Pakistan Petroleum Limited (PPL), the largest producer of natural gas in the country, is expecting 20-30 percent increase in its profits for the year ended June 30, 2004.
PPL Managing Director Munsif Raza stated this, while talking to Business Recorder.
Highlighting the performance of the petroleum giant of the country, he said that the overall performance of the company for 2003-04 is satisfactory with an expected increase of 20-30 percent growth in its profits.
He said that during the period not only gas production of the company has increased, but it also achieved higher level of sales.
He also said that hike in oil and gas prices in recent days has also benefited the company, besides gas production, the company also has a small contribution in oil production.
Munsif Raza said that the financial results of the company for 2003-04 would be announced in its board meeting scheduled to be held in October.
Elaborating the future plans of the company, he said that the company is actively pursuing new gas discoveries and heavily involved in exploration operations in different parts of the country. He said that PPL in joint venture with a Hungarian Company Mol is undertaking gas exploration project in NWFP, while in collaboration with another foreign company it is working in Pasni and Gwadar fields.
PPL is the largest producer of natural gas in the country and accounts for around 40 percent of the country's indigenous gas production, besides numerous other fields it owns 100 percent stake in Sui gas field, which was regarded as the largest gas discovery in the world at the time of its inception in 1952.
Showing an outstanding jump of 130 percent, the company had posted a net profit of 4.2 billion for the FY 2002-03 with earning per share of Rs 6.11 and sales valued at Rs 12 billion.