The KSE-100 index has finally broken 20,000 with an intra-day high of 20,309.35 and closing up at 20,244.82, the highest close in the history of the market so far !
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Updates on the Karachi Stock Market, with news, company dividends and KSE-100 index movements.The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. 1,130 posts and counting ...
The Fauji Fertilizer Company has posted a 28.9% rise in profit to Rs4.9 billion in the January-March 2013 quarter on back of higher sales and stable prices of key agricultural inputs. The company’s earnings have clocked in at Rs3.86 earned for every share of the company. It has also announced a cash dividend of Rs.3.5 per share. Revenues jumped 45% to Rs.16 billion, compared to last year, on the back of increasing sales volumes, ….The company saw a slight decrease of 3.7% in its distribution costs to Rs.1.29 billion, but gross margins also came
down 2.9 percentage points to 47.5% because of relatively lower urea prices. Fauji Fertilizer’s other income was lower by 30% year-on-year to Rs1.5 billion as a result of lower dividend income from Fauji Fertilizer Bin Qasim (FFBL)…..According to AKD Securities, urea prices are expected to remain stable throughout the year. The company also stands to benefit from lower imports and better dividend income from FFBL in the second half of year, it said…. EXPRESS TRIBUNE
The Hub Power Company announced its financial results for the nine-month period of fiscal 2013 on Thursday, posting a profit 49% to Rs7.4 billion compared to Rs4.97 billion in the corresponding period of last year.Hubco is engaged in the electric utilities industry. The company owns an oil-fired power station with an installed net capacity of 1,200 megawatts (MW) at Mouza Kund, Hub, in Balochistan; and a 225MW capacity oil-fired power station at Mouza Poong, Narowal, in Punjab. The company also has a 75% controlling interest in Laraib Energy, a subsidiary that is developing an 84MW hydel power plant. Topline Securities analyst Nauman Khan believes that earnings growth in the nine-month period primarily stems from commissioning of the Narowal project. Moreover, another factor, he said, that played its role in growth of profits was the “U-shaped” based return while higher indexation factor – rupee depreciation and inflation.In the first quarter of fiscal 2013, Ayaz Ahmed of Global Securities says that Hubco’s main plant propelled the earnings, which he expects to operate at a load factor of 78.4% (2,302 gigawatt hours), where Narowal’s utilisation remained subdued at 27% (128 GwH) due to piled-up receivables of Rs19 billion, which has partly rendered the plant un-operational.Revenues improved to Rs132.49 billion in the nine-month period, gross margins improved 100 basis points to 9.6% and finance costs shrunk to Rs5.04 billion during the period under review…. EXPRESS TRIBUNE
Engro Corporation is going to list its fertilizer business on the stock market by the end of 2013 which, according to analysts, will provide the largest private-sector conglomerate of the country with a substantial cash cushion. Engro Fertilizers, which is a wholly owned subsidiary of Engro Corporation, made the announcement in an analyst briefing held on Wednesday, where it also discussed the company’s financial performance during the first quarter of 2013. According to brokerage firm Foundation Securities, which is affiliated with Macquarie Capital Securities Limited, a global securities company, the initial public offering of Engro Fertilizers may have a total market capitalisation between Rs59 billion and Rs66 billion, assuming a price-to-earnings (P/E) multiple of five to six times. “Assuming Engro Corporation divests a 10%-20% stake of its holding (in Engro Fertilizers), this would provide a big cash relief of Rs6-12 billion,” …..From a loss-after-tax of Rs1.4 billion in the first quarter of 2012, Engro Fertilizers posted a profit-after-tax of Rs646 million in the corresponding period in the current year.
