KARACHI - Pakistan State Oil has declared Rs8.97 billion profit after tax during third quarter of FY 12.

During the period under review, PSO’s revenue was Rs863 billion as compared to Rs663 billion in the corresponding period last year, representing growth of 30.2pc. The oil marketing giant also registered profit after tax of Rs 8.97 billion during 3QFY12 as compared to Rs9.26 billion during 3QFY11.

Pakistan State Oil’s Board of Management meeting convened on Monday at PSO House to review the company’s performance for the nine months period ended March 31, 2012 (3QFY12).

Based on this performance, the Board of Management has declared a first interim cash dividend of Rs 3 per share for year ending June 30, 2012. While improvements in fuel price margins served to improve company earnings, continuing Pak rupee devaluation and the financial costs related to the massive power sector receivables affected overall profitability.

During the period, industry sales volumes for Black Oil reduced by 4pc, whereas, White Oil grew by 3pc reflecting an increase in PMG consumption of 23pc. PSO continued to hold the lion’s share of the market and recorded its share in the Black Oil and White Oil segments at 77.7pc and 54.4pc respectively, thereby contributing to an overall market share of 64.9pc.

In the reporting period, PSO continued to enhance support for its range of lubricants through the launch of an integrated marketing campaign for PSO’s motorcycle engine oil “Blaze 4T”. The company’s lubricants were also the proud recipients of the Best Consumer Choice Award 2012 in the lubricants category for its products Blaze 4T and CNG Plus. PSO continued with its corporate CSR and environmental initiatives in the period under review.

The Board Members, while expressing their confidence and support for PSO’s management showed concern over the ever rising balance of receivables of the company which stood at Rs 191 billion as of March 31st, 2012. PSO’s management continues to constantly pursue the IPPs as well as the Government of Pakistan for recovery of its outstanding receivables.