Engro Fertilizers’ third-quarter profit down 12pc

KARACHI: Engro Fertilizers on Monday reported a 12 per cent decrease in its third-quarter profit, due to a decrease in sales.

In a consolidated condensed statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs8.554 billion for the quarter that ended September 30, down 12 per cent from Rs9.58 billion during the same period the previous year.

The company also announced an interim cash dividend of Rs2.5 per share. Earnings per share came in at Rs6.41 a share, compared with Rs7.17 a share last year.The company said its net sales for the quarter dropped to Rs58.64 billion, compared with Rs66.164 billion for the same period a year earlier.

The company said its cost of sales remained at Rs40.33 billion during the period against Rs45.175 billion.For the nine-month period, the company posted a net profit of Rs17.98 billion, up from Rs15.04 billion. EPS for this period was recorded at Rs13.47 against Rs11.27. According to analysts, the company posted earnings below market expectations.