KARACHI, April 25: The Board of Management (BoM) of Pakistan State Oil (PSO) on Friday announced a cash dividend of Rs3 per share (30 per cent) to its shareholders, Re1 (10 per cent) more than that declared for the corresponding period last year.

Combined with the earlier declared interim half yearly dividend of 60 per cent (Rs6 per share), the total payout comes to 90 per cent for July-March 2002-03. This will result in a cash payout of Rs1.54 billion as dividend.

The BoM met at company’s head office on Friday to review the third quarter results. Chairman PSO M. Salim was in the chair while managing director Tariq Kirmani briefed the BoM members.

In January-March, sales revenue rose to Rs55.09 billion, up by 30 per cent over previous period. On year to date, sales stood at Rs156.39 billion, an increase of 21.6 per cent.

For the period July-March 2002-03, the company earned a profit before tax of Rs1.78 billion, which remained consistent over corresponding period last year, while it posted the profit after tax of Rs1.195 billion. The year to date profit before tax was Rs4.68 billion, showing a rise of 82pc over the same period of last year. The profit after tax also rose to Rs3.26bn, up by 90 per cent.

The BoM observed that the July-March period witnessed continued global upheavals owing to the changed geo-political scenario specially in the Middle East resulting in consumption drop. The company had to maintain high inventory due to regional political environment which also resulted in higher financial charges. Despite all these adverse factors and overall industry decline of 7.2pc coupled with stiff competition from the existing as well as new entrants, the company managed to increase in market share of Mogas by 42pc, diesel by 60pc, Jet A-1 by 69pc and kerosene by 72pc on year to date basis.