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.

Shell declares loss in Q2

Shell Pakistan on Thursday posted a net loss of Rs152 million for second quarter of fiscal year 2007 with a translated loss of Rs2.78 per share following a slump in international oil prices. However, the board of the company approved payment of an interim dividend for the year ending June 30, 2007 at Rs8 per share. “This quarter also saw full impact of reduced unit margins as a result of revision in the government’s pricing formula earlier this year,” the company said in a letter to Karachi Stock Exchange. The announcement of loss against a profit of Rs210 million during the same period of previous year coincided with the press conference of Zaivji Ismail, Chairman, Shell Pakistan. “Most important thing for a company is to remain robust,” he said and emphasised that the international oil marketing firm was enjoying very robust operations. Unveiling a plan to spend Rs3 billion on expansion of retail network, he said the company was also focusing on CNG business.