KARACHI, April 23: Pakistan State Oil posted a profit-after-tax of Rs8.97 billion for the first nine months (July-March) of 2011-12 as compared to Rs9.26 billion in the same period of 2010-11.

The Board of Management in its meeting on Monday reviewed the company’s performance for period ended March 31, 2012 (3QFY12).

During the period under review, revenue grew by 30.2 per cent to Rs863 billion as co-mpared to Rs663 billion in the corresponding period last year.

The board declared a first interim cash dividend of Rs3 per share for year ending June 30, 2012. While improvements in fuel price margins served to improve company’s earnings, the continued rupee devaluation and the financial costs related to the massive power sector receivables affected overall profitability of PSO.

Sales volumes for Black Oil reduced by four per cent whereas, White Oil grew by three per cent.

PSO share in the Black Oil and White Oil segments stood at 77.7 and 54.4 per cent respectively, thereby contributing to an overall market share of 64.9 per cent.

The board members showed concern over the ever rising balance of receivables of the company which stood at Rs191 billion as of March 31, 2012. The state-run company continues to constantly pursue the IPPs as well as the government for recovery of its outstanding receivables.