April 29, 2006	Saturday	Rabi-ul-Awwal 30, 1427

KARACHI, April 28: The sales of Sui Southern Gas Company increased by six per cent to 267,441 mmcf while the corresponding value rose by 24 per cent to Rs49.6 billion during July-March 2005-06.

The SSGC Board of Directors in its meeting on Friday approved the un-audited financial results of the company for the third quarter ended March 31, 2006. The meeting, chaired by Aitzaz Shahbaz, was informed that the company’s cost of gas per mmcf increased also by 13 per cent as the well head prices were linked to the international crude oil price.

The profit before tax for the nine months ending March 31, 2006 was Rs975m compared with Rs1,008 million for the same period of last fiscal. The decreased was mainly on account of the adjustment for unaccounted for gas and higher financial charges.

Financial charges were up Rs249m over the corresponding period last year, showing increase in interest rates as well as volume of debt. The profit before tax had been adversely affected by an increase in the effective taxation rate, says an SSGC press release.