February 16, 2006	Thursday	Muharram 17, 1427

KARACHI, Feb 15: Shell Pakistan Limited posted after tax profit at Rs1,192 million for the six months ended December 31, 2005, representing 30 per cent increase over Rs917 million earned in the corresponding period of the previous year.

In their review of the results, directors stated that the growth was mainly due to an improved product-mix and higher international oil prices. “Volumes saw an industry wide decline in automotive fuels and fuel oil. However, there was a growth in CNG, Jet fuel and lubricants,” Farooq Rahmatullah, Chairman and CEO of the company told the shareholders. He added that Shell was able to continue with a strong performance in growth products.

The directors noted that the quarter—Oct-Dec 2005— saw a downward trend in international oil prices as compared to the quarter—July-Sept 2005— which adversely impacted the company’s margins. The company continued to expand its retail network with a particular focus on CNG outlets which increased to 102 sites by the end of the current quarter.

The review stated that a recent signing of agreement with Dewan Farooque Motors Limited would ensure that Shell Helix would be the only recommended engine oil at Hyundai dealerships across Pakistan. The directors said that the launch of Shell Helix CNG Super in October 2005 had made Shell, the first company in the industry, to launch a CNG oil especially formulated for CNG vehicles.