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SNGPL, SSGC and FFC-Jordan declare profits

KARACHI (February 27 2003) : Sui Northern Gas Co, Sui Southern Gas Co, and FFC-Jordan registered profits in the six months ended on Dec 31, 2002, after they cut financial costs and other expenses.

These companies on Wednesday announced financial results for the period through Karachi Stock Exchange (KSE).

Sui Southern Gas posted a profit of Rs 605 million, Sui Northern Gas Rs 956 million and FFC Jordan Rs 1.130 billion.

Earning per share of Sui Northern increased to Rs 1.92 from Rs 1.57, while Sui Southern depicted a small correction and settled at Rs 0.90 in the six months ended on Dec 31, 2002, from Re 1.00.

Gas sales boosted during the period and, according to an analyst, sales picked up as several companies, because of higher fuel oil prices, have switched to gas.

FFC Jordan record profit was due its substantial financial cost reduction during the period as the government and Fauji Fertiliser pumped funds.

The same analyst said that about Rs 1 billion profit paved the way and helped the company to make a turnaround.

The profit of the company amounted to Rs 1.130 billion, from Rs 3.219 billion losses suffered during the same period a year ago.

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