LAHORE – A ‘slight’ increase has been noted in Unaccounted For Gas (UFG) losses of Sui Northern Gas Pipelines Limited (SNGPL) during the third quarter (January 1 to March 31) of year 2012.
It was told in SNGPL Board of Directors’ meeting, which was held here in Lahore. The company management, however, avoided making percentage of the UFG losses public. Instead, a release issued on Friday simply stated: “During the third quarter, due to weather conditions, gas load management and shifting of gas supply from bulk to domestic sector, the company observed a slight increase in UFG loss as compared to half year accounts of the current financial year.” The release added: “The Management and Board of Company are not complacent and concerted efforts are being made to reduce the same.”
It merits mention here that on March 12, The GM Rehan Nawaz had claimed that as a result of SNGPL’s leakage survey campaign, the management was succeeded in reducing the unaccounted for gas losses  from 12.4 percent to 11.07 percent. It is also a matter of importance that, according to some estimates, the SNGPL is sustaining loss of Rs20 billion every year on account of up to 16 per cent Unaccounted For Gas (UFG).
The SNGPL spokesman has not attended the phone to record his version on the matter of UFG losses despite repeated phone calls.
The Company, however, in the same statement said that SNGPL earned profit over Rs1 billion after tax as compared to Rs415 million in the corresponding period last year. As a result of increased earnings, the earning per share of the company increased to Rs1.76 as against Rs0.72 in the same period last year. The SNGPL Board of Directors approved the un-audited nine months/ third quarter accounts for the period ended March 31, 2012 during the meeting.
“The sale of the company’s gas in terms of volume during the period was 444,908 MMCF as against 440,145 MMCF during the same period last year. Whereas, the sale (net of GDS) in terms of rupees had increased from Rs140,391 million to Rs156,505 million.”
The release said: “On quarterly basis, the company had earned after tax profit of Rs366 million translating earning per share of Rs0.64 in the 3rd quarter ended March 31, 2012 as against after tax loss of Rs53 million with per share loss of Re0.09 in the same quarter in 2011.”
According to the statement, the overall increase in profit and subsequent increase in earnings per share was the reflection of determined efforts of the Company’s management and all staff members under the guidance of the Board, who put in their best endeavours. It was stated that the management and Board of the Company were confident to continue their efforts for the reduction in the UFG till the permissible limits.