Engro Foods half-year profit surges

KARACHI: Profit of Engro Foods Limited sharply rose nearly twofold to Rs511.296 million for the half year ended June 30, translating into earnings per share (EPS) of Re0.67, a bourse filing said on Friday.

Engro Foods earned Rs185.594 million with EPS of Re0.24 in the corresponding period a year earlier, a statement to Pakistan Stock Exchange said.

The company didn’t announce cash dividend for the period.

Engro Foods recorded a steep decline in sales to Rs15.346 billion in January-June period of 2018 compared to Rs18.005 billion in the corresponding period a year earlier. Cost of sales also decreased to Rs12.210 billion from Rs14.879 billion.

The company bore comparatively lower taxation impact during the first half as taxes amounted to Rs98.171 million as against Rs175.845 million a year earlier.

Engro Foods recorded Rs209.974 million in profit with EPS of Re0.27 in the quarter ended June 30 as opposed to loss of Rs145.225 million with loss per share of Re0.19 in the corresponding period a year ago.