KAPCO : EPS : 2.39

EFERT : 15% CASH – EPS : 7.45

CHCC : EPS : 1.52

CYAN : EPS : 6.65

UBL : 30% CASH – EPS : 16.01

KOHE : EPS : 0.96

PAEL : EPS : 6.60

FFBL : EPS : 1.01

PNSC : EPS : 0.45

FFC : 27.5% CASH – EPS : 10.14

HUBC : EPS : 1.76

PSO : EPS : 11.97

GASF : EPS : – 0,12

DGKC : EPS : 3.93

FCCL : EPS : 0.83

ENGRO : 50% CASH – EPS : 16.95

NCPL : 20% CASH – EPS : 2.37

LUCK : EPS : 9.18


Market capitalisation grows 111%, but listings down 5%

The number of listed companies has gone down by 5% in the last three years, the latest annual report of the Karachi Stock Exchange (KSE) shows. As many as 30 companies have unlisted since 2012 when stocks of 590 entities were traded on the largest stock exchange of Pakistan. Their number clocked up at 560 at the end of 2014-15, just three notches above the number of listed companies at the end of 2013-14. Although market capitalisation has gone up by a massive 111% over the last three years, total capital listed on the stock exchange has grown by just 11.1% during the same period.

However, privately held companies seem to have become more interested in going public of late. The last fiscal year saw nine new listings on the KSE as opposed to five, four and four listings in the preceding three fiscal years, respectively. The listed capital of new companies also surged notably along with nine new listings. New companies listed capital of Rs38.1 billion in 2014-15, which was almost twice the capital listed on the bourse during the preceding fiscal year.

However, financial accounts of the exchange show it doubled its advertising and marketing expenses to Rs16.5 million in 2014-15 in order to create awareness about the KSE, which could lead to higher liquidity and more listings in the future. Companies that were listed in 2014-15 included Colony Textile Mills, Engro Powergen Qadirpur, Saif Power, Sindh Modaraba, Systems Limited, Synthetic Products Enterprises, Mughal Iron & Steel Industries, Ghani Global Glass and Dolmen City REIT.

New listings raised funds amounting to Rs11 billion as opposed to equity generation of Rs4.7 billion in the preceding year….EXPRESS TRIBUNE



DG Khan Cement records Rs7.63b in earnings

Dera Ghazi Khan Cement – one of the largest cement makers of the country and part of the Nishat Group – has posted net earnings of Rs7.63 billion in the year ending on June 30, up 28% compared to full-year earnings of Rs5.97 billion in the same period of last year. Earnings per share (EPS) increased to Rs17.40 against an EPS of Rs13.62 in the period under review.

The company has also announced a final dividend of Rs5.00 per share. The company posted a profit of Rs2.25 billion in the fourth quarter (April to June 2015), exhibiting a growth of 11% against a net profit of Rs2.02 billion in the same period of last year. Earnings per share (EPS) in the fourth quarter jumped to Rs5.14 from an EPS of Rs4.61. The key reasons behind the earnings performance were; improvement of 80 basis points (bps) year on year (YoY) in gross margins to settle at 42.4% during fourth quarter of fiscal year 2015 (4QFY15) fuelled by falling coal prices.

Secondly, 18% YoY decline in borrowing costs due to lower interest rates and deleveraging of balance sheet, and reduced administration and selling expenses (down 17% year on year) also provided support. The share price of the company has already gained 24.4% in calendar year to-date (CYTD). The production capacity of the company is 14,000 tons per day (4,200 million tons per annum). It has three cement plants; two are located in Dera Ghazi Khan and one in Khairpur District, Chakwal…. EXPRESS TRIBUNE

Lucky Cement posts earnings of more than Rs.12 billion

On the back of volumetric growth, Lucky Cement Limited – Pakistan’s largest cement-maker with more than 19% market share – boosted its net earnings by one-tenth to more than Rs.12 billion in fiscal year 2014-15,…The company reported an after-tax profit of Rs12.43 billion or Rs38.4 per share for the year ended June 30, 2015, up 9.6% compared to Rs11.3 billion or Rs35.08 per share last year. The results were accompanied by a dividend of Rs9 per share for the year.

