Managers say that tax inspectors have raided the group's warehouses to check newsprint stocks, supposedly to see if the papers' circulation conformed to figures in the group's tax statements.

ECONOMIST: Newspaper fears in Pakistan

On Wednesday, the company said it expected growth in earnings per share - profits after tax divided by the number of shares in circulation - to fall to single digits next year, down from 13% during the latest three month period.

BBC: Asthma drug inflates Glaxo profits