LAHORE The Engro Chemical is expected to announce its CY10 results on Monday, Feb 14, 2011. It is expected the company to report PAT of Rs5.9b (EPS: PKR17.94); recording a growth of 54 percent. For 4QCY10, it is expected the company to report PAT of Rs1.5b (EPS: PKR4.53), up 35 percent annually. Maintaining historical trend, we expect ENGRO to announce final cash dividend of PKR2/share taking full year payout to PKR6/share. Higher fertilizer prices resulted in growth in revenues as well as margins. We expect gross margins to settle at 26% for CY10, compared to 23% witnessed during CY09. Engro Energy booked Rs338m as foreign currency loss during 3QCY10; due to the loans derivative nature, the company has requested allowance for bypassing recording financial losses on the loan with such a consideration entailing a positive risk to our projections.