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Engro’s earnings surge by 10 percent

KARACHI: The full-year earnings of Engro Chemical Pakistan Limited have increased by 10 percent during the financial year 2006 as compared to profit earned during the corresponding year. The company announced its full-year results for the year 2006 on Monday and the reported profit after tax was Rs 2.55 billion which is higher by 10 percent over the 2005 profit of Rs 2.32 billion.

“The higher profit was principally due to higher urea volumes because of better production and capital gain of Rs 131 million on sale of land to Engro Asahi,” said a statement issued by the Engro Chemicals Pakistan Limited. Engro Urea production in 2006 of 969,000 tons represented an increase of 6 percent over 2005. Engro Urea sales of 945,000 tons registered a 6 percent increase over 2005 volume of 890,000 tons. Engro’s market share for the year in review remained at 19 percent. “The year 2006 proved to be a challenging year for Zarkhez as its sales declined by 33 percent to 77,000 tons against last year sales of 115,000 tons mainly due to the decline in acreage of important target crops and a change in strategy to focus more on value-added crops.” Said the statement. staff report

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