Mughal Steel earned Rs217m in Oct-Dec

KARACHI: Mughal Iron and Steel posted second-quarter earnings at Rs217 million, taking the July-December earnings to Rs474m, relatively flat against Rs481m last year.

The company also announced its intention to upgrade gas-fired CPP from 9.3 megawatts to 27.9MW. Furthermore, the company plans to conduct BMR on its existing re-rolling facility by addition of new re-rolling stands and finishing lines.— Equities Correspondent

Thal’s earnings per share rise to Rs31.7

KARACHI: Thal Limited posted second quarter consolidated eps of Rs31.7 as compared to Rs8.5 last year. Abnormal spike in earnings could be attri­­buted to exercising put-option on sale of stake in Metro Habib Cash and Carry Pakis­tan, which added Rs1.8 billion (Rs22.6 per share) to other income. Along with the result, Thal declared interim dividend of Rs3.75 per share.— Equities Correspondent

Abbott Laboratories profit edges up 12pc

KARACHI: Abbott Laboratories recorded profit after tax at Rs4.02bn or eps of Rs41.1 for year ended Dec 31 2016, up 12 per cent year-on-year, from Rs3.59bn and eps at Rs36.64. Along with the results, the board declared final cash dividend of Rs30 per share in addition to interim dividend of Rs10 already paid. Sales grew to Rs23.39bn from Rs21.17bn while gross profit rose to Rs9.37bn from Rs8.22bn.— Equities Correspondent

Berkshire bought 120m Apple shares in 2017

NEW YORK: Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. in 2017 and that US stocks were not in “bubble territory.”

“Apple strikes me as having quite a sticky product and an enormously useful product to people that use it, not that I do,” Buffett said. He said Berkshire’s Apple stake, at 133m shares, was worth about $17bn and amounted to Berkshire’s second-biggest holding.—Reuters

VimpelCom returns to growth

BARCELONA: Russian and emerging markets communications network operator VimpelCom on Monday reported a return to growth in the final quarter of last year and posted progress in its 18-month-old turnaround strategy, including a six-fold dividend increase. It posted core earnings of $783m while service revenue rose 3pc across its dozen country markets, with strength in Pakistan and Ukraine offset by ongoing weakness in Algeria.

Published in Dawn, February 28th, 2017