PSO registers after tax profits of Rs 2.5bn in firs quarter of the year – Pakistan oil & gas sector update

Wednesday, November 2nd, 2011 1:04:35 by

PSO registers after tax profits of Rs 2.5bn in firs quarter of the year – Pakistan oil & gas sector update

KARACHI – Pakistan State Oil has done exceptionally well in the times of economic recession, growing their revenues tremendously to RS 279 billion for the first quarter of year 2011. It has been learnt that PSO has increased its
sales and revenues by 38 per cent, which a remarkable achievement is considering the current state of Pakistan and world economy. Although the oil tariffs have been increased almost with every passing quarter of a year, the PSO has increased its sales significantly,
suggesting that consumers in the energy sector of the country have increased.

However, it was revealed that financial situation of the company is still very tough due to mounting non-payments of commercial and industrial users. In a meeting of board of management of Pakistan largest oil producing company
at PSO house, it was announced that company’s performance over the first quarter of the year (July 2011- Sep2011) will be reviewed. It was revealed that the large profits were generated mainly due to better profit margin and reduction in expenses.

PSO’s white oil sales increased to 1.3 million metric tonnes as compared to 1.2 million metric tonnes during the same time period last year. Since the numbers of motor vehicles in the market are increasing constantly, there has
been a significant increase in the demand of gasoline oil. Other factors contributing to increased sales include CNG load shedding, increased use of power generators for electricity supply. A very considerable price gap between motor gasoline and HSD is also
one of the reasons for increased sales of PSO.

The black oil sales, on the other hand, remained more or less the same at 1.8 million metric tonnes. PSO”s Chief Executive officer further added that the company plans to build a new storage facility near Faisalabad. The site will
be capable of producing KL. Being one of the most successful companies of the year, PSO is also putting in a lot of effort for the people in rain affected areas of Pakistan by distributing relief goods as well as medicine. It has been learnt from special sources
that the company has established free medical camps for the poor people in flood affected areas.

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