Karachi: Pakistan State Oil
(PSO) revenues touched Rs 576 billion in first half of the current
financial year 2011-12 as compared to Rs 427 billion in the
corresponding period last year, representing a growth of 34.8 percent.
This result was announced at PSO’s board
of management held on Thursday at PSO over company’s performance in the
first half of FY12 from July, 2011 to December, 2011.
In the period under review, the company
after tax earnings of Rs. 4.58 billion in 1HFY12 in comparison to Rs.
7.13 billion during the same period last year. This reduction was due to
a deferred tax adjustment made in 1HFY11.
During the first half of FY12, PSO once
again took the lead in providing for the nation’s future energy needs by
becoming the first OMC in Pakistan to launch a fully operational LPG
Autogas station under the brand name of “Smart Gas”. The company further
enhanced its product range with the introduction of new lubricant
variants for generators, automotive and marine engines during this time
period. PSO also received 2nd position in the Fuel and Energy Sector, at
the “Best Corporate Report” award ceremony organized by ICAP and ICMAP.
The nation’s largest public sector
company also continued to fulfill its role as a responsible corporate
citizen by organizing several medical camps providing free healthcare
services in monsoon rain affected areas and distributed relief goods
including tents and blankets amongst the displaced populace of these
regions, its spokesman stated.
The board members, while expressing
confidence in PSO’s management showed concern over the ever rising
balance of receivables of the company which stood at Rs 189 billion as
at December 31, 2011. Due to the adverse liquidity position of the
Company caused by the prevailing circular debt situation, they decided
to defer dividends at this stage.
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