SINGAPORE (May 9): Engro Corp returned to profitability in 1Q18 with earnings of $0.3 million compared to losses of $1.3 million the previous year.
The group says this is due to higher selling prices and lower material costs, together with higher valuations for Engro’s investments in venture capital (VC) funds.
Revenue for 1Q fell 6.4% to $35 million from $37.4 million in 1Q17 due to lower sales the Integral Cement and Ready-Mix Concrete business as well as our Specialty Polymer business when the plant in Singapore was largely transferred to a joint venture in China.
In its outlook, Engro says it remains cautiously optimistic that its Integral Cement and Ready-Mix Concrete business would benefit from a turnaround in the construction sector.
Shares in the group closed 0.5% higher at 94 cents on Wednesday.
