The profit of the Pakistan National Shipping Corporation (PNSC) in the first six months of the current fiscal year recorded an increase of 50.8 percent as compared with the same period last year.
The profit between July to December rose to Rs 454 million, up from Rs 301 million of the same period last year.
The operating revenue recorded a decline, and settled at Rs 1.370 billion against Rs 1.793 billion inthe same period last year.
The operating profit moved down to Rs 403 million from Rs 526 million, but net profit recorded appreciation after earnings made from the subsidiaries and associated companies during the period, while in the same period a year ago the PNSC suffered a loss from these entities.
The PSNC also reduced expenses and other charges, helping its profit to show gain against the same period a year ago.
During its first quarterly report, the company said the Corporation has completed the purchase of three 'Aframax' tankers which should ensure sustainable profits in the coming years, adding the entire cost of tankers was financed from the Corporation's own resources.
The vessels owned by the subsidiary companies performed remarkably well because of exceptionally higher cargo volumes, the company said.