Nishat Mills Ltd's profits improve by 18% for 1HFY19
MG News | February 26, 2019 at 04:12 PM GMT+05:00
February 26, 2019 (MLN): Nishat Mills Limited has affirmed its bottom-line earnings for the cumulative period ended on December 31, 2018, at Rs. 3.1 billion (EPS: 9) for 1HFY19, depicting a growth of 18% compared to same period last year. The company’s net earnings for 2QFY19 was stated at Rs. 2.09 billion (EPS: 5.97).
The growth in earnings was mainly led by improvement in sales revenue, which helped in pulling up gross margins by 46%.
In spite of increase in operating costs, i.e. Distribution and Administrative expenses by 18% and 5% respectively, the company still managed to perform fairly during the said period.
| Profit and loss account for the six months ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Revenue | 30,714,488 | 25,520,079 | 20.35% |
| Cost of sales | -26,953,169 | -22,943,348 | 17.48% |
| Gross profit | 3,761,319 | 2,576,731 | 45.97% |
| Distribution cost | -1,368,198 | -1,163,973 | 17.55% |
| Administrative expenses | -555,062 | -530,211 | 4.69% |
| Other expenses | -180,071 | -135,642 | 32.75% |
| Other income | 2,638,545 | 2,744,785 | -3.87% |
| Profit from operations | 4,296,533 | 3,491,690 | 23.05% |
| Finance cost | -656,968 | -450,526 | 45.82% |
| Profit before taxation | 3,639,565 | 3,041,164 | 19.68% |
| Taxation | -476,000 | -373,000 | 27.61% |
| Profit after taxation | 3,163,565 | 2,668,164 | 18.57% |
| Earnings per share -Basic and diluted | 9.00 | 7.59 | 18.58% |
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