Revenues improved by 3.9% to Rs44.8 billion compared to Rs43 billion in the previous year. The increase in net sales was attributable mainly to the increase in volumes, ….Local sales registered a growth of 7% with 4.42 million tons compared to 4.13 million tons reported last year, whereas export sales showed a decline of 4.5% at 2.37 million tons compared to 2.48 million tons reported last year, the press release said. “The growth in earnings was primarily on the back of 4% year-on-year dispatch growth, expansion in margins, which increased by 170 basis points, and 27% jump in other income,” BMA Capital said in its report. The company also reported progress on its key foreign and local projects, which include a fully integrated cement manufacturing plant in the Democratic Republic of Congo, a 660-megawatt coal-based power project, a 50MW wind farm, electricity supply to Pesco and waste heat recovery at Pezu power plant, which is expected to be completed by the end of October this year…. EXPRESS TRIBUNE


A story of recovery after years of frozen growth

Pak Elektron Limited (PEL), the popular brand behind home appliances, has been around since the 1950s. Acquired by a branch of the Saigol family in 1978, the company has since then partnered with engineering giants like Carrier, expanded into making capital goods including power transformers, grid stations and even ventured into the large-scale contracting business.From an investor’s perspective, however, the company started losing its charm sometime around the mid-2000s; its share price spiralled down, along with net profit. However, all that was till last year.

In 2014, the company posted a net profit of Rs2.24 billion, more than the combined profits of the previous seven years – and that does not include the loss of Rs1 billion incurred in 2011. In the first half (January-June) of 2015, PEL had already booked a profit of Rs2.13 billion, with the target of taking it to Rs4 billion by year-end.

What’s driving the growth? Some luck and years of perseverance, said its chief financial officer (CFO) Syed Manzar Hassan. “If you look at our profits, they have gone up at a time when oil prices came down. Consequently, price of other commodities like plastic and metals have been affected the world over,” ….“ A Cut in the interest rate with improvement in Pakistan’s economic outlook also helped clamp down financial charges, “he said. “Rupee remained relatively stable, which also worked in our favour.”

But behind these external factors that have improved the gross margins lies another story. Its revenue is almost equally divided between its two business divisions – power and appliances. The power division relies on manufacturing and distributing transformers, switch gears, energy meters and EPC service. It has won orders to build grid stations for state-run power distribution companies and has laid electricity infrastructure for DHA.

In its appliances business, PEL derives 92% of its revenue from the sale of refrigerators. “And 60% of these are sold in rural areas. As a matter of fact, the 60-40 ratio between rural and urban has been there for a few years,” said Hassan….“ A fridge has become kind of a necessity even with all the electricity shortages. People need to store food and they need a glass of cold water.”…Unlike other appliances, refrigerators are also protected from import competition. “It doesn’t make sense importing refrigerators, which are vacuum from the inside. It would be like importing a lot of air,” added Hassan.

There was a time when PEL was the leading maker of window air conditioners with a 50% market share. But with the advent of spilt ACs, it lost the market almost completely by 2012. While the company made a comeback with its own split ACs in 2014, the product has not yet become its main focus. After 9,000 units last year, it has managed to sell 20,000 this year so far.

“Margins on other products are higher. We have a four-month window during the summer season to sell the stock otherwise, you are stuck with it for rest of the year.”But PEL intends to shift its focus over the next two years. “We will be moving aggressively on deep freezers, microwave ovens and split ACs. That is where we see a growth of 30% to 40%. Growth in refrigerator market will remain around 10 to 15%.” Capitalising on the good times, PEL has also raised Rs3.8 billion in equity in the last two years that has helped it reschedule its debt and raise enough cash to meet future working capital requirements….. EXPRESS TRIBUNE

Year-long crisis hits PSO’s profits

Pakistan State Oil (PSO) was unable to escape the wrath of the fall in price of crude oil as its net profit for fiscal 2014-15 dropped 68% to Rs6.9 billion, down from the previous year’s Rs21.8 billion. Much of the slide in earnings was due to a hefty loss booked earlier this year on inventory of petroleum products, which saw a decline in price in tandem with global trends. PSO’s net revenue was down 23% to Rs.913 billion, reflecting the impact of lower petroleum product prices in the past year.

Profitability was affected by sharp decline of 46% in the OPEC basket price of crude oil, which came down to $59 per barrel in June 2015 from $109 per barrel in July 2014, …..Its other income, a major part of which comes from interest it earned on delayed payment from power producers, was down 28% to Rs14 billion.PSO has been operating without a board of directors since earlier this year and all decisions have being taken by the managing director under the directives of the government.