“The strong 1QCY13 result was on the back of higher production and a three-fold rise in urea off-take, mainly due to efficient operations of its Enven plant, which received major gas supply from Mari (93 mmscfd) and small quantity from SNGPL (around 12-13 mmscfd),” …..With net sales of Rs9.7 billion, Engro Fertilizers registered
a year-on-year increase of 203% in its topline at the end of the first quarter of 2013.A consortium of fertiliser companies has signed a long-term gas supply agreement with Oil and Gas Development Company (OGDC) at the weighted average cost of approximately $4-4.50 per mmbtu, including tolling charges, … Engro Fertilizers also apprised analysts of the ongoing debt re-profiling as debt restructuring of a major local loan is likely to be completed in the second quarter, which will be followed by re-profiling of the rest of the loans.The long-term debt of Engro Corporation in 2012 was Rs67 billion. It is likely to come down to Rs49 billion in 2013, …. Engro Fertilizers does not make its balance sheet public…..The net debt-to-equity ratio of Engro Corporation in 2012 was 162.6%, which is expected to drop to 125.9%…. EXPRESS TRIBUNE
In the first nine months of fiscal 2013, DG Khan Cement, a unit of Nishat Group, doubled its unconsolidated earnings to Rs4.24 billion compared to Rs2.072 billion in the corresponding nine-month period of fiscal 2012, …..Efficient cost control measures by DG Khan Cement played a major role in stellar results as cost of sales remained virtually flat, resulting in full impact of the growing top-line on earnings. Depreciation of the rupee also proved to be a blessing in disguise for the company’s export markets. Revenues for the country’s second largest cement producer topped at Rs18.13 billion, growing 8.6% compared to Rs16.7 billion in the same period of last year. Cost of sales rose 1% to Rs11.305 billion, resulting in gross margins to climb 470 basis points to 37.7% from 33% in the corresponding period of last year, with the commencement of DG Khan’s waste heat recovery plant and falling international coal prices. As the State Bank of Pakistan slashed the benchmark interest rates by 250 basis points during the period to 9.5%,
financial charges of the company dropped 38.5% to Rs0.802 billion from Rs1.3 billion in the same period of last year. Additionally, 22% higher dividend income from associates – MCB Bank, Nishat Chunian and Nishat Mills – to Rs1.085 billion boosted the bottom-line of the company.
…. DG Khan Cement Director Marketing Fareed Fazal said that the cement producer is planning to expand to India despite non-tariff barriers put up by the Indian market.“We have a plan to invest $10 million in setting up cement silos along with a mixing plant in India,” said Fazal. DG Khan also plans to pack the cement in India and sell it directly to the market from its planned facility on the Indian side of Wagah-Attari border….Moreover, the cement producer has also explored other potential export markets, which included South Africa, Mozambique, Ethiopia, Djibouti, Tanzania, Kenya, Sudan, Congo and West Africa. In Asia, the company is developing channels in Sri Lanka, India, Myanmar, and Tajikistan. "In spite of this being the election year and all other unfavourable conditions, we are still projecting growth of two to three per cent,” said Fazal…. EXPRESS TRIBUNE
FFBL : EPS : 0.53
ACPL : EPS : 14.85
ATRL : EPS : 37.94
POL : EPS : 36.46
APL : EPS : 42.60
NRL : EPS : 24.21
DGKC : EPS : 9.42
EFOODS : EPS : 0.86
PSO : EPS : 37.72
LPCL : EPS : 0.25
PRL : EPS : 26.27
HUBCO : EPS : 6.40
NML : EPS : 11.69
MLCF : EPS : 4.16
OGDC : 17.5% CASH - EPS : 17.59
SSGC : EPS : 1.86
LUCK : EPS : 21.59
ENGRO : EPS : 3.49
FFC : 35% CASH - EPS : 3.86
NBP : EPS : 2.08
MCB :35% CASH - EPS : 5.38
PPL : EPS : 20.41FCCL : EPS : 1.17
The State Bank of Pakistan has left its policy rate unchanged at 9.5%.
FFBL : 12TH
ACPL : 15TH
NRL : 16TH
DGKC : 17TH
EFOODS : 18TH
AKBL : 22ND
KAPCO : 23RD
PRL : 24TH
HUBCO : 25TH
LUCK : 29TH
PPL : 30TH
The Hub Power Company (Hubco) announced its financial results for the first half of fiscal 2013 on Wednesday, beating analyst estimates to post earnings of Rs4.77 billion (Rs4.12 earned per share). The profit announced is 59% higher than the Rs3 billion the company earned in the first half of fiscal 2012. On a quarterly basis, the company posted earnings of Rs2.63 billion. Along with the result, the company has announced an interim dividend of Rs3.5 per share, ….Hubco is engaged in the electric utilities industry. The company owns an oil-fired power station with an installed net capacity of 1,200 megawatts (MW) at Mouza Kund, Hub, in Balochistan; and a 214 MW net capacity oil-fired power station at Mouza Poong, Narowal, in Punjab. The company also has a 75% controlling interest in Laraib Energy, a subsidiary that is developing an 84 MW hydel power plant.
