corporate result: Engro Polymer’s profit surges 71% to Rs1.44b

Sales remain robust, income from non-core business rises

KARACHI: Engro Polymer and Chemicals Limited’s (EPCL) consolidated profit soared 71% to Rs1.44 billion in the quarter ended March 31, 2018 mainly due to robust sales and a significant rise in income from other than core business, according to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday.

In the same quarter last year, the company had registered a profit of Rs845.88 million. Earnings per share came in at Rs2.18 in the Jan-Mar quarter compared to Rs1.27 in the corresponding quarter of previous year.

EPCL’s stock price dropped 1.11%, or Rs0.43, to close at Rs38.45 at the PSX. It emerged as the volume leader of the day with 15.20 million shares changing hands.

Net revenue increased 27.5% to Rs8.68 billion from Rs6.81 billion. Other income - including investment interest, foreign exchange gains, rent income and profit from the sale of non-inventory assets - surged 16.5 times to Rs408.92 million from Rs24.33 million.

Finance costs fell to Rs157.59 million in the Jan-Mar quarter from Rs234.20 million in the corresponding quarter of previous year. 

Published in The Express Tribune, April 20^th, 2018.

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