Engro Fertilizers earn profit of Rs1.66bn in 1st quarter

ISLAMABAD: The Engro Fertilizers profit after tax fell 22 percent to Rs1.66bn (or Rs1.29 per share) in the January-March quarter 2017.

Sales declined 15pc to Rs10.07bn, said a press statement issued here Tuesday, adding the sales dropped mainly due to weaker off-take of urea and diammonium phosphate as they were down 7 percent and 38 percent year-on-year.

Gross margins remained stagnant at 35 percent, the statement added.

The operating profit of the company declined 22.9 percent during the quarter under review, mainly due to depressed urea market and decline in prices as compared to the same period of the last year, it added.