Engro Fertilizers' profits plummet by 86% due to lower Urea and Dap volumes
MG News | April 20, 2020 at 02:41 PM GMT+05:00
April 20, 2020 (MLN): Engro Fertilizers Limited announced its financial results for the quarter ended March 31, 2020 today, as per which, it has earned profits of Rs. 570.7 million (EPS: Rs. 0.43) which is around 86% lower than the earnings of the same period last year.
The profits of the company fell on the back of lower volumes for Urea and DAP due to differential in prices of two big players, according to Taurus Securities.
The company’s non-core income also declined by 74% due to the presence of one time gain on disposal of property to EPCL.
On the other hand, the finance cost surged by 52% on account of higher running finance requirement.
| Consolidated Financial Results for the quarter ended March 31, 2020 (Rupees'000) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change | |
| Net sales | 10,791,539 | 23,652,452 | -54.37% |
| Cost of sales | -7,156,467 | -16,053,421 | -55.42% |
| Gross profit | 3,635,072 | 7,599,031 | -52.16% |
| Selling and distribution expenses | -1,056,192 | -1,635,779 | -35.43% |
| Administrative expenses | -358,337 | -281,612 | 27.24% |
| Other income | 261,213 | 1,011,629 | -74.18% |
| Other operating expenses | -148,228 | -406,017 | -63.49% |
| Finance cost | -1,211,917 | -798,966 | 51.69% |
| Profit before taxation | 1,121,611 | 5,488,286 | -79.56% |
| Taxation | -550,847 | -1,481,471 | -62.82% |
| Profit for the period | 570,764 | 4,006,815 | -85.76% |
| Earnings per share - basic and diluted | 0.43 | 3.00 | -85.67% |
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