Karachi, April 28, 2010: Engro Corporation Limited (formerly Engro Chemical Pakistan Limited) has announced financial results (consolidated and stand alone) for the Quarter ended, March 31, 2010.
The financial results for the 1st quarter (consolidated and stand alone) were faxed to the Stock Exchanges on Wednesday during trading hours. Regrettably, there was a calculation error in the Earning Per Share numbers in the Consolidated Financial Results. The numbers for the 1st quarter 2010 and 2009 were stated as Rs. 6.71 and Rs. 3.22 respectively. However, these are in fact Rs. 5.76 and Rs. 2.40 respectively.
1Q 2010 Overview
As notified on Wednesday (April 28) during trading hours. Engro Corp’s consolidated revenue recorded an increase of 45% and stood at Rs 16.9 billion for the first quarter 2010, as compared to Rs 11.6 billion in the same period last year, while net profit (attributable to equity holders of the holding company,) increased from Rs 684 million in 1Q 2009 to Rs 1,889 million this quarter.
As announced in the Company’s 2009 Annual Report, the fertilizer business was demerged effective January 01, 2010 and transferred to a wholly owned subsidiary, Engro Fertilizers Limited, which was incorporated in June 2009 for this purpose. Following this demerger, Engro Corporation assumed the role of a holding company managing the affairs of the various businesses.