PTCL profits surge 147 percent

KARACHI: The Pakistan Telecommunication Company Limited (PTCL) earned a profit of Rs1.76 billion, higher by 147 percent in the quarter as compared to Rs716.38 million in the corresponding period of the last year.

In its financial results sent to the PSX on Thursday, PTCL announced earnings per share of 35 paisas as compared to 14 paisas in the same period of the last year.

Although revenue of the company was slightly below to Rs29.34 billion against Rs30.17 billion, lower cost of services to Rs20.95 billion against Rs21.65 billion increased the profit and the gross profit was recorded at Rs8.38 billion from Rs8.51 billion.

It was other income of the PTCL, which surged the profit. Other income was declared at Rs2.35 billion against Rs852.37 million last year, higher by 176 percent.  PTCL did not announce any cash dividend with the results.

Attock Cement earns profit of Rs2.09 billion, up 27pc

Attock Cement Pakistan Limited (ACPL) earned profits of Rs2.09 billion in the nine months of FY16, up by 27 percent as compared to Rs1.64 billion during the corresponding period of the last year.According to profit and loss summary released to the PSX on Thursday, ACPL announced earnings per share (EPS) of Rs18.28 against Rs14.35 in the corresponding period of the last year.

The company’s profit increased, as its net sales went up to Rs10.31 billion from Rs9.79 billion and the cost declined to Rs6.34 billion from Rs6.61 billion. Thus, gross profit stood at Rs3.97 billion as against Rs3.17 billion.

Other income; however, slightly declined to Rs239.62 million from Rs343.38 million recorded in the corresponding period of the last year.

During the quarter ended March 31, 2016, Attock Cement’s profit increased by 52 percent on quarter-on-quarter basis to Rs941.08 million from Rs619.04 million in the same period of the last year.

For the quarter, the company announced EPS of Rs8.22 against Rs5.41 in the corresponding quarter.

BAHL profits up 58 percent

  Bank Al-Habib Limited (BAHL) declared profits of Rs2.52 billion, up 58 percent in the quarter ended March 31, 2016 from Rs1.59 billion in the corresponding period of the last year.

According to BAHL account and loss report issued to the PSX, the bank announced earnings per share (EPS) of Rs2.27 against Rs1.44.

The bank declared net interest income after provisions at Rs7.43 billion against Rs4.48 billion last year, whereas its noninterest income remained at Rs1.20 billion against Rs1.17 in the corresponding quarter of the last year.

BAHL’s other income was recorded at Rs184.12 million against Rs174.61 million. The bank did not write-off any bad debt during the period.  It also did not announce any dividend for the period under review.

US says China to end export subsidies in seven sectors

WASHINGTON: China has agreed to scrap controversial export subsidies on a range of products from metals to agriculture and textiles, the U.S. Trade Representative said on Thursday.

In a deal coinciding with global economic meetings in Washington, the trade representative´s office said China had agreed to end a program known as its "demonstration bases-common service platform" in which it provides export subsidies to Chinese companies in seven economic sectors.

The agreement is a step by Beijing to reduce trade frictions with the United States that range from steel and agricultural products to technology and banking.

It comes about a year after the United States filed a complaint with the World Trade Organization about the program, alleging "unfair, prohibited export subsidies to a large range of Chinese manufacturers and producers."  "This agreement addresses all elements of the subsidy program," U.S. Trade Representative Michael Froman told reporters.  "The agreement also ensures the necessary transparency to give us a solid basis to monitor closely and confirm whether the terms of the agreement are being met."