Engro Corporation Ltd reported a consolidated income of Rs4.8 billion in the October-December quarter, down 29.4% from the previous year, according to a stock filing on Thursday. The company paid a final cash dividend of Re1 per share, bringing the year’s total payout to Rs25. The company’s earnings, as well as their payment announcement, came in lower than expected.
Higher-than-expected “other operational expenses,” which increased by 89 percent on an annual basis, were the cause of the lower bottom line. The company’s board of directors approved $31.4 million in April to conduct engineering, design, and technical research, including a front-end engineering design study for a polypropylene project.
Due to the absence of a one-time gain on the gas infrastructure development cess booked last year, Engro Fertilisers Ltd’s profit fell 7 percent year on year to Rs6.17 billion in the same period. The company’s stock declined 3.74 percent to Rs274.97 on the stock exchange.