Pakistan-based blender Hi-Tech Lubricants Ltd.’s consolidated net profit for the quarter ended June 30 was down by more than 900%, while sales were up more than 100%. For its fiscal year, the company reported 10% higher profit, while sales climbed almost 70%.
Pakistan’s economic outlook is surrounded by global and domestic uncertainties, the company noted in its annual report that. “Geopolitical tensions remain unabated, worldwide inflation remains high, interest rates show tendencies to rise, and the U.S. dollar continues to strengthen,” the company said. “Pakistan’s external environment is therefore facing increasing challenges.”
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