PSO announces 110% final dividend

Pakistan State Oil (PSO) on Tuesday announced a final cash dividend of Rs11 per-share after posting a net profit of Rs4.7 billion for the period ended June 2007.
According to PSO, the total dividend during the financial year 2006-07, is accumulated to Rs21 per-share if combined with the earlier announcement of Rs10 per-share.
The turnover of the company surged by 17 percent to Rs411 billion or nearly $ 6.8 billion over the same period last year.
However, the earning per share came down from Rs43.87 last year to Rs27.34 during the period under review.
PSO board of management which reviewed the performance of the company, under the chairmanship of Pervaiz Kauser, observed that the earnings of the company were adversely affected by a substantial increase in financing cost on mounting dues from the government on account of subsidy on retail price of diesel as well as full year impact on 20 percent margin reduction.
The board noted that PSO’s overall market share improved from 65 percent last year to 69 percent during the financial year 2006-07. The meeting was informed that the company has completed refurbishment of its lubricant manufacturing terminal at Korangi. This will further improve its performance in the lubricant business.

Copyright APP (Associated Press of Pakistan), 2007