KARACHI: Engro Corporation – one of the largest conglomerates in Pakistan – has posted a net profit of Rs5.16 billion for the first nine months of calendar year 2014, down 17% compared to Rs6.22 billion during the same period previous year.
This was mainly due to the turbulence in international commodity prices that affected the Ethylene-PVC price delta in the petrochemical business, AMF inventory in the foods business and the selling prices of rice coupled with an unprecedented appreciation in the rupee value against the dollar.
The fertiliser business of Engro helped the overall results of the corporation whereas the company faced challenges in its rice, polymer and food businesses. Engro Fertilizers posted a net profit of Rs5.51 billion during the first nine months (January to September) 2014, up 72% compared to Rs3.2 billion in the same period of last year.
Published in The Express Tribune, October 30th, 2014.
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