Analysts pointed out that the company realises a generation bonus in the first half of every fiscal year, which propels earnings in the second quarter. “We believe the company realised Rs.417 million as a generation bonus in the first half of fiscal 2013 (1HFY13),” Shaikh said. In the second quarter of every fiscal year, Hubco receives generation bonus for attaining higher utilisation levels (above 65%) of its old Hub plant. This bonus is calculated on the basis of calendar year generation numbers.The company saw finance costs decline 7% in the December quarter over the preceding quarter as the National Transmission and Despatch Company and the Water and Power Development Authority made timely payments for their purchase of power from Hubco.
Outlook : “Going forward, Hubco’s next leg of growth is to come from the Laraib hydel plant, which is scheduled to come online in fiscal 2014,” ,,,,Laraib will be the first 84 MW independent hydroelectric power plant in Pakistan. The project is expected to be completed within the scheduled time, … “Based on our discussion with the management, we do not foresee any significant capital expenditure to be done by Hubco, as the plant remains in perfect working condition. Moreover, the management signals no downside on commercial availability of the power plant (as capacity payment receipts are linked to plant’s availability for power generation). Therefore, we rule out any near term negative impact of this event on Hubco’s profitability,” …. Express Tribune
The only trillion-rupee company of the country, Pakistan State Oil (PSO), announced a 37% growth in profitability for the half year ending 31 December, 2012, mainly on account of volumetric growth coupled with higher fuel prices in the country. Moreover, a significant increase in other income supported the bottom-line…. the state-owned megacorporation reported a profit of Rs6.3 billion in the first six months of the fiscal year 2012-13, against a profit of Rs4.6 billion in the corresponding half of the preceding year. Keeping in view the circular debt and the position of the PSO balance sheet, the company’s board of directors, in a surprising move which no one anticipated, approved an interim cash dividend of Rs2.5 per share equivalent to a 25% return along with a bonus issue of 20%….
In the period under review, the net sales recorded an 8.5% increase, owing to growth in volumetric sales amid higher POL prices. However, Shajar Capital estimates that volumes declined 3% and the top-line growth was primarily driven by an average 29% year-on-year increase in POL prices. Resultantly, gross profits managed
to climb 10% to Rs18.1 billion from Rs16.3 billion despite stagnant gross margins. In the semi-annual period, industry’s volume for black oil decreased 5%, whereas white oil grew 2% reflecting an increase in PMG consumption of 14% and a 2% decline in high-speed diesel’s demand. PSO’s overall market share stood at 64.6% for the period. The oil marketing giant realised a benefit to the tune of Rs70 billion as a result of the term finance certificate issued by the government in September 2012 to control the spiralling circular debt. This led to a drop in payables to local refineries by Rs70 billion and likely resulted in financial charges, including penal interest, going down 44% in the second quarter. However, the financial charges in the July-December period surged 12% to Rs4.5 billion…. Express Tribune
After the announcements of the earnings of Engro Foods and Engro Fertilizers, the market largely knew what to expect, but it was still grim reading: revenue increased a paltry 8.7% (below inflation) to Rs125 billion and profits plummeted 83% to Rs1.3 billion. The overwhelming bulk of that decline can be attributed to the fertilizer manufacturing business, which went from a Rs4.6 billion profit in 2011 to a Rs2.9 billion loss. Excluding the losses from Fertilizers, the conglomerate saw its revenues increase by 13.5% and its profits by a much healthier
22.9% during the year ending December 31, 2012. So anaemic is the fertiliser business that it is no longer the largest business: 2012 also has the distinction of being the year that Foods became, in every respect, the largest subsidiary of Engro Corporation. The North American subsidiary of Engro Foods – Al-Safa Halal – also registered a substantial revenue number for the first time, of around $11 million.
