PSO earns profits of Rs6.3 billion

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KARACHI: Pakistan State Oil (PSO) said on Thursday that it has earned profits of Rs6.3 billion (earnings per share of Rs30.48) against the earnings of Rs4.6 billion (earnings per share of 22.27) during the first half of the financial year, registering a growth of 37 percent on year-on-year basis.
PSO also announced an interim cash dividend of Rs2.5 per share and a 20 percent bonus issue. For the second quarter of the financial year 2013, the oil company announced one percent lower earnings of Rs10.13 per share on year-on-year basis and 50 percent less on quarter-on-quarter basis.

Net sales in the six months were recorded at nine percent higher on year-on-year basis, owing to increase in volumetric sales and higher petroleum product prices. As a result, gross profits increased by 10 percent on year-on-year basis, with gross margins slightly improving to 3.4 percent from 3.3 percent last year.

Courtesy: The News

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