Engro half year profits down 28 percent

Engro Corporation announced a profit-after-tax (PAT) of Rs 6.91 billion for the first half year that ended June 30, said the company Friday. This represents Rs 10.54 earnings per share (EPS). The company's profits were down by 28 percent from Rs 9.56 billion (EPS Rs 15.28) on a year-on-year basis. Engro's Board of Directors, announced second interim cash dividend of Rs 7 per share, taking the first half dividend payout to Rs 12 per share.
"The decline in earnings for 1H16 was attributed to decline in top line and four percentage point's increase in effective tax rate," it said, adding that the decrease in top line was due to a weak performance of the conglomerate's fertiliser business.