At the press conference announcing its results, however, Engro CEO Aliuddin Ansari spent the bulk of his time talking about the problems in the fertiliser business, specifically how the companywas able to get only 9% of the gas that the government is obligated – by sovereign guarantee – to provide the $1.1 billion plant in Dharki…. The new plant for Engro was financed largely through debt, which has been a particularly troublesome burden for the company in light of the amount of time the plant spends idle, and thus unable to generate revenues. During the course of 2012, the companyspent Rs13.6 billion in servicing its debt, including about Rs4.9 billion in principal payments.Ansari claimed that the government was being highly discriminatory in its attitude towards Engro, addingthat other fertilizer manufacturers – especially Fatima Fertilizer – were getting natural gas, even though both Engro and Fatima have identical agreements with the government.
Fertilizers may soon have at least some relief from the chronic gas shortages, however. The state-owned Oil and Gas Development Company, the largest oil exploration and development company in the country, signed agreements with several fertiliser manufacturers, including Engro, to sell them natural gas directly through its low-BTU wells, …Engro’s other businesses have begun to do well and have a significant impact on the company’s bottom line. Engro Vopak, its chemical storage business, had an net income of Rs1.5 billion. Engro Polymer & Chemicals finally swung to a narrow profit of Rs77 million after years of losses, and Engro Energy contributed Rs2 billion to the conglomerate’s bottom line…. Express Tribune
The State Bank of Pakistan has left its policy rate unchanged at 9.5%.
There is a new website for the Karachi Stock Exchange, http://dps.kse.com.pk , a vast improvement on www.kse.com.pk.
Pakistan Petroleum Ltd (PPL), the country’s second largest oil & gas explorer, reported a growth in profitability by 11% to Rs22.317 billion for the first half of the fiscal year 2012-13,mainly on the back of growth in its top-line, …. the board announced an interim dividend of Rs5 per share for the period,…A significant increase in field expenditures and lower than estimated other income were the prime factors behind the lower earnings.The growth in profitability in the period was primarily driven by stellar oil production (mainly from non-operated areas),coupled with higher well-head prices on uncapped fields,…Net sales of the explorer climbed 12% to Rs50.7 billion on account of robust production from the Nashpa and Tal blocks, despite lower gas production. Moreover, 12% higher wellhead gas prices, higher Arab Light crude oil price, coupled with a 9% depreciation in average rupee prices during the period contributed to the double digit revenue growth.
A 13% increase in other income to Rs3.9 billion on account of healthy investment positions, coupled with a notable reduction in other expenses (down 18%) contributed significantly to earnings.On the flipside, remarkably higher field expenditures of Rs13.7 billion on account of expanding exploration activity in PPL’s and joint-ventures’ blocks severely dented the bottom-line, forcing it to miss market’s expectations….PPL has recently announced oil and gas finds at Nashpa-3, Mamikhel-2, Manzalai-9 and Makori East-2, a combined oil and gas production potential of 10,400 barrels and 83 million cubic feet of gas per day. Adjusting for PPL’s stake, these finds provided 32% and 2% upside to the explorer’s volumes respectively.Beyond the first half of fiscal 2013, PPL will carry its profitability momentum through robust volumetric growth, driven by full wing production from Nashpa and Tal blocks, steady oil prices which are already up 4%, and further depreciation of the rupee. However, above expected decline in the Sui field and a probable secondary offering by the government remain key downside risks.