Refocus of attention

Over the years, the company has lost market share to private firms in the petrol and diesel categories as the government has refocused its attention to import of furnace oil, which is used to run thermal power plants.In recent months, PSO has also been importing liquefied natural gas (LNG). Information related to that will come out once detailed accounts are made public.The company says it continues to dominate market with a share in black oil and white oil segments standing at 66.6% and 49.8 %, respectively. Black oil is used to refer to furnace oil while white oil is used for all the other products.Sales volume for petrol grew by 18.5% in fiscal 2015 over the same period last year due to an upsurge in demand as petrol price decreased and shortage of CNG persisted, The company’s diesel sales were almost stagnant. PSO still managed to announce a final cash dividend of Rs4 per share, which is in addition to the earlier interim cash dividend of Rs6 per share…. EXPRESS TRIBUNE


Fauji Cement’s earnings clock in at Rs.4 billion

Higher margins coupled with a decline in finance cost helped Fauji Cement Company Limited (FCCL) boost its net earnings by more than a half to Rs4 billion in fiscal year (FY) 2015, …A subsidiary of Fauji Group, the Rawalpindi-based cement manufacturer earned an after-tax profit of Rs.4.1 billion or Rs.2.9 per share in FY2015, up 56.7% compared to Rs2.6 billion or Rs1.8 per share of the last fiscal year.The company also approved a final cash dividend of Rs1.5 per share, taking the total pay-out for the year to Rs2.5 per share.

The company’s revenues for the year under review clocked in at Rs18.6 billion, up 6.3% compared to Rs17.5 billion it grossed in the corresponding year.“The growth in earnings was led by expansion in its margins, which increased by 300 basis points and a 32% decline in its finance cost,” BMA Capital said in its report. Effective tax rate of 28% in FY15 – lower compared to 42% of FY14 – also contributed to the growth, it said….On a sequential basis, the report said, FCCL’s profits surged by 133% to Rs1.4 billion or Rs0.92 per share in quarter ending on June 30, 2015. This growth mainly emanated from activation of Waste Heat Recovery Plant along with a surprising decrease in taxation, …. EXPRESS TRIBUNE

Mark Mobius: Building Corridors To The Future In Pakistan

Pakistan is an example of a country many investors have shunned due to negative news and perceptions, but our take is that often things aren’t always as sensational as may be reported. We do know that we have found some well-run companies in which to invest. We also believe that Pakistan will attract wider investor interest in the coming years for a number of reasons.

While Pakistan is currently classified as a frontier market, index provider MSCI announced in June that it would consider adding the MSCI Pakistan Index to the review list for its potential reclassification to emerging market status as part of the 2016 Annual Market Classification Review. We approach investing on a stock-by-stock basis, so in terms of our investment process, we don’t really pay too much attention to these sorts of index changes. However, in the eyes of global investors, this potential change could bring heightened attention to Pakistan, along with greater international asset flows. Moreover, the consideration of the status upgrade reaffirms the ongoing efforts by the government and the potential we see in the country.

We have been investing in Pakistan for a number of years, and see it as an overlooked investment destination with attractive valuations due to negative macro sentiment. Pakistan has benefited from an improving growth outlook, continued efforts toward fiscal consolidation, steady progress in achieving structural reforms under the International Monetary Fund (IMF) program and ongoing support from regional partners.

China-Pakistan Cooperation

China and Pakistan recently signed trade, energy and infrastructure agreements worth US$28 billion as part of a US$46 billion plan toward establishing the China-Pakistan Economic Corridor (CPEC), a combination of cooperative initiatives and projects that include connectivity, information network infrastructure, energy, industries and industrial parks, agricultural development and poverty alleviation, tourism and financial cooperation. Infrastructure projects associated with the CPEC, including the development of a deep-sea port offering direct access to the Indian Ocean and beyond, should help strengthen trade and investments in the region. China and Pakistan have a friendly partnership, and officials in China have dubbed the CPEC the flagship project of the broader “One Belt, One Road,” initiative, an ambitious plan to broaden China’s market connections to the rest of the world.

The announcement of these wide-ranging projects and the possibility of Pakistan’s move to emerging market status have stabilized the Pakistani economy and helped trigger gains in Pakistan’s stock market in recent years.

