ISLAMABAD: Pakistan National Shipping Corporation (PNSC) Group has registered 30 per cent increase in its after tax profit which has reached Rs. 1,364 million during first nine months of current year.
The after tax profit of PNSC was Rs. 1,051 million during same period of last year.
Official sources on Friday said earnings per share for PNSC Group have been increased to Rs. 10.33 from Rs.7.96 in corresponding last period of July-March 2016.
Despite the pressure and major financial crunch by global shipping industry due to drastic reduction in bulk freight rates internationally, evident by significant reduction in Baltic Dry Index (BDI) at a lowest of 290 points from a high of 1,222 points last year, PNSC achieved better results by focusing on more profitable ventures besides retaining its repute as one of major contributors to sea borne trade in Pakistan.
The sources said PNSC has made a substantial growth in revenue of 49 percent in area of slot charter and 16.2 percent through own vessel oil business, thereby, offsetting losses incurred on dry bulk segment and maintaining its turnover at competitive level.
The direct operating expenses also reduced by 28 percent to Rs. 6,700 million from Rs. 9,298 million, thereby improving gross profit to Rs. 2,917 million as against Rs. 2,126 million for same period last year.
Regarding future plans, the sources said PNSC has been providing transportation services for liquid imports of the country and added more than 70 percent of the total imports are being transported through PNSC.
In order to expand business and to cater growing need of country's requirement of liquid and dry imports, it is planned to acquire more oil tankers and dry cargo ships into PNSC fleet.
PNSC has already initiated process of establishing ferry cum cargo service which hopefully will start soon its operation work after completion of the process, the sources said.
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