Shell Pakistan posts loss after taxes of US$21 million

Shell Pakistan Limited has posted an after tax loss of Rs1.988 billion (US$20.7 million) in the half year period which ended June 30, 2012, as compared to after tax profit of Rs1.407 billion (US$14.7 million) in the corresponding period of 2011.
The company’s board of directors declared per share loss of Rs23.23 (US$0.24) in the period under review against earnings per share of Rs16.44 (US$0.17) in the same period last year. In the financial statement sent to Karachi Stock Exchange, the company showed that sales had decreased to Rs119.428 billion (US$1.2 billion) in the first half of 2012, against Rs130.417 billion (US$1.3 billion) in the same period last year.
Other revenues increased to Rs333.250 million (US$3.5 million) against Rs246.258 million, (US$2.5 million) in the previous year. Sales tax also increased costing the company Rs15.926 billion (US$166.5 million) in the first half of 2012 versus Rs14.346 billion (US$150.0 million) paid in the same period last year.
The company’s cost of products sold dropped to Rs99.836 billion (US$1.0 billion) in the first half of 2012 against Rs108.759 billion (US$1.1 billion) in the same period in 2011. The Company’s Chairman and Chief Executive, Omar Sheikh, said that the overall environment governing the company’s business remained challenging during the first half of 2012. (August 17, 2012)