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Ferozsons profit up 340pc to Rs770m

Ferozsons profit up 340pc to Rs770m

KARACHI: Ferozsons Laboratories Ltd on Monday announced earnings at Rs770 million (earnings per share at Rs25.5) during the second quarter (October-December) of 2015-16 as compared to Rs175m earned in the same period last year, an increase of 340pc.

The growth was mainly led by a 186pc year-on-year increase in quarterly sales to Rs3.4 billion from Rs1.19bn.

For the half year 2015-16, profit-after-tax increased by 407pc to Rs1.53bn from Rs302m in the same period last year. And its sales grew by 205pc to Rs6.4bn during 1HFY16 from Rs2.1bn.

The board also announced cash dividend at 100pc with the results, up from 40pc paid last year.

The stock in FEROZ came under heavy selling pressure following the result announcement; it lost Rs55.45 and closed at Rs1,053.56.

Gross margins, however, declined by 130 basis points to 40.7pc likely on swift depreciation of the rupee during the quarter. Most market watchers thought that the results were in line with expectations, though some believed it to have fallen short of the anticipated mark.

Published in Dawn, January 26th, 2015

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