Fauji Fertiliser in Rs895m loss

KARACHI: Fauji Fertiliser Bin Qasim Ltd (FFBL) announced the second quarter and half yearly results on Tuesday, kicking off the current results season.

For 1H2016, FFBL posted an unconsolidated net loss of Rs895m, translating into a loss per share of Rs0.96, compared to earnings of Rs758m or earnings per share of Rs0.81 in the corresponding period of the previous year.

Analysts attributed the company’s dip primarily to a decline in revenue by 34pc YoY; average DAP prices fell which suppressed margins and increased selling and distribution expenses.—Equities Correspondent

Telenor, Careem reach agreement

KARACHI: Telenor Pakistan has joined forces with transportation network company Careem to provide discounted rides with free WiFi to its customers, said a press release on Tuesday.

UBL Q2 earnings beat expectations

KARACHI: United Bank Limited on Tuesday announced its Q2 result, showing consolidated earnings of Rs6.9 billion (earnings per share Rs5.7), up 27 per cent on a year-on-year basis. The bank also announced cash dividend of Rs3 per share, said a press release.

Hyundai Motor profit hit by slow EM sales

SEOUL: Currency swings and slumping sales in emerging markets (EM) took a further toll on South Korea’s Hyundai Motor, which reported Tuesday a drop in net profit for the 10th consecutive quarter.

Hyundai — along with its smaller affiliate Kia — forms the world’s fifth-largest automaking group.

Net profit for April-June amounted to 1.76 trillion won ($1.55 billion), down 1.5 per cent from a year ago, while operating profit inched up 0.6pc to 1.76 trillion won, Hyundai said in a statement.

Published in Dawn, July 27th, 2016