FFC profit halves to Rs4.9bn

FFC profit halves to Rs4.9bn

FFC profit halves to Rs4.9bn KARACHI: Fauji Fertiliser Company Ltd (FFC) unveiled results for the 2Q and 1HCY16 on Wednesday.

The company posted a profit-after-tax of Rs4.9bn for the half year, translating into earnings per share (eps) at Rs3.85 which represented a decline of 41pc over PAT at Rs8.3bn and eps at Rs6.50 year-on-year.

The results were better than the market expectations. The board declared dividend per share at Rs1.55, taking the 1H2016 payout to Rs3.40 per share.

According to analysts at Topline Securities, during 1H2016 revenue slumped 27pc while cost of sales declined by 17pc due to a substantial fall in urea retention prices, and 23pc YoY fall in urea off-takes.

FFC announced 2Q2016 consolidated earnings of Rs2.8bn (eps Rs2.2) against Rs4.2bn (eps Rs3.3) in the same quarter last year. The results were also above street consensus.

PAKISTAN TOBACCO: The company announced a profit-after-tax of Rs4.3bn (eps Rs16.7) for 2Q2016 , an increase of 60.5pc YoY. Company’s net sales improved 30.6pc YoY to Rs17.3bn and gross profit rose 64.0pc to Rs8.8bn. Gross margins came in at 50.8pc, representing improvement of 10.4 percentage points over the corresponding period last year.

Source: http://www.dawn.com/news/1273575/ffc-profit-halves-to-rs49bn

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