Pakistan State Oil

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nullKARACHI: Net profitof (PSO) declined 57 per cent to Rs810 million in July-September quarter from last year’s Rs1.9 billion on the back of increased turnover tax and higher financial charges.
The turnover tax rate of around 70 per cent during the first quarter of the current financial year is the major factor behind the massive decline in earnings, said IGI Securities analyst Umair Siddique.
The financial charges soared 89 per cent to Rs2.98 billion for the quarter ended September 30, reflecting the overdue payables owed to refineries.
PSO’s outstanding receivables have reached an alarming Rs140 billion which include Rs48.75 billion from disbanded Pakistan Electric Power Company, Rs54 billion from Hub Power Company and Rs23 billion from Kot Addu Power Company, according to news reports.
The corporate debt will continue to constrain PSO’s financial and operational performance in fiscal year 2011, said Siddique.
The company’s sales revenue touched Rs201 billion compared with Rs200 billion in the corresponding period last year, according to a communiqué sent to the Karachi Stock Exchange.

Fuel consumption down

The overall oil consumption dropped by seven per cent because of damage to communication infrastructure and closure of some power plants caused by the recent floods, the company said in a release. Despite these, the company’s market share stood at 68.4 per cent.
However, the situation is likely to improve during the second quarter of fiscal year 2011 as transportation activity increases following rehabilitation and reconstruction work in flood-affected areas.
High speed diesel sales fell due to inaccessibility to 200 retail outlets and a sharp decline in economic activity in flood-hit and adjoining areas.
Furnace oil sales for the company also declined due to temporary closure of some thermal power plants at Kot Addu block, Muzaffargarh, Guddu central and northern blocks and Jamshoro block.
Sales of gasoline hit an all-time high of 276,000 tons in the first quarte

PSO and TCF sign MoU

KARACHI: Pakistan State Oil (PSO) and The Citizen’s Foundation (TCF) reportedly signed a Memorandum of Understanding (MoU) on Friday, 15th Oct 2010 at PSO House. The two entities joined hands to lay the foundation for a school by the name of ‘TCF Primary School – TMK-PSO Campus’, in Tando Mohammed Khan, Sindh. TCF is an independent NGO operating in Pakistan since 1995, having established 660 purpose-built school units nationwide.
The MoU was signed by PSO Managing Director, Irfan Qureshi and the CEO of TCF, Asaad Ayub Ahmad and officials from both organisations were also present at the occasion. Under the MoU, TCF has agreed to establish and manage a school, as per TCF policy, for promotion of quality education to the underprivileged class on a no-profit basis – whereas PSO has pledged the entire construction cost and the operational expenditure for the first three years. Thanking PSO for their support, the TCF CEO, Asaad Ayub Ahmad said, “We hope that PSO serves as an example to other public-sector organisations to follow suit and we hope for many such fruitful projects in the coming years.”
The said campus shall be constructed by TCF from the funds provided by PSO. “We have time and again reached out to those in remote areas bringing to them basic human rights such as health and education for free. We thank our partner TCF for their cooperation and support in helping us further such a noble project,” said Irfan Qureshi, Managing Director, PSO, at the occasion. Earlier, PSO has sponsored three schools in earthquake-affected areas in collaboration with TCF.
PSO looks to many diverse initiatives under the banner of Corporate Social Responsibility (CSR), which range from health and education, to environmental protection. As the largest energy provider of Pakistan, the company realises its responsibility in this domain and conscientiously works towards the betterment of society in many different spheres. For coming generations, PSO is firmly etched in its place as a pioneer amongst many local companies in that regard.

PSO Seniors Tennis Championship concludes

KARACHI  (October 21, 2010) : The 13th edition of PSO Pakistan international seniors tennis championship concluded at the synthetic courts of Karachi Gymkhana. Baber Hashmi (head brand management Pakistan State Oil) was the chief guest. Khwaja Saeed Hai (PTF), Jamal Mirza (PTF), Sheikh Muhammed Minhas (PSO), Fahad Waseem (PSO), Hanif Habib (Karachi Gymkhana), Sabih Wali (Karachi Gymkhana), and Sameen Khan were also present.
Babar Hashmi in his speech announced to continue the sponsorship for this international event in 2012 as well. Hassan Mehmood won 35 plus singles final and also won Saeed Hai running trophy. Tahir Gul won the 45 plus singles event and retained Jamal Mirza running trophy. Results: 35 plus singles final: Hassan Mehmood beats Arif Iftikhar 6-3, 7-6. 45 plus singles final: Tahir Gul beats Imran Ahmed 6-3, 6-3.-PR

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