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Engro Foods profit misses consensus by 58.9% in Q4

Engro Foods Ltd. said its normalized net income for the fourth quarter amounted to 48 Pakistani paisa per share, compared with the S&P Capital IQ consensus estimate of 1.16 rupees per share.

EPS climbed 7.4% year over year from 44 paisa.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 365.5 million rupees, an increase of 7.4% from 340.5 million rupees in the year-earlier period.

The normalized profit margin increased to 2.9% from 2.7% in the year-earlier period.

Total revenue fell on an annual basis to 12.17 billion rupees from 12.73 billion rupees, and total operating expenses fell on an annual basis to 11.48 billion rupees from 11.89 billion rupees.

Reported net income fell 19.5% year over year to 561.3 million rupees, or 73 paisa per share, from 697.6 million rupees, or 91 paisa per share.

For the year, the company's normalized net income totaled 3.34 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4.52 rupees.

EPS rose from 77 paisa in the prior year.

Normalized net income was 2.56 billion rupees, an increase from 586.8 million rupees in the prior year.

Full-year total revenue rose 15.8% on an annual basis to 49.83 billion rupees from 43.03 billion rupees, and total operating expenses grew 10.0% on an annual basis to 44.90 billion rupees from 40.83 billion rupees.

The company said reported net income increased on an annual basis to 3.16 billion rupees, or 4.13 rupees per share, in the full year, from 1.51 billion rupees, or 1.97 rupees per share.

As of March 14, US$1 was equivalent to 104.63 Pakistani rupees.