Repatriation of profits jumps 14% in 10 months – Journal

KARACHI: Outflows of profits and dividends on foreign direct investment (FDI) in the first 10 months of the current fiscal year increased by 14 percent, reflecting improved performance of companies with foreign interests.

The latest State Bank data released on Friday showed that July-April FY21 earnings and dividend outflows were $ 1.214 billion compared to $ 1.064 billion in the same FY20 period.

However, the outflow of earnings on portfolio investments has declined significantly in the current fiscal year to $ 98 million from $ 166.3 million in the same period last fiscal year.

The data shows that the highest outflows were in financial activities (banking), which climbed to $ 280.6 million in 10MFY21, from $ 178.4 million in 10MFY20.

Communications outputs also increased significantly to $ 123.8 million from $ 72 million last year. Oil and gas exploration, which has attracted foreign investment, noted a sharp decline in profit outflows to $ 97 million in 10MFY21 from $ 215.7 million in 10MFY20.

Outflows of profits and dividends from the food sector nearly doubled from the previous year to $ 119.5 million, compared to just $ 58 million in the same period last year.

Repatriation of profits from the transport sector fell to $ 112.4 million 10MFY21 from 165.8 million $ 10MFY20. From the tobacco and cigarettes sector, the outflow was $ 83 million at 10MFY21 versus $ 35 million at 10MFY20. The chemicals sector also noted a decline in the outflow to $ 83 million compared to $ 102.7 million in the same period last year.

Posted in Dawn on May 29, 2021

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