The Directors of Pakistan Refinery Limited take pleasure in presenting un-audited condensed interim financial statements for the nine months ended March 31,2008.

The ever volatile petroleum prices and refining margins took a downturn in early January and continued towards the end of February 2008. The price trend of crude and products globally took another upturn with crude prices touching all time highs in March 2008 and breaching the psychological barrier of US $ 110/bbl.Refining margins also became healthier towards the end of the third quarter.

Your Company earned a post tax profit of Rs.1,413 million during the nine months ended March 31,2008 compared with a loss of Rs.407 million for the same period last year.

The country witnessed a growth of approx.10% in POL sales during the nine months period as compared to the corresponding period last year. The refinery operated at a capacity of 6,027 MT/Day vs 5,728 MT/Day from the corresponding period. During the nine months ended March 31,2008, the overall sales volume increased by 19% from the same period last year.

Going forward, there is a concern over rising customer receivables due to accumulating PDC claims of the Oil Marketing Companies. Subsequently, this may affect your Company's liquidity position leading to possible disruption of the supply chain.

Your Company remained compliant with all applicable HSEQ standards including National Environment Quality Standards (NEQS) during the period under review. Products supplied to customers remained within the specifications of Pakistan Standard & Quality Control Authority (PSQCA).

During the third quarter, your Company has achieved the target of 1.5 million man hours and started its march towards the next target of 3.0 million man hours without any recordable injury incident.

The Board would like to thank the staff, customers and other contributing stakeholders for their continued support in ensuring the success of the Company.

 

On behalf of the Board of Directors .