KARACHI: Fatima Fertilizer Company Limited’s profit improved 7% to Rs2.77 billion in the quarter ended September 30, 2018 compared to Rs2.58 billion reported in the same period of the previous year.
The increase in profit jacked up earnings per share from Rs1.23 to Rs1.32 in the period under review.
However, the rise in company’s profit does not reflect the hike of 31.4% in revenues from Rs9 billion in the previous year to Rs11.9 billion in the period under review. The company’s gross profit stood at Rs6.76 billion compared to last year’s quarterly gross profit of Rs4.3 billion. However, the company paid Rs1.97 billion in taxes this year, which reduced the company’s bottom-line.
Meanwhile, the company’s profit for the nine-month period ended September 30, 2018 jumped 50% to Rs8.46 billion from Rs5.62 billion for the same period last year.
The company’s cost of sales peaked at Rs21 billion last year compared to Rs15 billion this year despite sales remaining higher in the current year at Rs35.5 billion compared to last year’s Rs33.2 billion.
Published in The Express Tribune, October 31st, 2018.