KARACHI, March 4: The Pakistan Steel has enhanced its budget utilization to 95 per cent. Its gross sales and other income amounted to Rs21.729 billion, and net profit earned was Rs4,000 million during the last eight months.

Speaking at a ceremony held at the main plant on Thursday, Pakistan Steel Chairman Abdul Qayyum said the budgeted production capacity for 2004-05 was 94 per cent - Rs17.861 billion gross sales and other income, and Rs1,504 million net profit.

He said mills' liquidity increased to Rs1,1794 million from the opening balance of Rs7,687 million on July 1, 2005. During the year 2003-04, the budgeted production capacity was 93 per cent, while the capacity utilization was 93.6 per cent.

The budgeted gross sales and other income figured Rs19.23 billion, while Rs25.798 billion was achieved. An amount of Rs4,852 million was achieved as net profit against the budgeted amount of Rs946 million. -APP