Earnings: SNGPL profits more than halve

KARACHI: Sui Northern Gas Pipelines Limited (SNGPL) profits more than halved to Rs1.13 billion in fiscal 2011 compared with Rs2.55 billion posted in the same period last year. The gas distributor’s gross profit dropped during the period under review, according to an analyst. The company sales rose 8% to Rs185.1 billion, however, cost of sales rose 18% to Rs184.2 billion. The board of directors also recommended a cash dividend of Re1 per ordinary share of Rs10 and bonus shares in the proportion of 5 shares for every 100 share held by a stakeholder.

Published in The Express Tribune, September 29^th, 2011.