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TheNews.com.pk: Shell Gas posts Rs47m loss

The News Pakistan
By our correspondent

KARACHI: Shell Gas, the marketer of liquefied petroleum gas (LPG) on Friday reported a loss of Rs47 million for fiscal 2006-07 against a profit of Rs793,000 made during the previous year.

Its earnings per share, basic and diluted, were a negative Rs14.79 in last fiscal year that ended June 30, 2007, compared to Rs0.25 in FY 2005-06.

“The loss is primarily because government forced the LPG prices down at the end of last year,” said a company official.

In last fiscal year, net sales of Shell Gas increased to Rs1.52 billion from Rs1.46bn recorded in the previous year. The cost of product sold jumped to Rs1.4bn from Rs1.2, the company said in a statement to the Karachi Stock Exchange (KSE).

Executive of another foreign-based marketing company blamed a price war in domestic market for the huge losses Shell Gas incurred.

Shell Gas shares closed at Rs248 on Thursday and according to the company official investors were upbeat about the future prospects.

http://www.thenews.com.pk/print1.asp?id=68683

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