The Pakistani stock market has been one of the top-performing markets in the last five years (ended June 2015).3 The MSCI Pakistan Index has more than doubled with a 129% return during that time frame, compared with a 45% return for the MSCI Frontier Index and 22% increase in the MSCI Emerging Markets Index in US dollar terms.4 In our view, despite that strong performance, valuations of Pakistani stocks still remain relatively attractive. As of end-June 2015, the trailing price-to-earnings ratio of the MSCI Pakistan Index was 10 times, versus 11 times for the MSCI Frontier Index and 14 times for the MSCI Emerging Markets Index.5

Improving Fundamentals—and Fighting Terrorism

The country’s macroeconomic environment has been improving in recent years. In recent months, easing inflation has allowed Pakistan’s central bank to cut its benchmark interest rate to its lowest level in 42 years. The IMF currently forecasts gross domestic product growth in Pakistan of 4.3% this year and 4.7% in 2016, up from 2.6% in 2010.6 The fiscal situation has also been improving, supported by multilateral disbursements in recent years as well as a recent international Sukuk issuance.7 More recently, lower oil prices have also improved the country’s trade balance, although exports have been impacted by lower cotton prices and a stronger rupee.

Elsewhere, we believe government efforts on expenditure control and divestments have been positive, but the government will need to remain committed to the economic and structural reform program. For foreign investors, the most important concerns are security and political stability. An internal anti-terrorism drive was made in the wake of the tragic Peshawar incident in December 2014, which targeted schoolchildren. We think these efforts need to be maintained over the longer term to develop a better security climate for businesses and the society as a whole. In the political environment, delays in the implementation of reforms or deterioration in the political or security situation could adversely impact the country’s macroeconomic development and fiscal position, hinder investment and weaken investor confidence.

From a business perspective, the energy situation is another area of concern and also opportunity. Energy sector reforms need to be accelerated, including capital investments in every aspect of electric power: generation, distribution and transmission. Electricity tariff revisions and reduced electricity subsidies appear positive. Of course, those reforms can be more easily implemented now that prices of oil and gas have been coming down. We think it’s an ideal time for Pakistan to implement reforms that will put electric power supply on a sound financial footing, enabling adequate supply at a reasonable price for local businesses that need to be internationally competitive.

Despite a number of ongoing challenges, we see many reasons for a brighter future for Pakistan……VALUEWALK

Dr. Mark Mobius Ph.D., is the executive chairman of Templeton Emerging Markets Group

KSE world’s best performing frontier stock market

Pakistani equities have delivered 26 percent a year for US dollar investors since 2009, making Karachi the best-performing frontier stock exchange in the world, the Khaleej Times reported. The paper said Pakistan has been in a macroeconomic sweet spot since early 2014 with numerous economic indicators in the green.The State Bank of Pakistan (SBP)’s hard currency reserves had risen to $17 billion and the rupee actually appreciated against the US dollar in 2014, unlike the yen, baht, ringgit, rupiah, won and Indian rupee….Further, Islamabad signed its structural adjustment programme with the IMF and obtained $6.7 billion in funding from the ADB, the World Bank and its Bretton Woods twin.Pakistan managed to sell $2 billion in Eurobonds and $1 billion in sukuk in the international capital markets.

The $1.2 billion privatisation IPO of Habib Bank was hugely oversubscribed. GDP growth is four percent, inflation has fallen from 10 percent two years to one percent now, the paper added.It further said that the oil price crash was a windfall for Pakistan’s balance of payment, with the current account deficit a mere minus-one percent of GDP. The fiscal deficit has fallen from eight to five percent, admittedly with cash transfers from state-owned banks and international donors.The paper said that China’s President Xi Jinping has promised a $46 billion economic corridor to Beijing’s strategic ally in South Asia.

The paper believed Pakistani equities will continue their fairy-tale bull run in 2015 for three reasons.

