LAHORE - Pakistan State Oil (PSO) announced its 1HFY11 result, booking profits of Rs7.1b (EPS of Rs41.58) as against earnings of Rs5.1b (EPS of Rs29.64) in 1HFY10, up 40 percent YoY. The announcement is inline with our expectation of Rs41.37/share but above the market consensus of Rs37/ share. The company also announced an interim cash dividend of Rs5/share. Net sales for the company in 1HFY11 arrived at Rs360b.