News In Brief: Oil And Gas Development Company Sees Profits Rise 53%
News: Pakistan's state-run Oil and Gas Development Company has presented its financial results for FY11/2012 ended June 30 2012 to the Karachi Stock Exchange. The company reported sales revenues of PKR197.8bn (US$2.1bn) and net profit of PKR96.9bn (US$1.03bn). Revenues increased from PKR155.6bn (US$1.65bn) in FY10/11, while profits were up 53% on the previous year. During FY11/12, the company's exploration expenses dropped 39% to PKR4.05bn (US$43.05mn), compared with PKR6.62bn (US$70.37mn) a year earlier.