KARACHI: Sui Northern Gas Pipeline Limited (SNGPL) has announced to earn only Rs1.31 million profit during the nine months of 2016.
In a statement issued to the PSX, the SNGPL earned profit of Rs1.31 million during the period under review against the losses of Rs1.84 billion in the corresponding period of the last year.
Total gas sales along with additional differential margin remained at Rs179.76 billion against Rs149.50 billion. However, the cost of the gas sales increased to Rs174.18 billion from Rs148.61 billion in the corresponding period of the last year, reducing gross profit to Rs5.57 billion as compared to Rs893.57 million last year. Other operating income declined to Rs6.93 billion as compared to Rs8.43 billion.
However, operating expenses of Rs8.83 billion as compared to Rs9.01 billion last year reduced profits and an increased finance cost of Rs3.64 billion as compared to Rs2.85 billion last year further cut the margins.
SNGPL’s first quarter posted losses, while its books recorded profits because of second and third quarters.
Third quarter ended March 31 results posted profits of Rs216.77 billion against losses of Rs420.19 million last year. In the first quarter of the FY16 ended September 30, the company declared losses of Rs543.43 million against losses of Rs818.91 million.
Meanwhile, Bata Pakistan Limited’s profits increased by 16.25 percent during the quarter ended March 31, 2016.
In its condensed interim income report released to the PSX, Bata declared profits of Rs267.15 million against Rs229.80 million third quarter FY15. The company announced earnings per share (EPS) at Rs35.34 as compared to Rs30.40 per share. Total sales of the company were recorded at Rs3.22 billion lower to Rs3.27 billion.
