15 Aug '12, 6am

PSO becomes Pakistan's first trillion rupee company #pakistan

KARACHI: Board of Management of Pakistan State Oil (PSO) meeting Thursday at Karachi reviewed performance for year ended June 30, 2012, in which it achieved a major milestone by becoming Pakistan’s first company with revenues exceeding a trillion rupees. For the year ended June 30, 2012, PSO’s revenue exceeded Rs1,199 billion as compared to Rs 975 billion in FY11, representing 23 per cent growth. It announced after tax earnings of Rs9.06 billion in FY12 as compared to Rs14.78 billion in last year. Profitability was severely impacted by rapid devaluation of Pak rupee along with reduction in inventory gains. These losses absorbed improvement in margins of Furnace Oil and HSD along with recovery of financial income from power sector. Earnings in FY12 are lower as compared to FY11 due to a deferred tax adjustment made in previous year amounting to Rs2.29 billion which had resu...

Full article: http://www.defence.pk/forums/economy-development/202446-p...

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