Engro Corporation Ltd posted a Profit after Tax (PAT) at Rs2.84bn for the first quarter of the financial year 2017, translating into Earnings per Share (EPS) of Rs5.42, down by 23 per cent from the previous PAT of Rs3.69 bn and EPS of Rs 7.05 for the similar quarter in 2016.
The company declared an interim cash dividend of Rs5.0/share. Earnings came in line with the market expectations.
The sales revenue dropped 33 per cent year-on-year to Rs 22.499 billion in the quarter under review.
The sales fell as the company’s key fertiliser segment, Engro Fertiliser, posted 20 per cent lower sales during the three months. Nonetheless, gross margins remained intact at 30 per cent. Company’s operational efficiencies witnessed an improvement with lower selling expenses, while finance costs also declined by 6.0 per cent.
