Pakistan State Oil announces Rs 4.58 billion after tax earnings in first half of Fiscal Year 2012 in comparison to Rs 7.13 billion in same period last year

Karachi: Board of Management of Pakistan State Oil PSO meeting Thursday reviewed performance over first half of FY12 from July 2011 to December 2011 and announced after tax earnings of Rs 4.58 billion in 1HFY12 in comparison to Rs 7.13 billion during same period last year. This reduction was due to deferred tax adjustment made in 1HFY11.

PSO press release said in period under review PSO revenues touched Rs 576 billion as compared to Rs 427 billion in corresponding period last year, representing growth of 34.8%. Board members expressing confidence in PSO management showed concern over ever rising balance of receivables of company which stood at Rs 189 billion as at December 31, 2011. Due to adverse liquidity position caused by prevailing circular debt situation, Board decided to defer dividends at this stage.

PSO management continues to constantly pursue IPPs and Pakistan government for recovery of its outstanding receivables.

During this period, industry’s volumes for Black Oil grew by 3%, White Oil grew by 4% reflecting increase in PMG consumption of 24% while decline of 2% was recorded in HSD demand. PSO continued its domination of the market with its share in Black Oil & White Oil segments standing at 79.1% & 53.4% respectively, thereby contributing to overall market share of 65.3%.

During first half of FY12, PSO once again took lead in providing for nation’s future energy needs by becoming first OMC in Pakistan to launch a fully operational LPG Auto gas station under brand name Smart Gas. It enhanced its product range with introduction of new lubricant variants for generators, automotive and marine engines during this period. PSO received 2nd position in Fuel & Energy Sector at Best Corporate Report award ceremony organized by ICAP & ICMAP.

Nation’s largest public sector company fulfilled role as a responsible corporate citizen by organizing medical camps providing free healthcare services in monsoon rain affected areas, distributed relief goods including tents, blankets among displaced populace and also ensured uninterrupted supplies across the country including affected region.

Leave a Reply