ISLAMABAD: Fauji Fertilizer Bin Qasim (FFBL) has announced Rs 1.93 billion profit for first quarter of 2012 against Rs 8.05 billion in same period of last year.

A statement issued by the FFBL said that in the first quarter of 2012, the company posted the loss per share (LPS) of Rs.0.41 compared to net profit of Rs.1.55 billion or earning per share (EPS) Rs.1.67 in same period of 2011.

Stock Analyst, Yasir Yousuf told APP that this is the first time after 11 quarters that the company did not announce any quarterly dividend with the results.

He said that the company posted gross loss due to lower urea and DAP volumetric sales which estimated to be declined by 85 per cent in first quarter of 2012 primarily due to extended winter gas curtailment during Jan-Feb 2012.

"The Lower urea sales in March due to availability of cheap imported urea and price hike of local urea in the market and that led to non-recovery of its fixed cost as well", he added.

Meanwhile, the company's other income from its Joint Ventures and associates has been increased to Rs.192 million compared to Rs.3 million in last year.