KARACHI, April 22: The Pakistan State Oil (PSO) reported on Tuesday a 293 per cent rise in its net profit for the first nine months of the 2007-08 financial year, as high international prices boosted the value of its inventory.

PSO’s net profit for the nine months to March 31 was at Rs8.45 billion, compared with Rs2.15 billion in the year-ago period, the oil marketing firm said in a statement to the Karachi Stock Exchange.

The result was within a range of between Rs8.1 billion and Rs8.5 billion, forecast by four analysts surveyed by Reuters.

“This rise in profit is mainly because of the huge inventory gains on furnace oil and diesel, as well as growing margins, due to the rising world oil prices,” said Farhan Mahmood, an analyst at brokers JS Global Capital Ltd.

Growing sales during the period also helped the company’s profitability, he said.

PSO said its net sales in the nine months jumped 35 per cent to Rs335 billion from Rs248 billion in the corresponding period last year.

The company’s earning per share for the period came at Rs49.30, compared with Rs12.53 in the year-ago period.

PSO, which has already paid Rs11 as cash dividend in 2007-08, did not announce any more payout.