Nishat Chunian Ltd’s earnings grow over two-fold during 1QFY21

MG News | October 29, 2020 at 05:34 PM GMT+05:00

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October 29, 2020 (MLN): Nishat Chunian Limited has disclosed its financial results for 1QFY21 ended September 2020 wherein the company reported its net profit of Rs 480 million (EPS: Rs 2), showing 2.7 times YoY growth against net profits of Rs 173 million (EPS: 0.72) in the same period of last fiscal year.

As per the financial statement, as a glut of demand for value-added textile business has come forth with the retail sector opening up worldwide post-COVID-19 lockdown, NCL’s sales revenue went up by 25.04% YoY. Moreover, the exports for this quarter were also quite impressive. As a result, the gross profits of the company increased by 7% YoY despite an increase in the cost of sales by 27.67% YoY.

On the cost side, the major highlight is the increase in its major expense heads as distribution cost jumped by 24% YoY. While administrative cost and other expenses decreased by 12% and 38%, YoY, respectively.

The increase in earnings is primarily attributed to 2.3 times YoY increase in other income, standing at Rs 206 million during the period under review.

Meanwhile, a 26% decline in finance cost to Rs 459 million also contributed to the bottom line.

Profit and Loss Statement for the first quarter ended September 30th, 2020 (Rupees)
	Sep-20	Sep-19	% Change
Sales	11,939,510,198	9,548,553,675	25.04%
Cost of Sales	(10,663,898,753)	(8,352,899,217)	27.67%
Gross Profit	1,275,611,445	1,195,654,458	6.69%
Distribution Cost	(282,699,621)	(227,407,462)	24.31%
Administrative expenses	(68,157,633)	(77,597,760)	-12.17%
Other operating expenses	(41,955,202)	(67,331,839)	-37.69%
Other operating income	206,354,426	88,540,628	133.06%
Finance cost	(459,007,942)	(618,889,628)	-25.83%
Profit before taxation	630,145,473	292,968,397	115.09%
Taxation	(149,833,784)	(119,701,125)	25.17%
Profit after taxation	480,311,689	173,267,272	177.21%
Earnings per share - basic and diluted (Rupees)	2.00	0.72	177.78%

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