ENGRO Corporation: Strong earning on the back of one-off gain booked - By Topline Research

<p></p><ul><li><span style="font-size:medium;">Engro Corporation (ENGRO) announced earnings for 4Q2016 which was above market consensus, while the company announced final cash dividend of Rs4/share, lower then expected.</span></li></ul><ul><li><span style="font-size:medium;">ENGRO booked a one-off gain on sale of Engro Foods (EFOODS) amounting to Rs40.6bn which contributed towards Other Income of the company amounting to Rs63.2bn for 4Q2016. Kindly note that ENGRO&rsquo;s current holding in Engro Foods (EFOODS) stands at 39.9% compared to earlier majority holding of 87% (sale of 297.2mn shares).</span></li></ul><ul><li><span style="font-size:medium;">We believe, revaluation gains booked during the period and fertilizer subsidy through Engro Fertilizer&rsquo;s (EFERT) books further contributed towards the amount posted as Other Income<...