EFoods profits up 1.6 percent

Engro Foods Limited (EFoods) has announced profit up by 1.6 percent for the third quarter financial results amid a decline in expenses.In its condensed interim profit and loss report announcement to Pakistan Stock Exchange on Tuesday, EFoods declared profit at Rs633.45 million for the quarter ended September 30, 2016, compared to Rs623.54 million announced the same period last year.

During this quarter, the company announced earnings per share (EPS) of Re0.83 as compared to Re0.81 the same quarter last year. It did not announce any dividend.  

Net sales of EFoods remained lower at Rs10.98 billion during this period, against Rs12.52 billion last year, while cost of sales remained low at Rs8.73 billion compared to Rs9.88 billion last year.

Although other income remained low at Rs31.03 million, against Rs115.66 million, a decline in the finance cost at Rs79.89 million from Rs195.50 million reduced the profit gap. For the nine-month ended September 30, the company posted profit for the period at Rs2.59 billion, down from Rs2.60 billion in the same period last year. EFoods has shown un-appropriated profit at Rs7.83 billion against Rs4.68 billion for the quarter.