KARACHI: Data released by the State Bank of Pakistan (SBP) on Monday revealed foreign entities repatriated $1.343 billion in profit to their homelands in first seven months of FY 2017-18.
Profit repatriation during the July-January period of FY 2017-18 registered a 26 percent rise year-on-year (YoY), reported an English daily.
The central bank data disclosed profit repatriation from foreign entities during January touched $141.2 million, a fall of 47 percent compared to same month of last year.
Bulk of the profit transfers were witnessed in energy, financial and communications sector, SBP data disclosed. During July-January of FY 2017-18, financial businesses profit repatriation to their home bases overseas was the highest, reaching $191.7 million, recording a rise of 4.58 percent YoY.
Communication sector as per SBP data registered a major spike in repatriated profit and dividend by increasing to $167.2 million during first seven months of FY 2017-18 from $14.8 million in same period of last year.
Oil and Gas exploration repatriation of profits surged by 97 percent, touching $156.3 million. Repatriation of profits from power companies during July-January FY 2017-18 period stood at $147 million against $90.3 million in same period of FY 2016-17.
Food sector profit repatriations recorded significant increase touching $140 million, automobiles $71.8 million and transport $48.3 million during first seven months of FY 2017-18.
Profit repatriation on foreign portfolio investment declined to $170.2 million during first seven months of FY 2017-18 from $215 million a year back.
According to central bank’s data, foreign direct investment (FDI) was higher during the period under review than total profit repatriation. FDI during July-Jan of FY 2017-18 was recorded at $1.487 billion.