KARACHI, Sept 30: Sui Southern Gas Company (SSGC) on Tuesday declared a cash dividend of 18 per cent (Rs1.8 per share) for the financial year ended June 30, 2003.

The Board meeting was held here at company’s head office to review the audited accounts for the year ended June 30, 2003. Chairman SSGC, Atizaz Shahbaz presided over the meeting.

The meeting was informed that the during the year the company’s sales increased to Rs41.572 billion as compared to Rs37.061 billion the previous year, up by 12 per cent, says a press release.

The company sold 254,349 mmcf of gas as compared to 234,553 mmcf during the previous year, showing a rise of 8.4 per cent. The company earned after tax profit of Rs1.448 billion as compared to Rs1.435 billion during the previous year. The earning per share increased to Rs2.16 from Rs2.14 in the previous year.

SSGC contributed over Rs7.7 billion to the national kitty in shape of sales tax, income tax and gas development surcharge (GSD) during the year under review.

The company laid 526 kilometre mains and service gas pipelines to provide connections to 56,789 new customers during the year. The company, during the year, was able to complete its gas infrastructure rehabilitation and expansion project at a capital cost of Rs3.2 billion, thus increasing its transmission capacity from 600 mmcfd to 1,200 mmcfd.

As a result of equalization of gas purchase prices, an amount of Rs6.2 billion will be received by the company.