The Board of Directors of Pakistan National Shipping Corporation (PNSC) reviewed and approved the financial results of the national flag-carrier for the period ending December 31, 2015. With Minister Ports and Shipping Senator Kamran Michael in attendance, the PNSC board said the company had made after tax profit of Rs 810 million as of December 31st, 2015 compared to Rs 793 million of the corresponding period last year.
PNSC's net profit for the period under review came out to Rs 1.20 million at the end of 2015. The resulting impact is the increase in earnings per share (EPS) for the whole group which stands presently at Rs 6.14 at the close of this year, whereas it remained last year at Rs 6.00 during the corresponding period.
The achievement of PNSC is despite the recession in global shipping industry they have faced due to drastic reductions in bulk freight rates internationally and has become possible due to more focused approach of PNSC for considering profitable ventures besides retaining its repute as one of the major contributor of sea borne trade in Pakistan.
Through best possible combination of foreign charter and PNSC's own fleet, a substantial growth in the slot area and vessel oil business by PNSC while maintaining performance at competitive levels. During the board meeting, the possibilities of commencing ferry service also came under discussion with the federal minister issuing necessary instructions to the directors and Chairman PNSC.-PR