KARACHI: SSGC, which has reported a net profit of Rs 2,113 million for the half year ended December 31, 2010, is actively engaged in building ties with reputable international suppliers of liquefied natural gas (LNG) to diversify and supplement the source of gas supply in the country.
According to an announcement of Sui Southern Gas Company (SSGC) here Monday, the company said that by third quarter of current year, the company plans to link up to Sinjhoro gas field for receiving 35 to 40 million cubic feet of gas per day.
Despite increase in the number of gas producing fields, the supply of gas made available has decreased by 6.4 % to 202.7 billion cubic feet.
However, the company was successful in maintaining steady supplies to its customer base and gas had been allocated to power sector, industries and CNG stations in the best national interest.
SSGC said that Due to supply side constraints gas sales decreased by 8 percent. The average sales price per MMBTU increased, by 15 percent to Rs. 329.10 versus Rs 286.70 in the same corresponding period last year, due to increase in consumer prices by OGRA.
As a result, the earning per shares (EPS) improved to Rs. 2.52.
The management has treated the outstanding amount from KESC as part of the inter-corporate circular debt.
The board has advised the management to more actively take up the matter with federal and provincial governments for resolution of KESC dues and inter-corporate circular debt.
As a result of proactive negotiations with KESC, since November 2010, the later has been paying an amount equivalent to its monthly bill on the due dates. An agreement is also being finalized between KESC and SSGC.
The capital expenditure during the half year was Rs. 4.9 billion as compared to Rs. 2.0 billion for the previous corresponding period.
During the half year, the company has extended 111 new industrial connections, 809 commercial and 49,576 domestic connections.
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