FFC sees rise in profit on higher prices

LAHORE: Pakistan's biggest urea manufacturer, Fauji Fertilizer Company said its profit rose 1.6 per cent in the first quarter on higher prices.

FFC's net income climbed to Rs 2.73 billion or Rs 4.02 per share, in the three months ended March 31st, from Rs 2.68 billion, or Rs 3.96 per share, a year earlier.

Higher urea prices have supported growth in profits as sales grew by over a billion rupees. Fauji's sales rose to Rs 9.5 billion from Rs 8.2 billion a year ago.

The average price of a 50-kilogram bag of urea rose to Rs 755 between January and March 2010.