Fauji Fertilizer Bin Qasim (FFBL) posted an unconsolidated net loss of Rs513.7 million (loss per share (LPS) of Rs0.55) in the first quarter of calendar year 2016 (1QCY16) compared to a net profit of Rs98 million (or earnings per share (EPS) of Rs0.11) in the same quarter last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
On a sequential basis in the 1QCY16, the company incurred losses compared to a net profit of Rs3.12 million (EPS of Rs3.34) in the fourth quarter of calendar year 2015 mainly due to depressed fertiliser dynamics and seasonality.
In 1QCY16, results were below projected net loss after tax of Rs114 million (or LPS of Rs0.12) with the deviation in topline and gross margin (more than expected volumetric decline), according to an AKD Securities report.
Published in The Express Tribune, April 22nd, 2016.
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