Nishat Mills Ltd's profits improve by 18% for 1HFY19

MG News | February 26, 2019 at 04:12 PM GMT+05:00

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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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