May, 03(E. A Report) —Pakistan petroleum products sales registered a decline of over 46% in April that was 1.17 million ton, amid economic slowdown and rise in prices.Decline in sales chiefly attributed to higher petroleum prices, economic slowdown, an increase in smuggled petroleum products from Iran, and lower furnace oil (FO)-based power generation”, data shows.FO sales nosedived by 83% year on during April, amounting to 0.07 million tons.Sale of MS (petrol) fell 24% on year on basis , clocking in at 0.58 million tons in April. Volume of High-Speed Diesel (HSD) plunged by 50% yearly, settling at 0.46 million in April 2023.However, on a month-on-month basis, POL products offtake witnessed an increase of 6% during April.Volumes of MS ...
May 4, 2023 at 5:56 pm | Economic Affairs
May, 02(Agencies) — Most Asian currencies stay flat or lower on Tuesday with dull local sentiment on unexpected contraction in China’s monthly manufacturing activity, besides investors held positions ahead of a US central bank meeting.Slow start to the week came after China on Sunday posted a surprise decline in manufacturing PMI for April, the first contraction since December 2022. Most Asian markets were closed on Monday for a holiday.“The contraction in manufacturing activity could put pressure on wages in both the manufacturing and service sectors. This would later turn into slower retail sales growth,” ING analysts said.While the onshore yuan did not trade on Monday and Tuesday, the offshore yuan fell 0.5% on Monday, and large...
May 2, 2023 at 2:33 pm | Economic Affairs
April, 28(E. A Report) — Uninted Bank Limited (UBL) registered above expected top-line growth, upwelling fee and forex income pumped earnings.Filing its first quarter result, UBL announced of printing earnings of Rs. 14.5 billion where EPS of Rs.11.6 increased by 53/9% year on and quarter basis respectively.Along with the result, bank announced a surprise dividend of Rs. 11.0/sh.Net Interest Income (NII) of the bank increased by a healthy 56% year on though it was lower than the increase noted in other banks due to UBL’s greater international exposure.NII accretion was driven by NIMs accretion backed by persistent rate hikes over the past 12 months and robust balance sheet expansion. On a sequential basis, increase was recorded at 10%....
April 29, 2023 at 8:42 am | Economic Affairs
April, 28(E. A Report) — Honda Atlas Cars Pakistan announced further extending plant shutdown till May 15, 2023.In its notice issued here Friday company says, “further to our letter dated April 13, 2023, and considering the current economic situation of Pakistan whereby the government resorted to stringent measures including restricting opening of LCs for import of CKD kits, raw materials and halting foreign payments, the company’s supply chain has also been severely disrupted by such measures”.“As a result, the company is not in a position to continue with its production and ultimately has continued to shut down its plant from May 1, 2023 to May 15, 2023.”Company has been observing a plant shutdown since March 9, 2023.It plann...
April 28, 2023 at 7:22 pm | Economic Affairs
April, 28(E. A Report) — Pakistani rupee registered a marginal gain against US dollar by settling with an appreciation of 0.03% during week end session on Friday.According to State Bank of Pakistan (SBP), Rupee closed at 283.84 with an increase of Re0.08. Whereas Rupee sustained a loss against US dollar on Thursday, settling at 283.92 in the inter-bank market, a decrease of Re0.53.In a key development, United States called on Pakistan to move ahead on stalled reforms sought by the International Monetary Fund (IMF), promising technical help as the world’s fifth most populous nation weathers an economic crisis.“The reform(s) that Pakistan and the IMF agreed to are not easy, but it’s crucial that Pakistan take these actions to bring t...
April 28, 2023 at 7:20 pm | Economic Affairs
April, 28(E. A Report) ——Liaison with business community, facilitation to the exporters and well consulted policies are the key tools to achieve the economic goals and to put the country on the path of economic development of the country.These views were expressed by the LCCI President Kashif Anwar while addressing newly recruited Appraisers/Inspectors and Intelligence Officers of Pakistan Customs Academy at the Lahore Chamber of Commerce and Industry.Coordinator of the delegation Mohsin Ali Tahir and former LCCI Executive Committee Member Haji Muhammad Asif Sehar also spoke on the occasion.LCCI President answered various questions of the participants in detail and shed light on the ongoing economic scenario in the country.Kashif Anwar...
April 28, 2023 at 5:58 pm | Economic Affairs
April, 28(E. A Report) —National Bank of Pakistan (NBP) operational expenses have reached to 21.2 billion in first quarter, which are 26.3% higher as compared to Rs. 16.8 billion last year.According to Bank’s filing, in addition to operating expenses of the Bank, “Other” operating expenses increased to Rs. 3.2 billion depicting a 26.1% hike for the period under review.According to Bank’s filing, HR cost that constitutes around 67.7% of the total operating expenses, amounted to Rs. 14.3 billion against Rs. 11.6 billion in March last year. This increase reflects the impact of annual pay increase, charge for defined benefit plans and other HR related provisions. While property related expenses amounted to Rs. 2.4 billion against Rs....
April 28, 2023 at 5:56 pm | Economic Affairs
April, 28(E. A Report) — TRG Pakistan Limited reported profit of Rupees 25.7 billion for the nine-month, chiefly on exchange gains.According to company filing, chief profit increase attributed to be driven both by profit from their associate as well as exchange gain on our investment due to a weaker PKR to USD exchange rate.Most significant item on TRG Pakistan balance sheet is value of company’s share in its associate The Resource Group International Limited (TRGIL), their sole operating asset.Compony showed value of share in TRGIL as Rs 87.1 billion, representing an increase of Rs.30.4 billion compared to Rs. 56.7 billion on June last year. That increase attributed to be driven both by profit from their associate as well as exchange ...
April 28, 2023 at 12:08 pm | Economic Affairs
April, 28(Agencies)— Oil prices with little dip on Friday are set for their second weekly drop as disappointing US economic and uncertainty on further interest rate hikes raised concerns about future fuel demand.Brent crude futures for June have been trading at $78.53 a barrel, up 16 cents, or 0.2%, as of 0156 GMT.That contract expires on Friday and the more active July contract was up 21 cents, or 0.3% at 78.43 a barrel. US West Texas Intermediate (WTI) crude was up 23 cents, or 0.3%, at $74.99 a barrel.Brent is set to decline this week by 3.8% and is down 9.1% in the past two weeks.WTI is on a path to drop 3.8% this week, taking its two-week decline to 9.4%.US economic growth slowed more than expected in the first quarter, although job...
April 28, 2023 at 11:18 am | Economic Affairs
April, 28(Agencies)— US dollar got on track for a second straight monthly loss on Friday with mounting expectations of Federal Reserve could soon end its aggressive rate-hike cycle, whereas Yen steadied near a one-week high ahead of a pivotal central bank decision.Bank of Japan’s (BOJ) monetary policy decision on Friday takes centre stage in Asia, where expectations are for new BOJ Governor Kazuo Ueda to keep monetary settings ultra-loose at his debut policy meeting.Focus will also be on Ueda’s tone, with investors closely looking out for any tweak in forward guidance.Ahead of the decision, the Japanese yen was roughly 0.1% higher at 133.84 per US dollar, and similarly gained more than 0.1% against the British pound.“I don’t expe...
April 28, 2023 at 11:17 am | Economic Affairs
Pakistan Rupee Exchange Rate