The government intends to offload 2.5% of its shareholding, with a possibility of an additional 2.5% as a green shoe option, where it can sell more shares if the offering is oversubscribed…PPL’s stock trades at price-earnings ratio of 6.1 times, at a steep discount to the 6.9 times at which the sector stands at…. Express Tribune
PPL : 50% CASH - EPS : 13.58
MCB : 30% CASH + 10% BONUS - EPS : 22.77
DGKC : EPS : 6.65SNGP : 25% CASH + 10% BONUS. EPS : 5.28
PRL : EPS : 34.22
ABL : 20% CASH + 10% BONUS. EPS : 12.56
ENGRO : EPS : 2.61
AKBL : EPS : 1.54
FCCL : EPS : 0.69KAPCO : 30% CASH - EPS : 4.18
ODGC : 20% CASH - EPS : 11.45
PSO : 25% CASH + 20% BONUS - EPS : 30.48
UBL : 35% CASH - EPS : 14.71
FECTC : EPS : 6.46
NBP : 70% CASH + 15% BONUS - EPS : 9.13
HUBC : 35% CASH - EPS : 4.10
PPL : 4TH
MCB : 7TH
DGKC : 11TH
HBL : 12TH
PTC : 13TH
PRL : 14TH
ENGRO : 15TH
AKBL : 18TH
FCCL : 19TH
KAPCO : 20TH
PSO : 21ST
UBL : 24TH
FECTC : 25TH
FFBL : 22.5% CASH - EPS : 4.64
FFC : 50% CASH - EPS : 16.38
EFOODS : EPS : 3.43
POL : 200% CASH - EPS : 23.94
NRL : EPS : 19.59
ATRL : 25% CASH - EPS : 37.62
ACPL : 30% CASH - EPS : 9.62
LUCK : EPS : 13.27
AHCL : EPS : 3.01
FATIMA : 20% CASH - EPS : 2.86
AHL : EPS : 7.92
FFBL : 11th
FFC : 23RD
EFOODS : 24TH
POL : 28TH
AHCL : 29TH
AHL : 31ST
After a blow-out year in 2012, with the benchmark KSE-100 index rising 49%, can investors expect the index to breach the 20,000-point mark in 2013? Most stock market analysts are reluctant to say so explicitly, though their forecasts suggest that the market may, at least, get close. One of the more optimistic forecasts is by Syed Rehan Ali, a technical research analyst at Foundation Securities, who predicts that the stock market may hit the 19,700 level by the end of calendar year 2013 – though he hastens to add that there is likely to be plenty of volatility in the earlier half of the year, when the index may actually slide back to the 15,700 level. The 20,000-point barrier may sound dizzyingly high, but it is only about 18.3% higher than the closing level of 2012. Given the fact that the market’s 10-year average return is 21.2%, the KSE-100 index would only need to have a below average year in order to breach that important psychological barrier…. Express Tribune
The State Bank of Pakistan has just announced a further cut of 50bps in its policy rate taking it down to 9.5%.
The KSE-100 index made a new all time high today closing at 15,962 amd made an intraday high of 16,005.32. Is 16,500 on the cards ?
Pakistan State Oil (PSO) has announced its earnings results for the first quarter of fiscal 2013 (1QFY13). The company has reported a net profit of Rs4.1 billion in 1QFY13, against a net profit of Rs2.4 billion in the same period of the preceding year. This translates into stellar 68% growth in the company’s profits, and earnings per share (EPS) of Rs20.35, against EPS of Rs12.08 in 1QFY12.The announcement beat street and analyst expectations by a wide margin; however, the company’s stock price is unlikely to appreciate much due to its decision to not declare a dividend along with the announcement, likely due to growing circular debt pressure on its cash flows.Topline Securities analyst Nauman Khan said the company’s increased profitability “is on account of higher gross level profitability and restricted ‘other operating expenses’.”
“A decline in ‘other operating expenses’ by 12% to Rs2.9 billion due to the absence of foreign exchange rate related losses, as against ‘other operating expenses’ of Rs3.3 billion last year, contributed to growth in the company’s bottom-line,” ….The company’s gross margin was higher by 90 basis points at 4.1% in 1QFY13, as against 3.2% in the same quarter last year, due to higher product margins on furnace oil, motor spirit and high speed diesel, and greater inventory gains. Furthermore, during the period, international petroleum product prices rose by an average of 23%.Thanks to higher margins and volumetric growth in sales, particularly in petrol and furnace oil, the company’s gross profit rose by 48% to Rs11.3 billion, as against Rs7.7 billion last year,…. Express Tribune
Lucky Cement profits solidified at Rs2 billion in the first quarter of fiscal 2012-13, up 34% from Rs1.5 billion in the corresponding quarter last year.The robust growth in profitability primarily stems from a billion rupees rise in revenues, improving gross margins and retention prices, austerity measures of the company to cut costs, lower coal prices plus savings from energy efficient measures, said BMA Capital Analyst Affan Ismail.Revenues climbed 18% to touch Rs2 billion in the period under review. Better cement prices in the local market, up 11% from a year earlier, coupled with improvement in local dispatches remained the major driving force behind considerable increase in the top-line, …However, the cement manufacturer’s volumetric sales were down 1% at Rs1.42 million tons, suffering because of lower export demand. Local dispatches were higher by 5% to 860 million tons while exports were down 9% to 563 million tons. But the company was able to enhance its revenue considerably mainly on the back of higher prices in the local market and rupee depreciation boosted income from lower exports, …Resultantly, gross profit registered a massive rise of Rs33% to Rs3.87 billion.
