PNSC achieves 98pc increase in profit despite challenging economic environment

ISLAMABAD, Jun 9 (APP): Despite the prevailing unfavorable macroeconomic condition of the country, the Pakistan National Shipping Corporation (PNSC) has managed to achieve 98 percent increase in profit after tax deductions.

The PNSC managed to earn Rs 2,446 million against Rs 1,235 million being yielded in the corresponding period last year.

According to the Economic Survey of Pakistan 2021-22 announced here Thursday, the group earnings per share increased to Rs 18.52 million as against Rs 9.35 million in the comparable period last year.

Cumulatively, the group achieved a turnover of Rs 16,223 million (including Rs 6,295 million from PNSC) as compared to Rs 9,633 million (including Rs 1,978 million from PNSC) for the same period last year.

The major increase was seen in the Dry Cargo segment (including slot charter) which was increased by Rs 3,036 million.

The revenue from Liquid Cargo segment increased by Rs 3,543 million mainly due to increase of Rs 2,980 million from Foreign flagged vessels. The controlled strategies implemented by management caused other expenses at the group level to fall by Rs 188 million (52 percent).

During the nine months of FY2022, the cost on long-term financing decreased by Rs 46 million (11 percent). At present, PNSC fleet comprises of 11 vessels of various type/size (05 Bulk carriers, 04 Aframax tankers and 02 LR-1 Clean Product tankers) with a total deadweight capacity (cargo carrying capacity) of 831,711 metric tons which was the highest ever carrying capacity since inception of PNSC.