KARACHI, April 30: Pak Oman Investment Co (Pvt) Limited announced pretax profit of Rs114.51 million for the first quarter ended March 31, 2004.

A press release issued by the company stated that financial results were approved by the Board, which met on April 29 in Muscat. The meeting was chaired by HE Yahya Bin Said Bin Abdullah Al-Jabri (also the chairman-Capital Markets Authority, Oman).

Total assets of the company increased to Rs7,481 million at end March 2004. The credit and advances portfolio rose to Rs2.06 billion, the company said, adding that effective risk management and prudent credit policy had helped to develop and accumulate a sound portfolio with zero default to date.

The managing director informed the board about the company achievements, which included securing highest level of credit rating within a year of commencement of operations, the only non-bank financial institution) to be made a "primary dealer" by the central bank; appointment of Pak Oman as consultant to the prestigious "Textile City Project".