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Pakistan State Oil profit rockets 381.6%

State-run Pakistan State Oil (PSO) said on Friday its 2007-08 first half net profit rose 381.6 per cent from a year earlier to Rs5.49 billion ($87 million) as high international oil prices boosted the value of its inventory.

  • Reuters
  • Published: 00:32 February 16, 2008
  • Gulf News

Karachi: State-run Pakistan State Oil (PSO) said on Friday its 2007-08 first half net profit rose 381.6 per cent from a year earlier to Rs5.49 billion ($87 million) as high international oil prices boosted the value of its inventory.

Net profit for the first six months to end-December was up from Rs1.14 billion a year earlier.

"The main reason for the rise is inventory gains due to rising international oil prices," said Farhan Mahmoud, an analyst at JS Global Capital Ltd.

According to the Oil Companies Advisory Committee, PSO's volumetric sales rose by 13 per cent to 6.22 million tonnes in the first six months till end-December, compared with the same period a year earlier.

In a statement sent to the Karachi Stock Exchange (KSE), PSO's gross sales increased by 25.6 per cent to Rs248.39 billion in the first half of fiscal year 2007-08, from Rs197.7 billion in the year-ago period. The result was within a range between Rs5.320 billion and Rs5.589 billion forecast by five analysts surveyed by Reuters.

PSO also announced a Rs6 per share interim dividend.

The privatisation of PSO has been delayed due to a case that is pending in the Sup-reme Court of Pakistan.

At 0751 GMT, PSO shares were up Rs0.30 to Rs443.30 in a broader market that was up 0.53 per cent.

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