October 25, 2003	Saturday	Sha’aban 28, 1424

KARACHI, Oct 24: Engro Chemical Pakistan Limited posted net profit for the quarter ended September 30, 2003 at Rs362 million, compared with Rs440 million attained in the same period last year.

The Board in its meeting also declared the second interim dividend at Rs2 per share. Total dividend declared to date including the first interim dividend of Rs2.50 per share amounted to Rs4.50, which compared with Rs4 paid out for the same period last year.

In the third quarter report to the shareholders, the company stated that lower sales and impact of gas price increase had contributed to the profit decline during the quarter. On the year to date basis, the company posted net profit of Rs896 million, up 5 per cent from Rs854 million levels achieved in 2002. Sales were lower, fixed costs higher while gas utilization efficiencies were neutralized by the gas price increases. Higher dividend income allowed some cost offsets.

The company stated that Engro Urea sales for the nine months to September 2003 increased by 3 per cent to 594,000 tons versus 579,000 tons achieve in same period last year. The company’s market share remained unchanged at 20 per cent. Production of urea increased by 4 per cent to 706,000 tons, which was an all time record for the period and represented capacity utilization of 111 per cent.