"Current spending expanded by 11.2 per cent in January and came in at KWD 10.9 billion fytd
. "Miscellaneous expenditures & transfers", which include military salaries and transfers to the social security fund, rose by 8.9 per cent to KWD 5.7 billion fytd
Current spending grew by eight per cent through December to KWD 9.7 billion fytd
. 'Miscellaneous expenditures & transfers', which include military salaries and transfers to the social security fund, grew by 3.7 per cent to KWD 5.2 billion fytd
Recent enplanement levels demonstrate significant growth as year-to-date (YTD) enplanements through 8 months of FY 2018 are currently up 6.7% from FYTD
2017, while FY 2017 enplanements demonstrated relatively flat growth of 0.2%.
Additionally, the impact of interest rate differential in the backdrop of an increasing Fed rate has been somewhat countered by local currency depreciating by 8.7% FYTD
. Taking these factors into account, decision to leave the discount rate unchanged seems logical.
As of August, total government spending stood at KD 4.2 billion fiscal-year-to-date (fytd
); this is 6 percent lower than during the same period last year.
Recent traffic and revenue in the last year has experienced modest declines, with nine months fiscal year to date (FYTD
) 2018 traffic down 1% compared the prior period, and FYTD
revenues down 6%.
Government spending rose by 9.6 percent to KD 10.6 billion fiscal-year-to-date (fytd
) in December compared to the same period last year.
Through November, the commonwealth's Independent Fiscal Office (IFO) reported fiscal 2018 year-to-date (FYTD
) general fund revenue growth of 5.3%, or 3.7% when excluding certain items that have come in earlier than anticipated this fiscal year.
With outstanding receivables of HUBC were reported at Rs72.21 billion and that of KAPCO at Rs80.13billion for 1QFY18, added another Rs5.8billion and Rs3.2billion FYTD
With outstanding receivables of HUBC/KAPCO standing at PkR72.21/80.13bn for 1QFY18 (adding PkR5.8bn/3.2bn FYTD
), honoring the capacity payments remains key to sustained payouts for investors.
NML's listed portfolio value has declined 17.8% FYTD
, both power and cement cumulatively comprises of 61% of the total portfolio.
- The cement sector has gained 6% FYTD
, outperforming the KSE-100 Index which was down by 7% during the period, to trade at a FY16E P/E of 9.0x.