ISLAMABAD – Pakistan National Shipping Corporation makes huge profit in FY2019 – 20.
Pakistan National Shipping Corporation (PNSC) maintained a handsomeprofitability of 45.9 percent in the first half of the financial sector2019-20 with consistent growth in its businesses and operations.
According to the financial results, the national flag carrier made a profitof Rs. 1.007 billion during the period of July to December 2019 as comparedto Rs. 690 million recorded in the corresponding period of the financialyear 2018-19.
The company made an operating profit of Rs. 1.68 billion during the periodwhereas its expenses surged to over Rs. 532 million, includingadministrative and other expenses.
The company’s earning per share also improved to Rs. 7.63 from Rs. 5.23.
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The growth in profitability came from increased revenues on the account ofowned bulk carriers and owned tanker segment.
The company’s revenue streams reduced due to a fall in the shipments offurnace oil which saw a reduction of import after the Government ofPakistan initiated a shift towards the use of alternative energy, which iscost-effective and environment-friendly as compared to furnace oil.
The company managed to minimizes its exposure to exchange rate volatilityas a result of effective treasury management, effective utilization ofresources and owing to the natural hedge by way of its operations.
