Engro Fertilizer posts Rs673m profit

KARACHI: Engro Fertilizer Limited (EFERT) posted a profit of Rs673 million in the second quarter ended June 30, down 83% compared to a profit of Rs4.05 billion in the same quarter of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX).

The company announced an interim cash dividend of Rs2 per share, indicating continuation of consistent pay-outs in future periods as well, JS Research reported Wednesday.

Earnings per share (EPS) remained Rs0.51 compared to an ESP of Rs3.05 in the period under review.

The company’s share price rose 0.75% to close at Rs68.6.

The company’s revenues declined 49% year-on-year (YoY) in the second quarter of 2016 mainly due to weak off-take and prices. Despite 28% YoY decline in finance costs, profitability still posted decline on a YoY basis, in line with expectations, the report added.

Published in The Express Tribune, August 11^th, 2016.

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