The fertiliser manufacturer had reported a profit of Rs1.85 billion in the corresponding period of previous financial year.
Fatima Fertilizer posts Rs1.91b profit
The company announced earnings per share (EPS) of Rs0.96, up 9% from Rs0.88 in the corresponding period of FY16. Its share price decreased 1%, or Rs0.31, to Rs29.99 with 493,500 shares changing hands at the Pakistan Stock Exchange on Thursday.
The company’s sales surged to Rs9.43 billion, up 25% from Rs7.51 billion in the corresponding period of previous year.
“Sales revenue surged on the back of elevated urea off-take due to expectation of an increase in urea prices post-budget (for) fiscal year 2018,” Taurus Securities said in its comments, “thereby, initiating bulk-buying behaviour by retailers in May-June 2017, leading to a massive uptick in urea off-take.”
Cost of sales increased to Rs5.08 billion, up 30% year-on-year from Rs3.92 billion. Finance cost fell to Rs551.74 million from Rs663.50 million.
Fatima Fertilizer’s 2016 profit down 57%
Revenues under the other income category fell to Rs84.70 million from Rs194.84 million in the corresponding quarter of last year.
Cumulatively, in the first half (January-June 2017), the firm registered a profit of Rs4.29 billion (earnings per share Rs2.04), up 44% from Rs2.97 billion earned in the corresponding period of last year.
Published in The Express Tribune, August 25th, 2017.
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