KARACHI: Despite the challenges posed by COVID-19 pandemic, Pakistan’s economy has started showing signs of recovery. Positive current account balance and improvement in LSM growth are some of the early signs of economic revival and stability.
The PNSC Group managed to achieve highest first quarter profit after tax reporting Rs859 million, which is 74 percent increase as against Rs495 million in the corresponding period last year. Group earnings per share increased to Rs6.50 as against Rs3.75 in the corresponding period last year.
Despite the continuous down turn in dry bulk charter market and decline in charter hire rates falling victim of depression in international bulk freight rates which registered a negative effect in its dry cargo top lines during the pandemic, PNSC Group has achieved laudable results for the first quarter ended September 30, 2020 continuum of previous year’s healthy results. The Group achieved a turnover of Rs3,971 million as compared to Rs3,274 million for the corresponding period last year. This includes substantial growth in revenue of 73 percent from Rs410 million to Rs709 million in foreign charter segment and growth in revenue of 19 percent from Rs2,079 million to Rs2,467 million in managed tankers segment. The Gross Profit stood at Rs1,308 million as against Rs977 million for the same period last year an increase of 34 percent.—PR
Copyright Business Recorder, 2020
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