Shell Pakistan’s profits up

Shell Pakistan Ltd has posted a higher profit after tax of Rs 1.407 billion due to record sales and rising international oil prices during the half year ending June 30, 2011. According to financial results reaching Karachi Stock Exchange (KSE), the pre-tax profit of the company has also surged to Rs 2.671 billion compared to Rs 720.210 million in the same period last year.

The earning per share has jumped to Rs 20.55 in the quarter as against Rs 10.52 last year. Shell said though profits have improved in the quarter, the company continued to face problems on receivables side as Rs 13 billion are still outstanding against government of Pakistan as price differential claims, sales tax and petroleum development levy.

From: Dailytimes