Business
Indus profit declines 16pc
Karachi, August 27, 2019: Indus Motor Company Limited (IMC) posted 16 percent YoY decline in its 4QFY19 earnings, reporting EPS of Rs43.9 which is above our expectations mainly due to lower effective tax rate charged in 4QFY19. Company has also declared DPS of Rs27.50/share in addition to DPS of PKR87.50/share already paid during the year,…
Fiscal deficit at record high of 8.9pc in FY19
Karachi, August 27, 2019: The Government has reported 4QFY19 fiscal deficit of 3.9 percent of GDP, taking full-year FY19 deficit to 8.9 percent of GDP or Rs3.4 trillion vs. 6.6 percent or Rs2.2 trillion in FY18 which is a record high. Previous high deficit was seen in FY12 at 8.8 percent. The numbers are different…
Pakistan stock exchange went down
Karachi, August 27, 2019: Pakistan Stock Market on Tuesday went down by 568 points at a point in time, which was mainly caused by Privatization Commission’s decision to divest Government’s holding in OGDC, PPL and KAPCO. By , news of 10 percent offload in each company was making, which brought significant selling pressure in these scrips,…
PYMA rejected 4pc withholding tax on textile value chain
Karachi, August 27, 2019: Muhammad Saqib Goodluck Chairman, Pakistan Yarn Merchants Association (Sind & Baluchistan Zone) has strongly protested over imposition of 4 percent Withholding Tax instead of 1 percent requested to withdraw recent clarification of FBR. He said that during different meetings with FBR, imposition of 1 percent withholding Tax was agreed over Textile…
Automobile industry remains in depression
Karachi, August 27, 2019: The local automobile industry remains in depression as high interest rate, rising inflation, slow-down in economic activities and glitches on purchasing cars by non-filer affecting the vehicle’s demand in the country. According to a report prepared by Spectrum Securities, therefore, the profitability of auto sector went into recession and posted a…