Engro Fertilizer Limited (EFERT): 2Q2017 results underperform expectations – By JS Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">As per notice sent to Pakistan Stock Exchange (PSX), Engro Fertilizers Limited (EFERT) announced its 2Q2017 results wherein the company posted profit of Rs2,446mn (EPS: Rs1.84) vis-&agrave;-vis profit of Rs673mn (EPS: Rs0.51) in the same period last year, reflecting an increase of 263% YoY.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The results came out below our expectations mainly due to (1) higher than forecasted other operating expenses and (2) higher effective tax rate as compared to our forecasts (~42% during 2Q2017). Along with the result, the company also announced cash dividend of Rs2.50/share for the quarter, in-line with our expectations.</span></li><li><span style="font-family:Arial, Helvetica, s...