Karachi April 22 2024: Engro Polymer & Chemicals (EPCL), a subsidiary of Engro Corporation, reported loss of PKR 784 million for the first quarter ended March 31, 2024, according to company filing to the exchange.
Operating profit of the company dropped by 92 percent in first quarter compared to the same quarter last year.
“In 1QCY24, PVC-Ethylene margins contracted by 24% Y/Y arriving at USD 343/Ton. The contraction in margins is attributed to lower PVC prices and higher Ethylene prices. During the quarter, PVC prices mostly maintained a declining trend owing to lower demand and sufficient inventories, whereas Ethylene prices rose on account of Red Sea tension, improved demand sentiments, and constrained supplies” writes Areeba Nasir an analyst at Optimus Capital in her research note.
Financial charges booked by the company increased by 42 percent year on year for 1Q 22024. Company also booked tax reversal of PKR 371 million for the quarter.
