KARACHI: Engro Polymer and Chemicals Ltd (EPCL) posted a net loss of Rs649 million (loss per share at Rs0.98) during 2015 compared to Rs1.02bn a year ago, the company announced on Monday.

Net revenue for the year amounted to Rs22.3bn, down from Rs23.8bn in 2014. Reduced cost of sales pushed gross profit up to Rs2.77bn from Rs1.67bn. The company recorded an operating profit of Rs778m, jumping out of a Rs370m operating loss in the preceding year.

The board, naturally, skipped a dividend. Shares in EPCL gained 15 paisas on Monday to close at Rs9.37.

Earlier in autumn, Engro Corporation Ltd announced that it had decided to part ways with its subsidiary EPCL by divesting 56.19pc (373m shares) stake along with management control.

EPCL, established in 1997, is manufactures, markets and sells polyvinyl chloride (PVC), vinyl chloride monomer (VCM), caustic soda and other related chemical products. However, EPCL’s performance over the last few years has been far from satisfactory.

At the time Engro announced its decision to sell its stake in EPCL, it was unclear if the other two major shareholders — the International Finance Corporation with a 14.64pc stake and the Mitsubishi Corporation with a 10.24pc interest in the company — had decided to retain or sell off their stake following Engro’s withdrawal.

Published in Dawn, February 2nd, 2016