Shell Pakistan has posted Rs 1,122.419 million as profit after tax in the nine-month period ended on September 30, 2011 as compared to after tax loss of Rs 11,513 million posted in the corresponding period in 2010. The board of directors of the company in its meeting on October 20, 2011 declared that the company's earning per share stood at Rs 16.39 in the period under review against per share loss of Re 0.17 in the same period last year.
According to the financial results sent to Karachi Stock Exchange (KSE), the company's sales increased to Rs 187.958 billion in the nine month period in 2011 against Rs 157.729 billion in the same period in 2010. The company's other revenue increased to Rs 392.827 million against Rs 316.330 million.
The company paid Rs 21.087 billion as sales tax in the nine month period this year against Rs 18.691 billion paid in the same account last year. The company's cost of products sold increased to Rs 157.394 billion in this period against Rs 131.085 billion in the same period a year back. The distribution and marketing expenses reduced to Rs 3.024 billion against Rs 3.279 billion while administrative expenses declined to Rs 2.708 billion against Rs 2.882 billion.
The company's profit before taxation increased to Rs 2.707 billion in the nine month period in 2011 against Rs 1.491 billion in the same period in 2010.
The company's chairman, Sarim Sheikh, in his review said that during the this quarter of 2011 the company incurred a net loss of Rs 284 million as against a net loss of Rs 732 million in the same period of last year. This was mainly driven by lower sales volumes due to slow macro economic growth in the country and stock losses due to oil price volatility. This was further impacted by soaring financing costs due to increasing Government receivables and high effective tax rate of 70 percent due to incidence of minimum tax on turnover of regulated products. As a result, for the nine-month period the company earned a profit of Rs 1,122 million as against a net loss of approximately Rs 12 million recorded in the same period last year.
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