Engro net profit up 34.6 pct

Engro Chemicals Pakistan's second largest urea manufacturer, reported on Wednesday a 34.6 percent rise in earnings for the 2008 calendar year which an analyst said reflected higher sales.

Net profit for the year to Dec. 31 was 4.24 billion rupees ($52.7 million), compared with 3.15 billion rupees the previous year.

"The increase is primarily due to higher urea sales," said Ayub Ansari, an analyst at Invest Capital Investment Bank Ltd.

The result was in line with market expectations. Five analysts surveyed by Reuters forecast net profit in a range of 3.8 billion to 4.8 billion rupees.

Sales in 2008 increased to 23.32 billion rupees, compared with 23.18 billion rupees the previous year, the company said in a statement to the Karachi Stock Exchange.

Costs of production decreased to 17.12 billion rupees, compared with 18.26 billion rupees in 2007, it said.

Engro's other income also rose to 2.75 billion rupees in 2008, compared with 1.83 billion rupees in 2007.

Engro also announced a final cash dividend of 2 rupees a share, taking the full year dividend to 6 rupees a share.

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