KARACHI, Feb 21: Pakistan State Oil Company (PSO) announced financial figures for the 1HFY13, posting profit after tax (PAT) at Rs6.3 billion, translating into earning per share (eps) at Rs30.48.

It represented growth of 37 per cent over PAT at Rs4.6 billon and eps at Rs22.27 recorded in same period last year. The board announced interim cash dividend at Rs2.50 per share along with a surprise bonus issue at 20 per cent (one-for-five).

The payout was warmly greeted by the market as the directors did not ignore shareholders, making circular debt an excuse. The share in PSO made hefty gains of Rs6.72 to Rs243.41 on exceptionally high volume of 6 million shares.

Analysts noted that the gross margins remained stagnant, despite increase in gross profit by 11pc to Rs18.1bn as against Rs16.3bn the same time earlier year. Increased profitability was further supported by 70pc higher other income to Rs2.1bn from Rs1.3bn.

Other factor contributing to bottom-line growth was decline in other operating expense by 6pc to Rs7.3bn as against Rs7.7bn in the previous comparable period. Financial charges increased by 12 per cent to Rs4.5bn, from Rs4bn in 1HFY12.

ICI Pakistan: PAT from continuing operations for the year ended Dec 31, 2012 amounted to Rs893m, lower by 42 per cent over the previous year. Earnings per share (eps) from continuing operations stood at Rs9.67, down by 27 per cent last year.

Net sales declined 2 per cent to Rs34.7 billion, which the company said in a statement on Thursday was due “mainly to lower volumes and prices in the Polyester Business where volumes were dampened due to deteriorating energy crises affecting downstream demand.”

Operating results stood lower by 37 per cent primarily on account of lower PSF volumes and significant reduction in margin over feedstock. The company stated that the results were further dragged down due to extended gas outages in the Polyester and Soda Ash businesses resulting in incremental expenditure on expensive alternate fuel amounting to Rs407 million.

The board of ICI also announced the appointment of Asif Jooma as CEO of the company effective February 25, 2013.