Engro Polymer reports staggering 809pc increase in profits

KARACHI: In a notification sent to the bourse on Monday, Engro Polymer and Chemicals Limited announced its earnings for the quarter ended April-June 2017.

EPCL is the only company said to be manufacturing poly-vinyl-chloride (PVC) in Pakistan. The company reported a staggering increase of 809pc in its profits during April-June 2017 quarter from same period last year (SPLY) reaching Rs200m. Half-yearly profits also surged up by 2,525pc to reach Rs 1.05b from Rs40m in SPLY.

In December 2016, the company had announced it would be investing $9m to enhance its plant capacity. This investment will help increase the yearly production capability to 195,000 tons, which will be a 14.7pc rise from its capacity now. This expansion is set to be completed by December this year.

The company reported earnings per share (EPS) of Rs0.30 for the quarter reported compared to Rs0.03 in SPLY.

EPCLs stocks yesterday were trading at Rs34.88 at the close of day, registering a fall of 2pc from its price on Friday.

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Mohammad Farooq
The author is an Assistant News Editor at Profit by Pakistan Today. His works have been published in Dawn, Express Tribune, LiveMint India, Huffingtonpost India and The News on Sunday. He tweets @MohammadFarooq_
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