Engro Corp profit falls 23pc

KARACHI: Engro Corporation Ltd posted profit after tax (PAT) at Rs2.84bn for the first quarter financial year 2017, translating into earning per share (eps) at Rs5.42, down 23 per cent from PAT at Rs3.69bn and eps at Rs7.05 for the similar quarter in 2016.

The board distributed interim cash dividend of Rs5 per share. Analysts said the company’s earnings fell as its subsidiary, Engro Fertilisers, remained laggard due to lower urea and DAP off-take and lower urea prices.—Equities Correspondent

Fauji Fertiliser’s earnings down 20pc

KARACHI: Fauji Fertiliser (FFC) announced PAT at Rs2.19bn and earnings per share at Rs1.72 for the first quarter, down 20pc year-on-year (YoY). The company also announced interim cash dividend of Rs1.50 per share. According to analysts at Taurus Securities, net sales fell by 4pc to Rs11.19bn despite the volumetric increase of 6pc in urea off-take due to low retention prices.—Equities Correspondent

Millat Tractors earns Rs3bn

KARACHI: MTL declared PAT at Rs3 billion and earnings per share at Rs68.63 for the nine months financial year 2017 recording a growth of 188 per cent YoY over PAT at Rs1.05bn and eps at Rs23.79

Sales surged 90pc to Rs21.0bn, from Rs11.1bn. Analyst at Arif Habib Ltd commented that the revenue for the third quarter of 2016-17 jumped 106pc YoY and volumetric growth was 11,103 tractors sold against sale of 7,869 tractors sold YoY.—Equities Correspondent

Pioneer Cement profit rises 38pc

KARACHI: Net income of Pioneer Cement rose 38pc to Rs2.39bn in July, from Rs1.75bn YoY with eps at Rs10.56 and Rs7.68. Analysts at Intermarket Securities said that for 3QFY17, the company announced net profit at Rs898m and eps at Rs3.95, up 19pc from PAT at Rs757 and eps at Rs3.33 YoY. Higher-than-expected results could be attributed to gross margins of 42pc over expectations of 40pc and lower effective tax rate of 22pc.—Equities Correspondent

Meezan posts Rs1.5bn earnings

KARACHI: Meezan Bank grew its net profit 13 per cent to Rs1.5bn year-on-year for the first quarter of 2017, it said on Wednesday.

The rise in profitability was on the back of growth in its earning assets. The bank recorded earnings per share of Rs1.51. The trade business (import and export) volume handled by the bank increased 37pc to Rs165bn.

Published in Dawn, April 27th, 2017