Engro Fertilizers’ profit drops 23% to Rs1.63b

KARACHI: Engro Fertilizers’ consolidated profit dropped 23% to Rs1.63 billion in the quarter ended March 31, with sluggish sales and notable jump in cost of distribution of products, according to a bourse filing on Monday.

The fertiliser manufacturing firm had booked a profit of Rs2.12 billion in the same quarter of the previous year.

Earnings per share (EPS) reduced to Rs1.23 in the quarter from Rs1.59 in the corresponding time period.

Its share price fell 1.42%, or Rs0.89, to Rs61.74 with a volume of 2.20 million shares at the Pakistan Stock Exchange.

The company’s net sales slashed 15% to Rs10.06 billion from Rs11.87 billion. The selling and distribution expenses rose 51% to Rs1.29 billion from Rs856.28 million.

Published in The Express Tribune, April 25^th, 2017.

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