According to the report, issued by the State Bank of Pakistan on Tuesday, the outflows of profits and dividends on foreign investments went high 9 percent to $1.146 billion during the period, from July to February in the ongoing fiscal year.
The number of profit outflows during these months, last year had stood at $1.050 billion which shows that the companies having foreign investment did a wonderful job. The profit outflows from foreign portfolio investments also went high to $108.6 million during the period, under consideration as compared to $64.7 million in this period, last year.
The United Kingdom has been the biggest beneficiary of the profits and dividends which got $230 million during the first eight months of the current fiscal year. Last year, the UK had received $362 million during these months. The United States of America earned $156 million during this period.
During the first eight months of the previous fiscal year, the USA had earned $196 million. Switzerland earned a profit worth $101 million, the Netherlands received $90 million, Hong Kong got $86.6 million, and China earned $81 million during the first eight months of the ongoing financial year.
The financial institutions have been the biggest beneficiaries of the outflows of profits and dividends on foreign investments during these months which earned $182 million as compared to $136.6 million during the same period, last year. The food sector received $116.3 million of profit outflows during the period, under review.
During the last financial year in these months, this sector had earned $221 million. The oil and gas exploration sector earned $108.6 million in this period as compared to $91 million during the same period, last year.
The power sector earned $33.9 million during the period from July to February in the current fiscal year as compared to $125 million during this period, last year. The Telecommunication sector received $68.5 million in the period, under review as compared to $104.7 million during this period, last year.
As a whole, the communication sector earned $106 million during the first eight months of the current fiscal year as compared to $119.6 million during this period in the previous fiscal year.