FE Report

Bangladesh Gas Fields Co Ltd (BGFCL), a unit of Petrobangla, earned a net profit of Tk 1.8656 billion before tax in the fiscal 2008-09.

This was disclosed at the 54th annual general meeting (AGM) of the company held at a city hotel Saturday, according to a press release.

Mohammad Mohsin, chairman of BGFCL board of directors and secretary of Energy and Mineral Resources Division, presided over the AGM.

According to the audited balance sheet of the fiscal 2008-2009, BGFCL had earned Tk 17.8440 billion (Tk 1784.40 crore) from sales of gas and petroleum products during the period.

After deduction of total revenue expenditure, including SD and VAT of Tk 15.9784 billion, the company earned the net profit of Tk 1.8656 billion before tax.

It had paid Tk 14.3386 billion to the government exchequer during the period.

The AGM also declared a 8.10 per cent dividend for the financial year 2008-2009.

Presently, BGFCL, producing about 39 per cent of the total gas demand of the country, is thus playing a significant role in strengthening the economy of the country. Md Nurul Islam, managing director of BGFCI, informed the shareholders that the company had already completed work of three wells under self-financing and another three wells will be drilled in phases.