PSO reports Rs 14.78bn profit after tax

PSO declared profit after tax of Rs 14.78 billion in comparison to Rs 9.05 billion last year. PSO maintained its market leadership with 65.6 percent of the total market share and recorded the highest ever sales of 1.1 million MTs of Motor Gasoline in the past year.

Highlighting the company’s financial performance, Chairman Board of Management, Sohail Wajahat Siddiqui, announced that this year PSO had increased its turnover to Rs 975 billion in comparison to Rs 877 billion last year. Earnings per share (EPS) also recorded an increase to Rs 86.17 per share in comparison to Rs 52.76 per share last year. The chairman stressed the importance of good corporate governance and highlighted the measures that are being undertaken to ensure the implementation of the same.

This was attributed mainly to CNG load shedding as well as the increasing number of vehicles on the road. He further apprised the shareholders on the various challenges that the company faced during FY-11. These included floods, which caused massive damage to communication infrastructure resulting in reduced furnace oil sales in Q1 of FY-11.

From: Daily Times