Engro Corporation Limited’s financial results for the 2nd quarter and half year ended June 30, 2011 – consolidated and stand alone

Engro Corporation Limited’s financial results for the 2nd quarter and half year ended June 30, 2011 – consolidated and stand alone

Karachi: We have to inform you that the Board of Directors of our Company, in their meeting held on Friday, August 12, 2011 recommended an interim Cash Dividend @ Rs. 2.00 per share i.e. 20%.

The unaudited consolidated financial results of the Company for the Second Quarter and half year ended June 30, 2011 are as under Please note that the financial results reflect interest capitalization upto April 30, 2011 for the new expansion plant of Engro Fertilizers Limited, whereafter these have been expensed, even though the Commercial Operations Date was June 24, 2011

Amounts in thousands except for earning per share

 

April-June

April-June

Jan-June

Jan-June

2011

2010

2011

2010

Rupees

Net sales 24,236,081 16,865,389 46,084,331 33,724,526
Less: Cost of Sales 17,320,521 12,264,006 33,043,542 24,441,441
———- ———- ———- ———-
Gross Profit 6,915,560 4,601,383 13,040,789 9,283,085
Less: Administrative selling and Distribution expenses 2,380,943 1,942,421 4,542,584 3,728,928
———- ———- ———- ———-
4,534,617 2,658,962 8,498,205 5,554,157
Add: Other Operating Income 255,070 481,280 598,622 616,116
Less: Financial and Other Operating chares
      Inclusive WPP and WW Funds 2,956,963 1,540,825 4,408,023 2,444,731
Add: Share of income from Joint venture 119,531 126,625 239,218 258,884
———- ———- ———- ———-
Profit before taxation 1,952,255 1,726,042 4,928,022 3,984,426
Less: Provision taxation
Current (238,579) 550,739 404,014 1,158,571
Deferred 916,689 (216,703) 1,208,220 (371,354)
———- ———- ———- ———-
Profit after taxation 1,274,145 1,392,006 3,315,788 3,197,209
Less: Profit / Loss attributable to Non- Controlling Interest (53,202) (116,595) (65,536) (200,345)
Profit atributable to equity holders of

holding company

1,327,347 1,508,601 3,381,324 3,397,554
———- ———- ———- ———-

Restated

Restated

Earning per share – Basic 3.24 3.54 8.43 8.13
– Diluted 3.22 3.54 8.38 8.13

 

 

The stand alone financial results of the Company For the second quarter and half year ended June 30, 2011 are as follows:

Amounts in thousands except for earning per share

 

April-June

2011

April-June

2010

Jan-June

2011

Jan-June

2010

Rupees

Dividend and royalty income 692,494 245,371 956,336 307,739
Less: Administrative expenses 68,236 29,678 179,435 80,390
Add: Other Operating Income 160,354 161,324 332,260 251,576
Less: Financial and Other Operating Charges
Including WW Fund 163,162 8,164 317,546 12,216
Profit before taxation 621,450 368,853 791,615 466,709
Current 52,245 69,923 74,345 81,834
Deferred (2,005) 30 (2,005) (741)
Profit after taxation 571,210 298,900 719,275 385,616

Restated

Restated

Earning per Share – Basic 1.452 0.760  1.829 0.981
                  – Diluted 1.450 0.760 1.826 0.981
Add: Unappropriated Profit brought forward 7,559,273 8,443,859 8,722,156 9,250,791
Less: Financial dividend 2010 @ Rs. 2 per
Shares (2009): Rs.2 per share) paid
during the first half

655,474 595,886
Less: Issue of 1 Bonus shares for every 5
shares (2009: 1 bonus shares for every 10
shares) held issued during the first half

655,474 297,943
Profit available for appropriation 8,130,483 8,742,759 8,130,483 8,742,759

 

The Interim Dividend will be paid to the shareholders whose names appear on the Register of Members of Friday, September 23, 2011.

The Share Transfer Books of the Company will be closed from Friday, September 23, to Friday September 30, 2011 (both days inclusive). Transfers received in order at the other of our Registrars M/s. FAMCO ASSOCIATES (PVT) LIMITED, State Life Building No. 1-A, 1st floor, I.I. Chundrigar Road, Karachi by the close of business (5:00 pm.) on Thursday, September 22, 2011 will be treated in time for the purpose of payment of Interim Dividend to the transferees.

 

For more information, contact:
Engro Corporation Limited
Email: media.relations@engro.com
Phone: +92 21 111 211 211
Fax: +92 213 529 5948
Mail: Engro Corporation Limited
8th Floor, The Harbor Front Building, HC # 3,
Marine Drive, Block 4, Clifton
Karachi, Pakistan

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