ISLAMABAD, Feb 25: The Board of Directors of Oil and Gas Development Company Ltd in its meeting here on Friday approved accounts for the first-half ended December 31, 2004.

A press release of the company said that OGDCL had posted an after tax profit of Rs15.778 billion as compared to Rs9.730 billion in the corresponding period last year.

The company declared 2nd interim dividend of 15 per cent (Rs1.5 per share) for the quarter ended December 31, 2004. OGDCL already declared a 15 per cent (Rs1.50 per share) interim dividend in the first quarter (July-Sept) 2004-05, making total to 30 per cent for the first-half of the fiscal year 2004-05.

As per financial results for the first-half of 2004-05, OGDCL shows a record increase in its sales. Overall revenue stood at Rs33.410 billion, as compared to Rs23.139 billion in the corresponding period last year, an increase of Rs10.271 billion.

The meeting was told that OGDCL's sales and production increased because of tremendous team efforts and planning. The board expressed satisfaction on improved financial results of the company and appreciated the performance.