Board of Directors of Pakistan National Shipping Corporation approves financial performance of the company for half year ending 2015

Karachi, February 25, 2016 (PPI-OT):In an internal meeting of the Board of Directors of Pakistan National Shipping Corporation (PNSC) has reviewed and approved the financial performance for ending half of calendar year 2015. The performance was well appreciated by the Ministry for Ports and Shipping Senator Kamran Michael on the occasion.

The Minister was informed that the PNSC has recorded gain in its after tax profit, while achieving Rs 810 million on 31st December 2015, in comparison to the corresponding period last year figures of Rs 793 million. This way the PNSC has made a net profit of Rs 1.20 million at the close of calendar year 2015. The resulting impact is the increase in Earnings per Share (EPS) for the whole group which stands presently at Rs 6.14 at the close of this year, whereas it remained last year at Rs 6.00 during the corresponding period.

The Minister was further informed that the achievement of PNSC is despite the recession in global shipping industry they have faced due to drastic reductions in Bulk freight rates internationally and has become possible due to more focused approach of PNSC for considering profitable ventures besides retaining its repute as one of the major contributor of sea borne trade in Pakistan. Through best possible combination of foreign charter and PNSC’s own fleet, a substantial growth in the slot area and vessel oil business by PNSC while maintaining performance at competitive levels.

During the meeting with Board of Directors of PNSC, the possibilities of commencing ferry service also came under discussion of Minister for Ports and Shipping Senator Kamran Michael and necessary instructions in this regard are issued to the Board of Directors and Chairman PNSC which concluded the proceedings of the day.

For more information, contact:
Ministry of Ports and Shipping
Government of Pakistan
Mr. Kamran Michael
Federal Minister
Tel: +92-21-9210322