Pakistan State Oil (PSO) eyes Rs1tn revenue by 2012
Pakistan State Oil (PSO), the nation's biggest fuel retailer, said Monday that by increasing its sales of bio-diesel and liquefied petroleum gas (LPG), its revenues may jump to Rs1 trillion by 2012. The state-owned company plans to open 200 retail outlets for LPG by June, Managing Director Irfan K Qureshi said in an interview in Islamabad.
20 cement manufacturers: CCP imposes Rs 6.352 billion penalties
The Competition Commission of Pakistan (CCP) has imposed huge penalties of around Rs 6.352 billion on 20 cement manufacturers including some top companies owned by influential groups involved in cartelisation for earning windfall profits. The CCP has proved cartelisation against the cement manufacturers and necessary proceedings have been completed and penalties have been imposed under the provisions of Competition Ordinance 2007.
31 percent decline in banking sector profits
The profit after tax of banking sector declined by 31 percent, to Rs 26.8 billion, in the first half of 2009 as compared to Rs 38.7 billion in the same period in 2008. Analysts said that the soaring expenses of the banks were the major reason behind the lowering profitability.
Big 5 banks' earnings shrink 7pc
Financial results of the big five banks of the country completed Monday with National Bank of Pakistan (NBP) announcing its results for the period ended June 30, 2009 (1HCY09). The cumulative profitability of the banks -- Allied Bank Limited (ABL), United Bank Limited (UBL), MCB Bank (MCB), National Bank of Pakistan (NBP) and Habib Bank Limited (HBL)-- shrank by 6.9 per cent to Rs27.940 billion in 1HCY09 as compared to Rs30.016 billion in the same period last year. ABL led the top performers' table with profitability growth of 22 per cent during the period under review, followed by HBL with 3 per cent increase and MCB with 1 per cent surge in profits.
DAP demand unabated; off-take up 261pc
7MCY09 urea sales up 12.7pc
A significant rise in fertiliser off-take was witnessed with DAP off-take up by 261 per cent YoY to 702,060 tonnes in the first seven months of the year 2009 (7MCY09) as compared to only 193,941 tonnes during the same period a year earlier, according to data released by National Fertilizer Development Centre (NFDC).