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Sui Southern Gas Company´s net profit up 10.9%

KARACHI (October 01 2002) : Sui Southern Gas Company´s full year net profit rose 10.9 percent after boost in sales and cut in financial charges.

Profit for the year ended June 30 rose 10.9 percent to Rs 1.434 billion as compared with Rs 1.292 billion in the same period a year earlier, the company through a statement at Karachi Stock Exchange on Monday said.

Sui Southern Gas Co. announced a dividend of 1.75 per share as compared with 1.5 rupees a share paid in the same period a year earlier.

Rise in prices and improvement in gas volumes helped boost the earnings of the company, said an analyst.

Moreover, the company restructured its loan and retired debts on which the banks and financial institutions were charging higher interest rates, exchange them from the lower ones.

The restructuring of loans helped reduce the financial charges to the great extent, he said.

The company´s shares rose 0.7 percent to Rs 14.30 at the close of the Karachi Stock Exchange today.

The net sales of the company amounted to Rs 28.515 billion in the year ended June 30, 2002 from Rs 24.317 billion of the previous year. The financial charges totalled at Rs.762 million as compared with Rs.1.213 billion of the preceding year.

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