Business

KARACHI (Staff report) – Pakistan State Oil (PSO) reported 43.75 percent increase in its profit-after-tax at Rs 4.6 billion for the first nine months of 2015-16 compared to Rs3.2bn in the corresponding period of 2014-15.

The company said in a statement that the increase in net profit was largely due to the growth in sales volume and margins of white oil products revised in Nov 1, 2014, and a reduction in operating and finance costs by 10pc and 42%, respectively.

However, the increase was partially offset by a decrease in black oil margins due to the reduced price of the commodity.

The outstanding receivables stood at Rs 224 billion from the power sector, PIA and SNGPL against supplies of furnace oil, aviation fuels and Liquefied Natural Gas (LNG). The management was said to be working closely with the Ministry of Water and Power and PIA for timely realisation of due payments to ensure uninterrupted fuel supplies.