Rs20.4bn, from Rs20.0bn.
Related news categories: business cement company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: fccl (news stock)

Wednesday, September 20 2017

‘SBP to hold inquiry in HBL’s New York case’
ISLAMABAD: The State Bank of Pakistan (SBP) will hold an inquiry into the closure of Habib Bank Limited’s (HBL) branch in New York and will submit a report within two weeks, said Parliamentary Secretary for Finance Rana Muhammad Afzal on Tuesday. HBL to close New York branch as US authorities seek to impose hefty penalty “A committee headed by deputy governor of SBP has been constituted, which will examine all aspects of the issue and submit its report within a period of two to three weeks, fixing responsibility,” he said while speaking on a Calling Attention Notice.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: hbl (news stock)

SBP probing the issue of HBL penalty, NA told
ISLAMABAD: The State Bank of Pakistan (SBP) is holding an inquiry into the circumstances surrounding the $225 million penalty imposed on Habib Bank Ltd’s (HBL) branch in New York City, the National Assembly was told on Tuesday. Responding to a calling attention notice, Parliamentary Secretary for Finance Rana Mohammad Afzal Khan told the lower house that the committee tasked with fixing responsibility in the matter, headed by the deputy governor of the central bank, would submit its report within two or three weeks. The parliamentary secretary also said that the HBL board of directors was holding its own inquiry into the matter. “We have to protect our business interests, and when a foreign regulator takes action against a Pakistani enterprise, [the government] must ensure that there are no excesses committed against us. If the defects in our compliance, which the regulator pointed out, had been removed in the first place, perhaps they might not have been able to punish [HBL] in this way,” he said.
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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