KARACHI: Fauji Fertilizer Bin Qasim Limited (FFBL) has announced 83.35 percent decline in its profits during the third quarter ended March 31, 2016.
In its condensed interim consolidated profit and loss statement to the PSX, the company announced profits of Rs19.11 million as against Rs114.81 million during the corresponding period of 2015.
Earnings per share (EPS) were posted at two paisas against 12 paisas during the quarter ended March 31, 2015. A decline in the sales and increase in the cost of production hits hard on the income of the company during the period under review.
The net sales of the FFBL fell down by 24 percent to Rs4.41 billion as compared to Rs5.79 billion in the quarter a year ago. However, an increase in the cost of sales to Rs5.11 billion from Rs5.08 billion mentioned losses on the books.
Thus, the company posted a gross loss of Rs696.53 million against profits of Rs710.43 million in the same period of the last year.
A huge increase in other income rescued the company and closed the books with profits. Other income increased by 185.6 percent to Rs1.69 billion as against Rs593.46 million last year.
Meanwhile, the profits of Engro Powergen Qadirpur Limited (EPQL) went down by 20 percent in its financial results announced for the quarter ended March 31, 2016.
In its condensed interim profit and loss statement sent to the PSX, EPQL posted profits of Rs368.16 million as compared to Rs459.30 million in the corresponding quarter of 2015. The company announced earnings per share (EPS) of Rs1.14 against Rs1.42 in the same quarter of the last year.
Major reason behind a downfall in the profits was a decline of 39.5 percent in sales to Rs1.50 billion from Rs2.49 billion. The cost of sales remained lower to Rs994.43 million from Rs1.88 billion last year. Thus, the gross profit lowered to Rs514.81 million against Rs607.43 million. The company did not get any other income during the period. Besides, no dividend was announced.
Sazgar Engineering Works Limited (SAZEW) profits increased by 1.47 percent in the nine months ended March 31, 2016.
In a condensed interim profit and loss statement on Thursday, the company announced that it posted profits of Rs66.57 million as compared to Rs65.61 million in the same period of the last year.
The company also announced earnings per share (EPS) of Rs3.70 against Rs3.65. Net sales of the engineering firm were recorded at Rs2.01 billion as compared to Rs1.86 billion in the corresponding period of the last year.
The cost of sales remained at Rs1.81 billion as compared to Rs1.68 billion. Thus, the gross profit was recorded at Rs200.19 million against Rs179.14 million a year ago.
Other income of SAZEW increased to Rs3.63 million against Rs1.92 million.
However, profits of the company significantly increased in the third quarter ended March 31, where profits surged by 66.84 percent to Rs42.02 million from Rs25.18 million in the same quarter of the last year.
ICI Pakistan Limited posted 12 percent increase in profits in its financial results for the nine months of FY16 ended March 31, 2016.
In its condensed interim consolidated profit and loss report released to the PSX, ICI posted profit-after-tax of Rs1.88 billion against Rs1.68 billion in the same period of the last year. It recorded revenues of Rs31.63 billion as compared to Rs31.76 billion, while after paying sales tax and cutting cost of sales, the gross profit was recorded at Rs4.75 billion against Rs4.28 billion in the same period of FY15.
The company also announced earnings per share (EPS) of Rs20.43 as compared to Rs18.23 last year. Higher operating profits from its core businesses, dividend income from subsidiary and associate and reduced financial charges contributed to the enhanced profitability of the company, a spokesman for ICI Pakistan said.
Net turnover for the nine months stood at Rs27.30 billion, three percent below the same period of the last year, primarily due to lower sales value in the polyester business, which fell by 19 percent as a consequence of declining prices across the petrochemical chain. During the third quarter ended March 31, ICI recorded profits of Rs722.10 million as against Rs582.31 million in the same quarter of the last year.
