Petroleum Air Services started with a capital of $10 M fully paid by the Shareholders. Several increases took place since 1982 till it reached the amount of $62 M as of Dec. 31-2008.
The increased amounts were self financed through Reserves and Distributed Profit.
Assets and Liabilities:
The first balance sheet prepared at the end of 1983 reflected the following figures as compared with those at the end of 2008.
$M
Year
1983
Year
2008
Fixed Assets
13
230
Current Assets
7
94
Total
20
324
SH. Equity
11
141
Current-Liab.
8
56
Accum. Dep.
1
127
TOTAL
20
324
Profit
During the period 1982-2008 the company was able to achieve a total of $414 M as Net Profit Before Taxes (average of $16.5 M per year).
As for fiscal year 2008 the Net Profit Before Taxes reached a total of $ 34 M.
Petroleum Air Services started with a capital of $10 M fully paid by the Shareholders. Several increases took place since 1982 till it reached the amount of $62 M as of Dec. 31-2008.
The increased amounts were self financed through Reserves and Distributed Profit.