Gross margins also improved to 43.75% – the highest in the cement industry – led by better retention prices and several austerity measures. Positive effect of energy expense cutting measures like conversion of coal-fired plants to tyre-derived fuel and refuse-derived fuel manifested into higher gross margins. The alternate fuels decreased demand of the more costly coal by 20%. Moreover, apart from robust retention level, considerable dip in coal prices, down 22% to $82.32 per ton, supported uptick in margins.Operating expenses jumped 20% to Rs1.25 billion on the back of higher distribution costs over rising freight charges due to persistent increase in oil prices. On the other hand, financial charges went down 76% to Rs19 million as the cement producer is consistently loading off short-term and long-term debts from its balance sheet….According to the statements, the company had cash balance of Rs 3.3 billion as at September 30, 2012….. Express Tribune
National Bank of Pakistan (NBP) has posted its financial results for the first nine months of the current calendar year (9MCY12).On a consolidated basis, NBP’s earnings for the period have grown 10% year-on-year (YoY) to Rs12.72 billion, from Rs11.52 billion in 9MCY11…. the profit announcement has missed expectations due to lower-than-projected net interest income (NII) because of higher interest expenses incurred by the bank.Standout facts from the consolidated results include a 6% YoY decline in NII due to lower interest rates and enhanced floor rate for savings accounts. Other significant numbers include 13% YoY increase in non-interest expenses; a 32% YoY decline in total provisions driven by reversals in provision for diminution in the value of investments and lower loan loss provisions; and 27% YoY driven by robust dividends, foreign exchange earnings, capital gain income and share of profits from associates, …
“Last year where the bank incurred nearly Rs7.2 billion in provisioning expenses, this time provisioning reduced to Rs4.9 billion thanks to aggressive provisioning of the banks in last few quarters and restricted lending,” said Topline Securities analyst Farhan Mahmood. “Further, more than a 2.5 times increase in dividend income amid better payouts owing to resilient corporate earnings also supported the bank’s bottom-line,” …On a quarterly basis, NBP has posted a net profit of Rs3.43 billion for the third quarter of the current calendar year (3QCY12). The figure is flat on a YoY basis, but has plummeted nearly 22% over the previous quarter. The sharp decline came on the back of a 10% reduction in NII and lower capital gains and other income; even as the bank recorded 170% growth in foreign exchange income and recorded impairment reversals during the quarter…. Express Tribune
DG Khan Cement was able to switch its profitability from millions to billions – bouncing back into familiar territory for the cement producer and solidifying its position in the sector.The company’s results for the quarter were mostly in line with analyst expectations, who say that primary factors behind enhanced earnings were higher revenues, better margins, increased income from its associates and a lower effective tax rate.Profit for the country’s second-largest cement manufacturer swelled 4.5 times or 353% to Rs1.44 billion in the first quarter of the fiscal year 2012-13 from Rs317.8 million in the corresponding quarter of the previous year, ….Revenues enhanced by 15.5% to Rs5.87 billion in the period under review. The notable uptick in sales was attributed to hefty inflation in cement prices, up 11% from a year earlier, …Local dispatches grew 2.8% to 7.7 million tons in the first quarter of the fiscal year 2012-13 from 7.5 million tons in the corresponding quarter of the previous year…
Similarly, gross margins spiked up by 758 basis points to settle at 37.7% on the back of higher prices and new cost rationalisation measures from trial run of its energy-efficient Waste Heat Recovery and Refuse Derived Fuel plant during the period. Moreover, apart from robust retention level, a considerable dip in coal prices, down 22% to $82.32 per ton, supported uptick in margins. Resultantly, gross profits climbed to Rs2.21 billion….The bottom-line was also supported by the decline in financial charges by a sharp 33% to Rs303 million as against Rs449 million. Cement manufacturers were among the most highly leverage sectors in the economy, and with successive interest rates cuts by the State Bank of Pakistan by over 200 basis points over the last quarter, the company was able to substantially cut down its finance costs.The healthy earnings were also the result of a one-off tax reversal – which generally arises when tax relief is provided in advance of an expense – the company incorporated an effective tax rate of 5% against 43% charged in the corresponding quarter of the preceding year….. Express Tribune