FFC profits down 33 percent

KARACHI: Fauji Fertilizer Company Limited (FFC), the largest fertiliser producer of the country, posted a decline of 33 percent in its quarterly profits, amid decline in sales.

In its condensed interim consolidated profit and loss statement for the quarter ended June 30 sent to the Pakistan Stock Exchange on Wednesday, the company announced net profits of Rs2.79 billion, a decline of 33 percent as against the profits of Rs4.20 billion during the corresponding period of 2015. 

The company also announced an interim cash dividend of Rs1.55/share, which is in addition to the already paid dividend of Rs1.85/share. Earnings per share (EPS) were recorded at Rs2.20 against the EPS of Rs3.31 during the quarter ended June 30, 2015.

During the period under review, FFC’s net sales fell 11 percent to Rs17.64 billion as compared to Rs19.89 billion during the quarter a year ago. Cost of sales is recorded at Rs11.76 billion during this period as compared to Rs12.59 billion last year.

Thus, the company posted a gross profit of Rs5.88 billion against the profits of Rs7.30 billion in the same quarter of the last year. An increase of 211 percent in the other income to Rs1.58 billion against Rs508.83 million reduced the profit gap.

During the half-year ended June 30, the company announced net profits of Rs3.56 billion, down 59 percent as against the profits of Rs8.76 billion during the same period of the last year.