Engro Fertiliser PAT surges by 136pc

KARACHI: The company posted 1QCY18 profit after tax (PAT) at Rs3.89 billion (earnings per share: Rs 2.91), up 136 per cent over net earnings of Rs1.65bn and EPS at Rs1.23 in the same quarter last year.

Revenue surged by 81pc to Rs18.22bn during latest quarter, attributed to higher sales of urea by 85pc and DAP 45pc year-on-year. The retention prices also improved resulting in gross margins at 40pc, higher by 5.31pc year-on-year.—Equities Correspondent

Amreli Steels records Rs473m profit

KARACHI: Amreli Steels posted 3QFY18 profit after tax at Rs473m (EPS: Rs1.59), up 40pc year-on-year, owing to stellar growth of 29pc in sales. Net sales clocked in at Rs4.63bn, higher by 31pc quarter-on-quarter due to both price and volumetric growth in the outgoing quarter. However 9MFY18 sales growth was at 7pc year-on-year which analysts said was due to the shutdown of company’s rolling mills for a period of two weeks in 1QFY18 for maintenance purposes.—Equities Correspondent

Wells Fargo to pay $1bn for mortgage abuse

NEW YORK: Wells Fargo will pay $1 billion to federal regulators to settle charges tied to its mortgage and auto lending business, the latest chapter in years-long, wide-ranging scandal at the banking giant. However, it appears that none of the $1bn will go directly to the victims of Wells Fargo’s abuses.

In a settlement announced on Friday, Wells will pay $500 million to the Office of the Comptroller of the Currency, its main national bank regulator, as well as a net $500m to the Consumer Financial Protection Bureau. The action by the CFPB is notable because it is the first penalty imposed by the bureau under Mick Mulvaney, who President Trump appointed to take over the consumer watchdog agency in late November.

Published in Dawn, April 21st, 2018