PNSC’s net profit reaches Rs1364m with 30pc in­crease

Pakistan Observer - - ECONOMY WATCH -

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.—APP

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