Engro Foods profit down to Rs379.297mln

KARACHI: Engro Foods Limited has announced a net profit of Rs379.297 million for the year ended December 31, 2017, which is multiple times lower than the profit of Rs2.38 billion posted in the previous year, according to a bourse filing on Monday.

The earnings per share (EPS) for the year clocked in at 49 paisas as against EPS of Rs3.11 in 2016. The company also announced a final cash dividend of four paisas/share along with the corporate announcement.

The decline in profitability can be attributed to lower sales, which declined to Rs34.65 billion in 2017, down 21 percent as compared to the sales revenue of Rs43.87 billion recorded in 2016. Amreen Soorani at JS Global Capital said sales dropped due to lower dairy volume sales.

Thatta Cement profit falls 45pc

Thatta Cement Company has announced a net profit of Rs159.827 million for the quarter ended December 31, 2017, which is 45 percent lower than the profit of Rs292.87 million recorded in the corresponding period of the previous year.

The earnings per share for the period stood at Rs1.36 as against EPS of Rs2.9

during the same period last year.

The company did not announce any payouts along with the corporate announcement.

Lower profits can be attributed to lower sales, which clocked in at Rs937.405 million for the quarter ended December 31, 2017, down 17 percent as compared to the sales of Rs1.13 billion in the corresponding period of the last year.

For the half-year ended December 31, 2017, Thatta Cement posted a net profit of Rs321.667 million, translating into EPS of Rs2.71 as compared to Rs405.79 million and EPS of Rs4.01 last year.