The paper said that the SBP has been in an aggressive rate cutting mode since last November, including a one percent rate cut to seven percent. The 300 basis-point interest rate cuts by the SBP contrasts with India’s 50 basis-point rate cuts by RBI Governor Rajan. Pakistani interest rates are now at 42-year lows, to levels last seen  in 1973. This period also coincides with the launch of the Pakistan country index fund – symbol PAK – in New York after its Morgan Stanley predecessor PKF was delisted after the Kargil war and post-nuclear test US sanctions in 1998-99….. EXPRESS TRIBUNE


Fauji Fertilizer profit up 29%

In line with market expectations, Fauji Fertilizer has posted a net profit of Rs5.90 billion in the first quarter (Jan-Mar) of calendar year 2015, up 29% from Rs4.56 billion in the same quarter previous year. Earnings per share (EPS) of the company jumped to Rs4.64 from Rs3.58 in the period under review. The result also accompanied an interim cash dividend of Rs3.94 per share. The revenue of the company posted a growth of 16% year on year to Rs20.4 billon owing to 8.8% year on year increase in urea off-take. The gross profit increased by 11% to Rs8.3 billion in first quarter of 2015. However, gross margins of the company declined by 189 basis points to 40.7%…. EXPRESS TRIBUNE


Engro Corporation’s profit up 77%

 Engro Corporation, one of the largest private sector conglomerates in the country, has posted a record net profit of Rs3.64 billion in quarter ending on March 2015, up 77% compared to Rs2.06 billion in the same quarter of previous year….Earnings per share (EPS) improved to Rs6.9 from an EPS of Rs4.02 in the period under review. The result also accompanied an interim cash dividend of Rs2.0 per share. The revenue of the company posted a growth of 8% year on year to Rs41.4 billion due to 18.6% year on year increase in Engro Fertilizer sales, which were led by 6.8% year on year higher urea off-take and 24% growth in the top-line of Engro Foods. Engro Fertilizer sold 481,000 tons of urea in the first quarter of 2015 compared to 451,000 tons in the corresponding period last year. Engro Foods’ sales increased because of higher volumetric growth in dairy segment. The gross profit increased 22% to Rs11.4 billion in first quarter of 2015 while gross margins of the company improved by 322 basis points to 27.7%.Other income surged 84% to Rs1.1 billion in the first quarter of 2015 compared to Rs617 million in the same quarter last year…. EXPRESS TRIBUNE

PRL refines third-quarter profit, up by 191%

Improved refining margin and recovery of better-priced distilled product helped Pakistan Refinery Limited (PRL) record a massive turnaround in net profit (191%) for the third quarter of fiscal year 2014-15 (January-March) compared to the same period last year. It posted a net profit of Rs1.09 billion during the period, something that will also help the Karachi-based refinery improve its equity position. “Refining margins have been excellent,” said PRL Managing Director Aftab Husain, …..“Beside this, we are recovering 2% to 3% more diesel from crude after the revamping exercise we carried out at the plant.”Refining more crude oil into petroleum products like diesel instead of furnace oil adds to the profitability of refineries in Pakistan based on old designs….“The difference between price of diesel and furnace oil comes to around $200 per ton,” said Husain. “Revamping has helped us bring in efficiencies.”

PRL expects to record further efficiency gains in coming months when its isomerisation unit comes online. “We will be producing 12,000 tons per day of petrol, which will be another add-on for the bottom line.”….Like other refineries upgrading their plants to deal with the situation, PRL is investing millions of dollars in Isomerization and Diesel Desulphurisation units. The isomerisation unit processes naphtha into petrol.The profit along with issue of right shares will also help PRL bridge the gap in its equity, which was bit by accumulated losses of previous years. It intends to raise Rs2.8 billion from rights issue…. EXPRESS TRIBUNE

Attock Cement posts profit of Rs1.6 billion

Attock Cement – part of the Attock Group of Companies – has posted a net profit of Rs1.64 billion during the first nine months (Jul-Mar) of fiscal year 2015 (FY15), up 17% compared to Rs1.40 billion in the same period previous year. Earnings per share (EPS) improved to Rs14.35 from an EPS of Rs12.29 in the period under review. The earnings growth was mainly driven by higher cement prices and higher margins, which resulted from lower fuel and power costs,….On a quarterly basis, the company experienced earnings growth of 12% quarter-on- quarter(QoQ) to Rs619 million or an EPS of Rs5.41 during the third quarter of FY15 because of an increase in margins and other income.

