Sui Southern Gas profit in the six months ended on December 31, 2003, showed a small rise despite the fact that the sales showed remarkable improvement.
The profit amounted to Rs 608 million as compared with Rs 605 million of the same period a year ago. The net sales recorded an increase of 33.7 percent to Rs 21.230 billion during the period, up from Rs 15.871 billion.
The main reason behind this improvement was that some electricity producers and cement makers are purchasing gas because of rising fuel oil prices since last year, an analyst said.
Rise in cost of gas, transmission and distribution cost erased the margins and the net profit showed a small upward movement as compared to same period a year ago.
The Privatisation Commission last week sold 10 percent shares of Sui Southern Gas, receiving overwhelming response from the general investors as the application received touched new highs.