April 28, 2006	Friday	Rabi-ul-Awwal 29, 1427

KARACHI, April 27: Pakistan State Oil (PSO) posted after tax profit at Rs4.6 billion for the nine months (July-March 2006), representing 7 per cent growth over the corresponding period of the previous year.

At the board meeting presided over by Pervaiz Kausar, to declare the three quarter results held here on Thursday, a cash dividend at Rs5 (50 per cent) per share was also declared. “Combined with the earlier declared interim half-yearly dividend of Rs11 (110 per cent), the total dividend comes to Rs16 (160 per cent) per share for the nine months of FY06”, the company said in a press release.

During the nine months under review, the company’s sales revenue touched Rs236 billion. Profit before tax was up by 6 per cent to Rs7.1 billion.

The company statement noted that the quarter under review had witnessed the highest ever prices of petroleum products in the international market due to the supply concerns as a result of the current geo-political situation.

The company stated that high prices of petroleum products in the country had resulted in a decline in consumption in all fuel categories. In White Oil — Motor gasoline and high speed diesel, usage reduced by 11 per cent and 4 per cent respectively. Similarly, the furnace oil consumption dropped by 14 per cent as natural gas was effectively utilised by the industrial sector, including power generation units.

The company observed that effective from March 16, 2006 the federal government had revised the regime for Oil Marketing Companies (OMC’s) distributor margin and dealer commission, resulting in the margins on all regulated fuels declining by about 20 per cent. The PSO statement noted that it would result in reduction in the future earnings of the oil marketing companies. The company said it had continued to improve its retail marketing position in gasoline and CNG with the introduction of value-added products and services.