Pakistan National Shipping Corporation (PNSC) has earned an operating profit of Rs 152.81 million for the first quarter ending on March 31, but its cumulative profits for the first nine months of the current fiscal dropped by Rs 139.5 million compared to same period last year.
The directors report, issued by PNSC Chairman and Chief Executive, reveals that the total profit of the Corporation for the first nine months of the current fiscal is Rs 556.09 million against Rs 695.14 million for the same period last year.
According to the details of non-audited accounts of the Corporation, profit before taxation for the quarter ended March 31 was Rs 479.99 million making a total of Rs 1,113.58 million for the nine months period as against Rs 580.93 million for the same period last year.
The improved performance was achieved through efficient operation of vessels by the subsidiaries, which was further helped by the firming of the cargo market, the directors' report said.
It added that the purchase of three oil tankers by the subsidiaries to transport crude oil for the refineries had also made its favourable impact on earnings.
Meanwhile, the PNSC Group as a whole achieved an operating profit of the quarter ended on March 31 of Rs 533.89 million, making a total of Rs 1,283.40 million for the nine months period under review as against Rs 537.55 million.
The consolidated profit before taxation for the quarter ended March 31 was Rs 485.15 million making a total of Rs 1,125.64 million for the nine months period under review, as against Rs 595.38 million for the corresponding period last year.
The report indicated that operating revenues during July 2003 to March 2004 were Rs 1,767,812, 000 from chartering compared to Rs 2,471,376, 000 last year; services fee Rs 110,931,000 against Rs 47,377,000 previously and rental income Rs 60,414,000 this year against Rs 58,749,000 before.
The operating expenses on the fleet and on administration during the period under review declined to Rs 1,383,066,000 from Rs 2,052,851,000.
Earlier, the report pointed out that the overall results for the Group for the nine months to March 31 had been helped to a great degree by the improved performance of the subsidiary companies as against the previous year.
The director hoped that with the continued focus on cost controls and buoyant freight market the PNSC Group would record good financial results in the remaining part of the year.
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