Company revenues increased by 7% year-on-year (YoY) to Rs9.79 billion during the first nine months of FY15 because of a 3% YoY increase in volumetric sales to 1.43 million tons and higher retention price of Rs535 per 50kg bag, up 10% YoY. Similarly, on a quarterly basis, revenues increased by 7% QoQ to Rs3.42 billion during the third quarter of FY15, owing to a 4% QoQ increase in volumetric sales. Margins of the company improved by 4 percentage points to 32.5% during the nine months of FY15 because of higher cement prices, fuel price adjustment and subdued international coal prices…..Other income of the company also increased by a notable 109% YoY to Rs129 million in the third quarter of FY15 as a result of higher cash balance and short-term investments. The potential growth in bottom-line was subdued due to 5 percentage points QoQ increase in the company’s effective tax rate to 32%….. EXPRESS TRIBUNE

POL earns Rs2 billion in the third quarter

Pakistan Oilfields Limited (POL) on Monday announced earnings of Rs2 billion in the third quarter of financial year 2014-15 (EPS Rs8.5) against Rs1.2 billion (EPS Rs5) in the second quarter, up around 67%….Net sales of POL dropped 20% quarter-on-quarter to Rs6.5 billion in the January-March quarter because of a 7% decline in the price of Arab Light crude – the benchmark for local exploration and production companies. Oil volumes fell 9.4% compared to the second quarter while gas volumes dipped 8.5%. Negligible exploration cost of Rs17.5 million booked in the third quarter versus Rs2.8 billion (dry well booked) in the second quarter provided considerable support to the company’s bottom-line, ….

In nine months (July to March), the company posted a profit of Rs7.4 billion (EPS Rs31.1), down 27% from Rs10.1 billion (EPS Rs42.7) in the same period of previous year. Net sales fell 7% to Rs24.4 billion in nine months versus Rs26.2 billion in the corresponding period of last year. In the period, POL’s oil production grew 10% while gas output declined 11%. Exploration cost stood at Rs3.1 billion against Rs1.4 billion in the previous year, denting the company’s bottom-line. The surge in exploration cost came as a result of Rs2.8 billion dry well cost incurred in the second quarter……EXPRESS TRIBUNE

Saudi Arabia’s Plan to Extend the Age of Oil

A long and fascinating article about oil from Bloomberg…

Last fall, as oil prices crashed, Ali al-Naimi, Saudi Arabia’s petroleum minister and the world’s de facto energy czar, went mum. He still popped up, as is his habit, at industry conferences on three continents. Yet from mid-September to the middle of November, while benchmark crude prices plunged 21 percent to a four-year low, Naimi didn’t utter a word in public.

For 20 years, Bloomberg Markets reports in its May 2015 issue, the world’s $2 trillion oil market has parsed Naimi’s every syllable for signs of where supply and prices are heading. Twice during previous routs—amid the Asian financial crisis in 1998 and again when the global economy melted down 10 years later—Naimi reversed oil’s free fall by orchestrating production cutbacks among members of OPEC. This time, he went to ground.

At the cartel’s semiannual meeting on Nov. 27 in Vienna, Naimi shot down proposed output reductions supported by a majority of the 12 members in favor of a more daring strategy: keep pumping and wait for lower prices to force high-cost suppliers out of the market. Oil prices fell a further 10 percent by the end of the next day and kept going. Having averaged $110 a barrel from 2011 through the middle of 2014, Brent crude, the global benchmark, dipped below $50 in January.

“What they did was historic,” Daniel Yergin, the pre-eminent historian of the oil industry, told Bloomberg in February. “They said: ‘We resign. We quit. We’re no longer going to be the manager of the market. Let the market manage the market.’ That’s when you got this sort of shocked reaction that took prices down to those levels we saw.” Naimi, 79, dominated the debate at the November meeting, according to officials briefed on the closed-door proceedings. He told his OPEC counterparts they should maintain output to protect market share from rising supplies of U.S. shale oil, which costs more to get out of the ground and thus becomes less viable as prices fall. In December, he said much the same thing in a press interview, arguing that it was “crooked logic” for low-cost producers such as Saudi Arabia to pump less to balance the market…… Bloomberg

PSO’s earnings drop 73% in the first half

Pakistan State Oil (PSO), Pakistan’s largest oil marketing company with market capitalisation of $1 billion, posted a profit of Rs4.28 billion in the half year ended December 2014, down about 73% from Rs15.80 billion in the same period of previous year. Earnings per share in the first half (July-December 2014) stood at Rs15.76, down from Rs58.15 in 1HFY14….Net sales of the company dropped 17% to Rs508 billion in 1HFY15 compared to Rs612 billion in 1HFY14….The sharp decline in PSO’s earnings was primarily due to the decrease in gross margins to 2.46% in 1HFY15 from 3.77% in the corresponding period of previous year, ….EXPRESS TRIBUNE