The National Refinery Ltd, Pakistan's largest listed refiner, said its profit rose 72 percent in its fiscal first half as prices of oil products gained as much as 18 percent in the period.
Profit rose to 838 million rupees ($ 14.6 million) or 12.6 rupees a share, in the six months up to December 31, 2003, from 487 million rupees or 7.3 rupees a share in the year earlier period, the company said in a statement to the Karachi Stock Exchange.
Sales rose 13 percent to 18.77 billion rupees.
The company said it plans to pay a dividend of 2.5 rupees in its fiscal first half beginning July 1, 2003. Last year, the company had paid a dividend of 2.5 rupees a share.
Rise in high-speed diesel, motor gasoline and kerosene prices and increase in sales, indicating boost in economic activity improved its earnings, an analyst said.
He said that the prices of all these petroleum products rose as much as 18 percent in the six months ended December 31, 2003
National Refinery's share price rose 11.70 rupees, or 7.5 percent, to 168.20 rupees on the Karachi Stock Exchange on Monday.
The company's half-year earnings in millions of rupees.

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                 July-Dec    July-Dec    Change
                     2003    2002           (%)
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Sales              18,775      16,629        13
Cost of sales      17,402      15,800        10
Other income          187         137        36
Financial charges      20          25       -20
Net Profit            838         487        72
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