PSO profit drops by Rs1.9bn

Posted: November 1st, 2006 | Author: | Filed under: News | Tags: | No Comments »

Pakistan State Oil (PSO) on Tuesday declared Rs0.6 billion after tax profit for first three months of fiscal 2006-07, which is Rs1.9 billion less than what the company earned during the same period last year.

The announcement came following a meeting of the company’s Board of Management, which reviewed the financial performance of the country’s largest oil marketing enterprise.

During the period under review, sales revenue of PSO touched Rs101 billion compared to Rs71 billion in the corresponding period last year, said a press release issued here.

However, profit after tax dropped to Rs0.6 billion compared to Rs2.5 billion during the first quarter of FY06.

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Insurance sector must have single regulator

Posted: November 1st, 2006 | Author: | Filed under: News | Tags: , | No Comments »

The Debt Capital Market Committee of SECP has suggested to Ministry of Finance that to promote the insurance business in the country, a single and empowered regulator needs to be established.

The committee headed by chairman of SECP has finalized the draft of its recommendations and final report will be submitted to ministry of finance any time.

The committee was constituted some months ago.

According to draft of the report of the committee, obtained by The News, this is first time that SECP has loudly spoken against the discriminated attitude of ministry of commerce towards SECP with regard to implementation of the insurance laws of the country.

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