KARACHI, Aug 6: The 15th meeting of the Board of Pak Oman Investment Company was held on Aug 4, which approved financial statements for the half year ended June 30, 2004.

The meeting was chaired by H.E. Yahya Bin Said Bin Abdullah Al-Jabri (chairman- Capital Markets Authority, Oman).

A press release issued by the company stated that Pak Oman had posted profit before tax of Rs193 million ($3.3m). It registered substantial growth of 67 per cent in its advance portfolio which now stood at Rs1,864 million ($32.1m).

"The board congratulated the management on successful retention of its primary dealer status as the first SBP-appointed NBFI and on having the distinction of being the only joint venture to have transitioned into a public limited company", it said.

The board approved financing of Rs1,204 million ($20.7m) during the current year. The managing director was stated to have briefed the board on company's productive role in development of Gwadar and the Textile City project. "The board reiterated its commitment to the development of coastal belt of Balochistan and Gwadar in particular", the company stated.