Profit outflow crosses $1bn

Published February 27, 2021
Repatriation of profit and dividends rose 8.35 per cent to $1.025 billion during the first seven months of the current fiscal year compared to $946m in the same period last year. — File photo
Repatriation of profit and dividends rose 8.35 per cent to $1.025 billion during the first seven months of the current fiscal year compared to $946m in the same period last year. — File photo

KARACHI: Repatriation of profit and dividends rose 8.35 per cent to $1.025 billion during the first seven months of the current fiscal year compared to $946m in the same period last year, the State Bank of Pakistan (SBP) reported on Friday.

The outflow included repatriation of profits on foreign direct investment (FDI) and foreign portfolio investment (FPI).

On FPI a profit of $64m was sent abroad compared to $104m in the same period of last year.

The food sector noted the highest outflow of profits at $219.5m during the July-January period compared to $53m in the same period last year.

The SBP’s figures showed that profit outflows from financial businesses stood at $125.5m while from communication sector it was $119m during the seven-month period. From tobacco and cigarettes sectors, the outflow increased to $83m compared to $33m.

Published in Dawn, February 27th, 2021

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